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Business Definition and Meaning

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Questions and Answers

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

A state of being busy (correct)
An economic term
A commercial activity
A way to earn money

Which of the following is NOT a characteristic of a good business?

Earning profit
Personal consumption (correct)
Creation of utility
Capital

What is the primary purpose of a business, according to James Stephenson?

To create utility
To acquire wealth
To provide goods and services to society
To earn profit (correct)

What is the role of capital in a business?

The lifeblood of every business (A) Signup and view all the answers

What is the term used to describe the characteristic of a commodity that can satisfy a human need?

Utility (D) Signup and view all the answers

What is the incentive behind a business, according to B.W.Wheeler?

Private gain (B) Signup and view all the answers

What is the primary motive of a business?

To earn a profit (D) Signup and view all the answers

What is the characteristic of business in terms of transactions?

It involves a series of regular transactions (C) Signup and view all the answers

What is the term used to describe income earned from business in Islamic perspective?

Rizq-e-Halal (A) Signup and view all the answers

What is the purpose of an organization in a business?

To facilitate smooth running of business (B) Signup and view all the answers

What is the term used to describe the exchange of goods and services in business?

Sale or Transfer for value (C) Signup and view all the answers

What is the impact of business on society?

It benefits both the producer and the consumer (B) Signup and view all the answers

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