31 Questions
What is the main characteristic of a sole proprietorship?
Controlled by a single individual
What is the primary distinction between a general partnership and a limited partnership?
Extent of liability for debts
What is the key difference between consumer goods and producer goods?
Final use by consumers
What is the primary focus of the industry?
Processing of raw materials
Which type of partnership involves partners who contribute only capital and have limited liability?
Limited partnership
What is the fundamental characteristic of business?
Transaction or exchange of value
What is the classification of a business as 'MICRO' according to the text?
Total assets below Php 1,500,001
What does SWOT analysis stand for?
Strengths, Weaknesses, Opportunities, Threats
Who is credited with developing the Porters Five Forces Analysis?
Michael E. Porter
What is the main focus of Industry Analysis as per the text?
Understanding the competitive dynamics of an industry
What is considered a subset of the market where a specific product is produced?
Niche Market
Which element is NOT included in Porter's Five Forces Analysis?
Price competitiveness
What does the acronym 'SWOT' represent in SWOT analysis?
Strengths, Weaknesses, Opportunities, Threats
What is the main purpose of Environmental Analysis according to the text?
Identifying all external and internal elements affecting a firm's performance
Which factor is NOT included in the tools used for evaluating a business according to the text?
Type of government and stability
Business takes place when there is transaction or exchange of value between one company and another. Profit - financial measure of how efficient a ______.
business
Industry - aggregation of different businesses engaged in the same line of ______.
undertaking
Industry - aggregation of different businesses engaged in the same line of ______.
undertaking
Consumer good – goods we ultimately ______.
use
Producer goods – goods used to produce other ______.
goods
Sole proprietorship - it’s by a single individual who is singly responsible for running the ______.
business
SWOT ANALYSIS - An analytical framework used to determine and define your strengths, weaknesses, opportunities, and ______.
threats
CORPORATION - legal entity that is separate from its ______.
owners
PORTERS FIVE FORCES ANALYSIS - a framework or a guide for assessing the competitive strength and position of a certain ______.
industry
Industry Analysis - a market assessment tool used by businesses and analysis to understand the competitive dynamics of an ______.
industry
Economic Forces – involves the look at economic ______.
factors
Physical Environment – includes a look at the population size, geography of the place where the business will be located, land distribution, climate and in today’s global warming ______.
situation
Political Factors – type of government, stability and type of government, and good ______.
leadership
MICRO – total assets are worth below Php 1,500,001 b. SMALL – total assets are worth from 1,500,000 to 15,000,000 c. MEDIUM – total assets are worth from 15,000,000 to 60,000,000 d. LARGE– total assets are worth 60,000,000 and ______.
above
Environmental Analysis - describes as the process which examines all the components, internal or external that influences the performance of the business ______.
organization
Tools in evaluating a business 1. geographic Area 2. Size and Outlook 3. Description of the product 4. Identification of buyers (target market) 5. Regulatory Environment 6. Knowing the ______ 7. Factors that will affect the growth of the business.
Competition
Test your knowledge of key concepts in business and economics. This quiz covers the meaning of business, profit, industry, and the organization and exchange of goods and services for money.
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