Introduction to Business Fundamentals Quiz

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Questions and Answers

What is the literal meaning of the word 'business'?

The state of earning money
The state of providing goods and services
The state of acquiring wealth
The state of being busy (correct)

According to James Stephenson, what defines a business?

Any activity engaged in for the sake of earning profit (correct)
Any activity organized and operated to provide goods and services to the society
Any activity concerned with buying and selling of goods
Any activity directed toward providing or acquiring wealth

What is considered as the lifeblood of every business?

Capital (correct)
Goods and services
Wealth
Profit

According to L. H. Haney, how can business be defined?

Human activities directed toward providing or acquiring wealth through buying and selling of goods (B) Signup and view all the answers

What is excluded from the term 'business'?

Goods and services produced or purchased for personal use (B) Signup and view all the answers

What is the essential element of business according to the text?

Capital (C) Signup and view all the answers

How does B. W. Wheeler define business?

An institution organized and operated to provide goods and services to the society, under the incentive of private gain (C) Signup and view all the answers