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Business Enterprise Essentials Quiz

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Questions and Answers

What is the definition of a business enterprise?

Long-term economic activity with own or rented assets and labor, for profit. (correct)

An enterprise is a for-profit, long-term economic activity using foreign assets and labour.

An enterprise is a for-profit, long-term economic activity using its own assets and labour.

An enterprise is a long-term economic activity using its own assets and labour, with the purpose of work.

What is the definition of a company?

The organizational framework of the business enterprise. (correct)

The legal entity responsible for profit-making activities.

The financial division of a business enterprise.

The administrative structure within a business enterprise.

Which of the following areas belong to the tertiary sector?

Technology, research

Services, trade (correct)

Extractive industries, agriculture

Construction, manufacturing

Is the statement true about limited liability company’s liability?

<p>Yes, a limited liability company’s liability concerning its obligations is limited.</p> Signup and view all the answers

Is the statement true about the officers of a corporation?

<p>Yes, the officers of a corporation are elected by the board of directors.</p> Signup and view all the answers

Study Notes

Business Enterprise and Company

A business enterprise is an organization that produces goods and/or services to earn profits.
A company is a type of business enterprise that is a legal entity, separate from its owners, with its own rights and responsibilities.

Tertiary Sector

The tertiary sector includes areas such as:
- Education
- Healthcare
- Finance
- Transportation
- Communication
- Tourism
- Hospitality
- Real Estate

Limited Liability Company

In a limited liability company, the liability of its owners (shareholders) is limited to the amount they invested in the company.

Officers of a Corporation

The officers of a corporation, such as the CEO, president, and treasurer, are responsible for the day-to-day management and operation of the company.

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Description

Test your knowledge of business enterprise with this quiz! Explore the definition of a business enterprise and assess your understanding of its key characteristics. Choose the correct answer and enhance your understanding of this fundamental aspect of economic activity.