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Business Organizations and Their Role

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Questions and Answers

What is the main objective of companies, firms, and business organizations?

To contribute to society through sustainable practices

To prioritize human resources over tangible resources

To meet consumer demands and generate profits (correct)

To engage in ethical corporate social responsibility

What is a key difference between tangible and intangible resources?

Intangible resources are physical in nature

Tangible resources are more valuable than intangible resources

Intangible resources are not essential for production

Tangible resources can be seen or touched, while intangible resources cannot (correct)

What is a unique challenge faced by startups?

Managing human resources effectively

Developing strong brand recognition

Securing adequate financing while managing risk (correct)

Maintaining a sustainable supply chain

What is an example of an intangible asset?

A copyright for a software program Signup and view all the answers

What is a key characteristic of startups?

They are typically technology-oriented with high growth potential Signup and view all the answers

What is the purpose of financial resources in an organization?

To acquire natural and human resources Signup and view all the answers

What is the primary objective of a firm?

To generate profits Signup and view all the answers

How can firms be classified?

Based on various criteria, including activity, legal entity type, ownership, and size Signup and view all the answers

What guides management practices within firms?

Theoretical approaches Signup and view all the answers

What do firms typically establish to provide a framework for their operations?

Values, vision, mission, and aims/objectives Signup and view all the answers

What is a crucial aspect of a firm beyond economic goals?

Social responsibilities Signup and view all the answers

What is the role of management in a firm?

To provide direction for the company and its employees Signup and view all the answers