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Introduction to Business and Basic Concepts

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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?

They are intangible and cannot be stored Signup and view all the answers

What is a risk associated with doing business?

Uncertainty in earning profits Signup and view all the answers

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

Customers, employees, owners, and society Signup and view all the answers

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 Signup and view all the answers

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 Signup and view all the answers

What are the three pillars of sustainable development?

Economic, social, and environmental Signup and view all the answers

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 Signup and view all the answers