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Business Basics Quiz

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Questions and Answers

What is the most essential element of business according to the text?

Wealth

Buying and selling

Creation of utility

Capital (correct)

According to James Stephenson, what defines business?

Institution organized to provide goods and services

Creation of utility

Buying and selling of goods

Every human activity for earning profit (correct)

What is the primary focus of business activities according to B. W. Wheeler?

Creation of wealth

Buying and selling of goods

Providing goods and services for private gain (correct)

Incentive of personal profit

What is the economic term referring to the characteristic of a commodity that can satisfy human needs?

Creation of utility Signup and view all the answers

According to L. H. Haney, how is business defined?

Human activities directed toward providing or acquiring wealth through buying and selling of goods Signup and view all the answers

What is the literal meaning of the word 'business'?

State of being busy Signup and view all the answers

According to James Stephenson, what defines business?

Every human activity for earning profit Signup and view all the answers

What is the most essential and important element of business?

Capital Signup and view all the answers

What is 'utility' in the context of business?

Characteristic of a commodity that can satisfy human need Signup and view all the answers

What does B. W. Wheeler define as business?

An institution organized and operated to provide goods and services for private gain Signup and view all the answers

Business Basics Quiz

Choose a study mode

Podcast

Questions and Answers

What is the most essential element of business according to the text?

According to James Stephenson, what defines business?

What is the primary focus of business activities according to B. W. Wheeler?

What is the economic term referring to the characteristic of a commodity that can satisfy human needs?

According to L. H. Haney, how is business defined?

What is the literal meaning of the word 'business'?

According to James Stephenson, what defines business?

What is the most essential and important element of business?

What is 'utility' in the context of business?

What does B. W. Wheeler define as business?

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