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Questions and Answers
What are the five M's that describe the structural factors in an organization?
What are the five M's that describe the structural factors in an organization?
Organizations can only survive if they make a profit.
Organizations can only survive if they make a profit.
False
Name one of the four characteristics common to organizations.
Name one of the four characteristics common to organizations.
Coordination of effort, common goal or purpose, division of labor, or hierarchy of authority.
A group of individuals working together for a common goal is called an __________.
A group of individuals working together for a common goal is called an __________.
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Match the following classifications of organizations with their descriptions:
Match the following classifications of organizations with their descriptions:
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What is the primary objective of business?
What is the primary objective of business?
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Commonweal organizations offer services only to specific segments of the population.
Commonweal organizations offer services only to specific segments of the population.
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What are the four factors of production?
What are the four factors of production?
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The _____ refers to the physical and mental efforts of the people who produce goods and services.
The _____ refers to the physical and mental efforts of the people who produce goods and services.
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Match the following organizations with their characteristics:
Match the following organizations with their characteristics:
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Study Notes
Characteristics of Organizations
- Organizations are groups of individuals working towards a common goal.
- Four key characteristics include:
- Coordination of Efforts: Collaborative efforts lead to significant accomplishments.
- Common Goal or Purpose: A unified objective motivates teamwork and cooperation.
- Division of Labor: Specialization improves efficiency by allowing individuals to focus on specific tasks.
- Hierarchy of Authority: A structured authority ensures efficient achievement of goals.
Classifications of Organizations
- Organizations can be classified by purpose:
- Business Organizations: Aim to generate profit (e.g., SMART Telecommunications, Philippine Airlines).
- Non-Profit Service Organizations: Focus on providing specific services without profit motives.
- Mutual Benefit Organizations: Formed for the collective interest of members (e.g., labor unions).
- Commonweal Organizations: Deliver standardized public services across the population.
Definition of Business
- Business is an organized effort to produce and sell goods to fulfill societal needs.
- Profit is the primary goal distinguishing businesses from non-profit entities and government agencies.
Relationship Between Business and Economy
- Businesses produce goods and services to meet consumer demands.
- Consumer purchases of these goods/services contribute to economic growth.
Elements of a Business System
- Economics studies how resources produce and distribute goods/services.
- Factors of Production: Include land (natural resources), labor (human effort), capital (man-made resources), and entrepreneurship (business management).
Motivations for Engaging in Business
- Social Approval: High social standing within the community.
- Profit: The main motivator for entering business.
- Community Service: Engaging in philanthropic activities and providing employment opportunities.
- Personal Satisfaction: Gain fulfillment from business achievements.
- Livelihood: Businesses provide a means of earning a living.
- Power: Desire for prestige and leadership roles.
- Protection: Retaining inherited businesses for financial security.
Types of Businesses
- Commerce: Involves the exchange of goods/services between production and consumption.
- Industry: Concerned with producing consumer goods or goods for further industry use.
- Service Sector: Offers personal services to meet individual needs.
Legal Forms of Business Ownership
- Sole Proprietorship: Owned by a single individual, offering simplicity but limited lifetime and capital.
- Partnership: Owned by two or more individuals, requiring an articles of partnership document; profits and liabilities are shared.
- Corporation: A separate legal entity with ownership via transferable shares; limited liability for shareholders.
- Cooperatives: Registered associations focused on collective needs; enjoy tax benefits but require ongoing education for members.
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Description
Explore the foundational concepts of organizations in this quiz based on Chapter 1 of Business in General. Understand the five M's that define structural relationships within enterprises and the characteristics that make organizations effective. Test your knowledge on coordination, goals, and the interaction of various factors within organizations.
