Fundamentals of Business

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Questions and Answers

What is the significance of commerce in the modern business world?

  • It is only relevant for small businesses
  • It has no significance
  • It helps businesses reach a wider audience and increase profits (correct)
  • It only benefits large corporations

What are the different modes of international trade discussed in the chapter?

  • Exporting, importing, and outsourcing (correct)
  • Importing, outsourcing, and offshoring
  • Exporting, importing, and offshoring
  • Exporting, importing, and insourcing

What are the advantages and disadvantages of a cooperative society?

  • Advantages: democratic control, disadvantages: limited capital (correct)
  • Advantages: ease of formation, disadvantages: lack of continuity
  • Advantages: limited liability, disadvantages: lack of autonomy
  • Advantages: unlimited liability, disadvantages: lack of expertise

What is the significance of commerce in the modern business world?

<p>It is significant as it encompasses different modes of trade and commerce (D)</p> Signup and view all the answers

What are the different modes of international trade discussed in the chapter?

<p>Exporting, importing, and outsourcing (B)</p> Signup and view all the answers

What are the advantages and disadvantages of a partnership as a form of business organization?

<p>Advantage: limited liability; Disadvantage: lack of continuity (C)</p> Signup and view all the answers

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