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?

    <p>The lifeblood of every business</p> Signup and view all the answers

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

    <p>Utility</p> Signup and view all the answers

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

    <p>Private gain</p> Signup and view all the answers

    What is the primary motive of a business?

    <p>To earn a profit</p> Signup and view all the answers

    What is the characteristic of business in terms of transactions?

    <p>It involves a series of regular transactions</p> Signup and view all the answers

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

    <p>Rizq-e-Halal</p> Signup and view all the answers

    What is the purpose of an organization in a business?

    <p>To facilitate smooth running of business</p> Signup and view all the answers

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

    <p>Sale or Transfer for value</p> Signup and view all the answers

    What is the impact of business on society?

    <p>It benefits both the producer and the consumer</p> Signup and view all the answers

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