Podcast
Questions and Answers
What is the primary purpose of a business organization?
What is the primary purpose of a business organization?
- To maximize employee satisfaction
- To maintain equal competition among all businesses
- To create a monopoly within the industry
- To generate profit for its owners (correct)
Which of the following is NOT a characteristic of Sole Proprietorship?
Which of the following is NOT a characteristic of Sole Proprietorship?
- Single ownership and control
- Unlimited liability
- Easy transfer of ownership (correct)
- Limited capital contributions
Which factor is NOT typically considered when determining plant location?
Which factor is NOT typically considered when determining plant location?
- Availability of skilled labor
- Proximity to suppliers
- Transportation facilities
- Proximity to nature reserves (correct)
What distinguishes a Private Company from a Public Company?
What distinguishes a Private Company from a Public Company?
What is the main objective of rationalisation in business?
What is the main objective of rationalisation in business?
Flashcards
Sole Proprietorship
Sole Proprietorship
A business owned and run by one person, with no legal distinction between the owner and the business.
Business Organization
Business Organization
A structured arrangement of people and resources to conduct business activities.
Plant Location Factors
Plant Location Factors
Elements that influence where a business establishes its physical facilities, e.g., proximity to resources or customers.
Business Combination (Merger)
Business Combination (Merger)
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Plant Layout
Plant Layout
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Study Notes
Unit I: Business
- Defining business
- Stages of business development
- Classifying business activities
- Characteristics of business organizations
- Importance of business organizations
- Evolution of business organizations
Unit II: Promotion of Business
- Establishing a new business
- Qualities of a successful businessman
- Forms of business organizations
- Sole proprietorship
- Partnership
- Joint stock companies
- Co-operatives
- Characteristics of these organizations
- Merits and demerits of each
- Private vs public company
- One-person company
Unit III: Plant Location and Layout
- Concept of plant location
- Factors affecting plant location
- Theories of plant location (Alfred Weber's & Sargent Florence's)
- Plant layout: meaning, objectives, importance
- Types of plant layout
- Principles of plant layout
- Measuring business size
- Factors affecting optimum size
Unit IV: Business Combinations & Rationalization
- Business combination: meaning, characteristics, objectives
- Types/forms of business combinations
- Rationalization: meaning, characteristics, objectives
- Principles of rationalization
- Merits and demerits of rationalization
- Difference between rationalization and nationalization
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