Introduction to Business and Basic Concepts
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Questions and Answers

What is the primary goal of a business?

  • To earn money and acquire wealth (correct)
  • To provide welfare to the community
  • To create employment opportunities for others
  • To produce goods and services for personal consumption

What is the characteristic of a business transaction?

  • Exchange of goods and services for social benefits
  • One-time transaction
  • Production of goods and services for personal use
  • Continuous transactions over a long time period (correct)

What is the main difference between consumer goods and industrial goods?

  • Consumer goods are produced by small businesses, while industrial goods are produced by large businesses
  • Industrial goods are bought for personal use, while consumer goods are bought for business use
  • Industrial goods are more expensive than consumer goods
  • Consumer goods are bought for final consumption, while industrial goods are bought for production (correct)

What is a characteristic of services?

<p>They are intangible and cannot be stored (C)</p> Signup and view all the answers

What is a risk associated with doing business?

<p>Uncertainty in earning profits (C)</p> Signup and view all the answers

What are the main parties involved in fulfilling social responsibility in a business?

<p>Customers, employees, owners, and society</p> Signup and view all the answers

What are some benefits of a business fulfilling its social responsibility?

<p>Ensuring the existence of business, developing business goodwill, ensuring business trust, satisfying customers, and achieving business objectives</p> Signup and view all the answers

What is the main objective of sustainable development?

<p>To meet the needs of the present without compromising the ability of future generations to meet their own needs</p> Signup and view all the answers

What are the three pillars of sustainable development?

<p>Economic, social, and environmental</p> Signup and view all the answers

Why is it important for businesses to fulfill their social responsibility in the presence of society?

<p>To promote ethics, protect the environment, prevent and minimize frauds and corruption, and solve problems regarding poverty and hunger</p> Signup and view all the answers

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