Podcast
Play an AI-generated podcast conversation about this lesson
Download our mobile app to listen on the go
Get App
Questions and Answers
What is the primary objective of a business?
What is the primary objective of a business?
- To engage in community service
- To maximize profit and shareholder value (correct)
- To provide excellent customer service
- To promote employee satisfaction
Which of the following is NOT a type of business structure?
Which of the following is NOT a type of business structure?
- Incorporation (correct)
- Partnership
- Sole proprietorship
- Corporation
What factor is most critical in determining a business's pricing strategy?
What factor is most critical in determining a business's pricing strategy?
- The owner's preferences
- The location of the business
- The size of the business
- Market competition and demand (correct)
Which of the following best describes a non-profit organization?
Which of the following best describes a non-profit organization?
Signup and view all the answers
What is commonly considered a disadvantage of starting a business?
What is commonly considered a disadvantage of starting a business?
Signup and view all the answers
Flashcards are hidden until you start studying
Study Notes
Business Objectives
- The primary objective of a business is to generate profit. This can be achieved through various strategies like increasing revenue or reducing costs.
Business Structures
- Sole Proprietorship
- Partnership
- Corporation
- Limited Liability Company (LLC)
Pricing Strategies
- Demand: The most crucial factor influencing pricing is consumer demand. This includes the willingness to pay and the overall market appetite for the product or service.
Non-Profit Organizations
- Non-profit organizations are established to serve a specific social cause or mission. They are not driven by profit motives and often rely on donations, grants, and membership fees for funding.
Disadvantages of Starting a Business
- Financial Risk: Starting a business involves a significant financial risk. There is no guarantee of success, and entrepreneurs may face financial losses.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
