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Business and Society Philosophies Quiz

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Questions and Answers

According to Paul F. Camenisch, what is the role of profit in a business?

A personal gain for the owner

An incentive to respond to society's needs (correct)

The ends of the business

Irrelevant to societal needs

Based on Ronald F. Duska's view, what does he imply about the purpose versus motive in business?

Purpose and motive may differ in significance (correct)

Motive drives business more than purpose

Purpose is secondary to motive

Purpose and motive are interchangeable terms

In the context of types of business organizations, what distinguishes a corporation from a partnership?

Does not have a board of directors

No right of succession

Creation by operation of law (correct)

Owners are also the managers

Which characteristic is NOT typically associated with a businessperson based on the text?

Enjoying taking risks Signup and view all the answers

What is a common subjective reason for individuals to put up a business according to the text?

Starting a business to continue the legacy of the family Signup and view all the answers

According to Milton Friedman, what is the main objective for putting up a business?

To make the firm more profitable Signup and view all the answers

What is the fundamental purpose of business activity?

To satisfy human needs by creating products and services Signup and view all the answers

According to French economist Jean-Baptise Say, how is an entrepreneur defined?

A person shifting economic resources to areas of higher productivity and yield Signup and view all the answers

What differentiates an entrepreneur from a businessperson?

Propelled by creative ideas and innovation Signup and view all the answers

What characteristic is NOT typically associated with an entrepreneur?

Avoiding new ways of accomplishing tasks Signup and view all the answers