Business Fundamentals and Growth Strategies Quiz

Business Overview

• Business refers to the activity of making, buying, or selling goods or services with the intention of earning a profit.
• It involves the creation and exchange of goods and services to satisfy the needs of customers.

Importance of Business to Stakeholders

• Provides goods and services to customers, enhancing their quality of life.
• Offers employment opportunities and income to employees.
• Generates revenue to governments through taxes and contributions to economic growth.
• Offers opportunities for investment and returns to shareholders.

Objectives of Business

• Economic objectives: maximize profits, minimize costs, and increase efficiency.
• Social objectives: provide goods and services, create employment, and contribute to economic growth.
• Human objectives: provide a sense of accomplishment, personal growth, and job satisfaction.

Business Ethics and Governance

• Business ethics: standards of behavior guiding decision-making and actions in business.
• Governance: system of rules, practices, and processes to direct and control a business.

Corporate Social Responsibility (CSR)

• CSR: business approach that contributes to sustainable development, while improving quality of life for employees, their families, and the local community.
• Involves social, environmental, and economic responsibilities, enhancing a company's reputation and brand.