Business Fundamentals Quiz

Business is the practice of making one's living or making money by producing or buying and selling products (such as goods and services).

Having a business name does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for debts incurred by the business.

The taxation system for businesses is different from that of corporates as a business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business.

<p>The term 'business' is also often used colloquially to refer to a company, such as a corporation or cooperative.</p> Signup and view all the answers

<p>Corporations, in contrast with sole proprietors and partnerships, are separate legal entities and provide limited liability for their owners/members, as well as being subject.</p> Signup and view all the answers

<p>The functions of management as described in the text include planning, organizing, coordinating, directing, motivating, and controlling of human endeavor to achieve predetermined targets and objectives.</p> Signup and view all the answers

<p>According to the text, the importance of management in business is significant as it plays a crucial role in achieving predetermined targets and objectives.</p> Signup and view all the answers

<p>The nature and significance of management as described in the text includes the performance of functions such as planning, organizing, coordinating, directing, motivating, and controlling of human endeavor to achieve predetermined targets and objectives.</p> Signup and view all the answers

<p>As per the text, management is defined as both science and art, in which the functions of planning, organizing, coordinating, directing, motivating, and controlling of human endeavor are performed to achieve predetermined targets and objectives by adopting scientific methods.</p> Signup and view all the answers

<p>According to the text, the role of management in business is crucial, similar to the role of b.</p> Signup and view all the answers