10 Questions
What is the primary goal of a business?
To earn money and acquire wealth
What is the characteristic of a business transaction?
Continuous transactions over a long time period
What is the main difference between consumer goods and industrial goods?
Consumer goods are bought for final consumption, while industrial goods are bought for production
What is a characteristic of services?
They are intangible and cannot be stored
What is a risk associated with doing business?
Uncertainty in earning profits
What are the main parties involved in fulfilling social responsibility in a business?
Customers, employees, owners, and society
What are some benefits of a business fulfilling its social responsibility?
Ensuring the existence of business, developing business goodwill, ensuring business trust, satisfying customers, and achieving business objectives
What is the main objective of sustainable development?
To meet the needs of the present without compromising the ability of future generations to meet their own needs
What are the three pillars of sustainable development?
Economic, social, and environmental
Why is it important for businesses to fulfill their social responsibility in the presence of society?
To promote ethics, protect the environment, prevent and minimize frauds and corruption, and solve problems regarding poverty and hunger
Test your understanding of the fundamentals of business, including the definition of business, human needs, and wants. Learn about the different aspects of business, such as production, distribution, and selling of goods and services. Assess your knowledge of the basic concepts that drive economic activities.
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