Intro to Business & Management: Goods & Services
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Intro to Business & Management: Goods & Services

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Questions and Answers

What is the basic economic activity that involves buying and selling of goods and services between two or more parties?

  • Business
  • Trade (correct)
  • Entrepreneurship
  • Commerce

    • What is the mechanism that enables trade to occur?

  • Market (correct)
  • Business
  • Entrepreneurship
  • Commerce

    • What is the main goal of a business organization?

  • To make a profit
  • To provide goods and services to customers (correct)
  • To enable commerce
  • To promote entrepreneurship

    • Who are the individuals that combine inputs to produce goods or services?

    <p>Entrepreneurs</p> Signup and view all the answers

    What is the subset of business that focuses on the sale of finished or unfinished products?

    <p>Commerce</p> Signup and view all the answers

    What is the term for the exchange of goods or services among two or more parties?

    <p>Commerce</p> Signup and view all the answers

    What is the primary objective of management in an organization?

    <p>To utilize resources efficiently and effectively</p> Signup and view all the answers

    According to F.W.Taylor, what is management?

    <p>An art of getting things done in the best and cheapest way</p> Signup and view all the answers

    What is the role of a manager in an organized group?

    <p>To create an environment for people to perform</p> Signup and view all the answers

    What is the relationship between management and resources?

    <p>Management is responsible for utilizing resources</p> Signup and view all the answers

    What is the primary function of management in an organization?

    <p>To get things done through and with people</p> Signup and view all the answers

    How can a mother's managerial role in managing the home be an example of management?

    <p>Because she gets things done through and with her family</p> Signup and view all the answers

    What is the term for tangible items manufactured by businesses?

    <p>Goods</p> Signup and view all the answers

    What is the profit formula in business?

    <p>Profit = Revenue - Cost</p> Signup and view all the answers

    What is the term for the action of buying and selling goods and services?

    <p>Trade</p> Signup and view all the answers

    What is the term for the money a company receives from selling goods and services?

    <p>Revenue</p> Signup and view all the answers

    What is the term for the process of creating goods and services?

    <p>Production</p> Signup and view all the answers

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