Employment and Economic Activities Quiz

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What distinguishes a profession from other occupations?

Professions prioritize specialized skills and knowledge. (correct)

Professions do not focus on service.

Professions have no formal entry standards.

Professions require minimal training.

Which of the following is NOT a characteristic of employment?

Employees receive payment regularly.

Employees are independent contractors. (correct)

A legally binding employer-employee relationship exists.

There are specific terms and conditions.

What defines the relationship between an employee and an employer?

Shared responsibilities

Informal agreement

A contract (correct)

Mutual personal interests

Which of the following best describes continuous economic activities?

They involve regular practices, such as ongoing sales. Signup and view all the answers

Which of the following is NOT a common term included in the conditions of employment?

Business strategy Signup and view all the answers

What is one of the main roles of professional associations within professions?

To govern professional conduct and standards. Signup and view all the answers

What is one primary objective of employment?

To provide secure income Signup and view all the answers

Which activity is an example of employment?

A factory worker receiving a salary for daily tasks. Signup and view all the answers

How is employee compensation typically determined?

Predetermined or mutually agreed upon Signup and view all the answers

Which statement about job requirements is true?

Some jobs don't require specific skills or education Signup and view all the answers

Which of the following activities is classified as an economic activity?

Farming Signup and view all the answers

What is the main purpose of non-economic activities?

To satisfy personal enjoyment Signup and view all the answers

Which scenario illustrates an economic activity?

A teacher preparing lessons for students Signup and view all the answers

What differentiates economic activities from non-economic activities?

The financial compensation received Signup and view all the answers

Which of the following statements is true regarding economic activities?

They differ in purpose and end results. Signup and view all the answers

Which of the following is required to start a business?

Legal compliance and decision to start Signup and view all the answers

What is the primary motive behind a profession?

Performance of job Signup and view all the answers

Which of the following options is true regarding capital investment?

Only businesses require capital investment Signup and view all the answers

What type of activities are motivated by personal satisfaction rather than economic gain?

Non-economic activities Signup and view all the answers

Which of the following is NOT a utility created by business activities?

Social utility Signup and view all the answers

In which scenario is there a risk of loss?

In business activities Signup and view all the answers

Which of the following exemplifies an economic activity?

Engaging in paid work Signup and view all the answers

What is the primary motivation behind economic activities?

Expectation of money income Signup and view all the answers

What is the main outcome of business activities?

Satisfaction of unlimited wants Signup and view all the answers

Which of the following is considered a non-economic activity?

Volunteering for a community service Signup and view all the answers

Which statement best reflects the concept of business?

Business involves activities that create utilities. Signup and view all the answers

What differentiates employment from a profession?

Employment is based on a contract, whereas a profession needs qualifications. Signup and view all the answers

Which of the following outcomes is associated with economic activities?

Creation of wealth or assets Signup and view all the answers