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Questions and Answers
What is a primary characteristic that distinguishes a public company from a private company?
What is a primary characteristic that distinguishes a public company from a private company?
- Private companies must disclose their financial statements publicly.
- Private companies have no liability for their debts.
- Public companies are managed by a single individual.
- Public companies can raise funds from the general public. (correct)
Which of the following is NOT a step in the formation of a company?
Which of the following is NOT a step in the formation of a company?
- Obtaining a Certificate of Incorporation
- Submitting Memorandum of Association
- Surveying the market (correct)
- Drafting Articles of Association
What is a disadvantage of a co-operative society?
What is a disadvantage of a co-operative society?
- No provisions for mutual benefit
- Difficulties in raising capital (correct)
- Centralized control over operations
- Limited liability for members
What does a departmental undertaking represent in the context of public sector enterprises?
What does a departmental undertaking represent in the context of public sector enterprises?
Which process is included in international trade procedures for exporting goods?
Which process is included in international trade procedures for exporting goods?
Which type of retailer is characterized by a wide range of products and a larger scale of operation?
Which type of retailer is characterized by a wide range of products and a larger scale of operation?
Which of the following is NOT a function of wholesalers?
Which of the following is NOT a function of wholesalers?
What factor differentiates global enterprises from local businesses?
What factor differentiates global enterprises from local businesses?
What defines non-economic activities?
What defines non-economic activities?
Which of the following is not a characteristic of human activities?
Which of the following is not a characteristic of human activities?
What is the primary objective of economic activities?
What is the primary objective of economic activities?
Which of the following best categorizes employees in a company?
Which of the following best categorizes employees in a company?
What is an example of a non-economic activity?
What is an example of a non-economic activity?
What are the three broad categories of economic activities?
What are the three broad categories of economic activities?
Which of the following describes the role of a businessman?
Which of the following describes the role of a businessman?
Which type of activity is primarily related to the consumption of goods and services?
Which type of activity is primarily related to the consumption of goods and services?
What are the two broad categories of business activities?
What are the two broad categories of business activities?
Which of the following best describes Industry?
Which of the following best describes Industry?
Which term is used for the activities related to the distribution of goods?
Which term is used for the activities related to the distribution of goods?
What is NOT a characteristic of economic activities?
What is NOT a characteristic of economic activities?
How can business activities be divided fundamentally?
How can business activities be divided fundamentally?
What is the primary objective of a business?
What is the primary objective of a business?
How does business mitigate the element of risk and uncertainty?
How does business mitigate the element of risk and uncertainty?
Which of the following best describes the element of 'creation of utilities' in business?
Which of the following best describes the element of 'creation of utilities' in business?
What role does finance play in business?
What role does finance play in business?
Why is organization important for a business?
Why is organization important for a business?
In what way does business aim to satisfy social needs?
In what way does business aim to satisfy social needs?
What does it mean to consider business as both an art and a science?
What does it mean to consider business as both an art and a science?
What is a consequence of not satisfying consumer needs in a business?
What is a consequence of not satisfying consumer needs in a business?
What is the primary focus of the production function in a business?
What is the primary focus of the production function in a business?
Which of the following is NOT one of the components of the marketing function known as the 4Ps?
Which of the following is NOT one of the components of the marketing function known as the 4Ps?
Why is finance considered the 'lifeblood' of a business?
Why is finance considered the 'lifeblood' of a business?
What role does the marketing function play in a business?
What role does the marketing function play in a business?
Which function of business focuses on the management of people?
Which function of business focuses on the management of people?
What does the marketing function include aside from the 4Ps?
What does the marketing function include aside from the 4Ps?
What is one of the essential needs for the finance function in a business?
What is one of the essential needs for the finance function in a business?
Which statement best describes mass production as a function of business?
Which statement best describes mass production as a function of business?
Study Notes
Business Activities
- Business activities are concerned with production and distribution of goods and services
- There are two broad categories of business activities: Industry and Commerce
- Industry refers to the production of goods and services
- Commerce is related to the distribution of goods and services to customers
Industry
- Represents the production of goods and services
Commerce
- Commerce represents distribution of goods and services to customers
- Commerce is closely related to industry, they work together to satisfy consumer needs
Business Risk
- All businesses face elements of risk
- Risks arise from uncertainty such as: changes in technology, customer preferences, supplies, government policies, and natural disasters
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Description
This quiz explores the essential concepts of business activities, including the distinction between industry and commerce. It highlights how both sectors contribute to production and distribution, as well as the inherent risks businesses face from various uncertainties. Test your understanding of these fundamental ideas in business.
