Business Arrangements and Professional Practices Quiz

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Questions and Answers

What distinguishes employment from business?

  • Rendering personalized services based on specialized knowledge
  • Working under the rules of service (correct)
  • Working irregularly for variable remuneration
  • Engaging in the purchase and sale of goods or services
  • Earning profit from specialized services

What is the primary objective of business activities?

  • Rendering personalized services based on specialized knowledge
  • Providing general services without specialized knowledge
  • Engaging in the purchase and sale of goods or services (correct)
  • Working under the rules of service
  • Earning profit from specialized services

What is the defining characteristic of a profession?

  • Engaging in the purchase and sale of goods or services
  • Working under the rules of service
  • Regular work for agreed remuneration
  • Providing general services without specialized knowledge
  • Rendering personalized services based on specialized knowledge (correct)

What is the term used for the individuals engaged in a profession?

<p>Professionals (E)</p> Signup and view all the answers

What is the term for the remuneration paid by the employer to the employee?

<p>Salary or wages (A)</p> Signup and view all the answers

What distinguishes employment from business?

<p>Employment involves regular work for agreed remuneration, while business focuses on profit from goods or services (A)</p> Signup and view all the answers

Which of the following best defines a profession?

<p>An activity requiring specialized knowledge and skill for personalized services (A)</p> Signup and view all the answers

What is the primary objective of business activities?

<p>To engage in the purchase and sale of goods or services for profit (A)</p> Signup and view all the answers

What is the defining characteristic of a profession?

<p>Specialized knowledge and education (B)</p> Signup and view all the answers

What term is used for the individuals engaged in business activities?

<p>Entrepreneurs (A)</p> Signup and view all the answers

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