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Business Organizations and Profit

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Questions and Answers

What is the primary aim of a business?

To earn profit (correct)

To manufacture products

To distribute economic resources

To provide services to customers

Which type of business organization 'turns basic inputs into products which are sold to consumers'?

Manufacturing Business (correct)

Merchandising Business

Sole Proprietorship

Service Business

What does 'fairness' mean in the business context?

Exempting from bias or prejudice

Giving to a person what is due to him/her

Balancing the interests involved in all decision making

Both a and b (correct)

Which type of business organization is 'owned by a single person'?

Sole Proprietorship Signup and view all the answers

What is the definition of 'profit' according to the text?

The difference between the amount received and the amount spent on something purchased, produced or manufactured Signup and view all the answers

Which type of business organization 'sell to customers products they buy from other business'?

Merchandising Business Signup and view all the answers

What is the key concept that Socrates is known for?

The unexamined life is not worth living Signup and view all the answers

According to Plato, what is the highest aim of moral thought and conduct?

Happiness or well-being (eudaimonia) Signup and view all the answers

What is the key philosophical idea associated with Aristotle?

Happiness is the meaning and purpose of life Signup and view all the answers

What is the main purpose of the Socratic Method?

To explore the purpose of learning through open-minded questioning Signup and view all the answers

What is the key concept associated with the term 'eudaimonia' in Aristotle's ethics?

Success and fulfillment Signup and view all the answers

What is the primary role of a leader according to Aristotle?

To create an environment in which all members of an organization can realize their potential Signup and view all the answers