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Fundamentals of Business

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Questions and Answers

Which of the following best describes the term 'business' according to Urwick and Hunt?

Any activity that involves production or purchase of goods

Any article or service that other members of the community need and are willing to pay for (correct)

Any organized effort to make a living

Any enterprise that provides goods and services necessary to an economic system

What is the main objective of business?

To describe the categories of e-commerce

To engage in profit-seeking activities (correct)

To provide goods and services necessary to an economic system

To classify business activities

What does the term 'commerce' refer to?

The trade of goods and services (correct)

The distribution of goods

The rendering of certain services

The purchase of goods

What is e-commerce?

The trade of goods and services online Signup and view all the answers

What are the advantages of e-commerce?

All of the above Signup and view all the answers

Business represents organized efforts by an individual or group of individuals engaged in making a ______.

living Signup and view all the answers

According to Urwick and Hunt, 'Business is any enterprise which makes, distributes, or provides any article or service, which other members of the community need and are able and willing to ______ for.

pay Signup and view all the answers

Business comprises all profit seeking activities and enterprises that provide goods and services necessary to an ______ system.

economic Signup and view all the answers

After studying this unit, you will be able to: classification of business activities; industry and its types; commerce- trade and its ; define the term e-commerce; describe the categories of e-commerce; and discuss the of e-commerce.

advantages Signup and view all the answers

______ is any enterprise which makes, distributes, or provides any article or service, which other members of the community need and are able and willing to pay for.

Business Signup and view all the answers