30 Questions
What is the main characteristic of a profession?
Specialized services in exchange for fees
Which term refers to an individual providing services to someone else in exchange for a salary or wage?
Employee
What is the main aim of business as an economic activity?
To earn profit
Which of the following is NOT a characteristic of business as an economic activity?
Customer Satisfaction
Why is ethics important in business?
To maintain trust and integrity
What differentiates a professional from an employee in terms of services provided?
Professional provides specialized services while employees provide general services
What are the two double-purpose intentions that every individual lives with?
Survival and flourishing
Which type of profit is related to gains of property?
Monetary profit
What is the primary way to flourish according to the text?
Making profit
Which term is used in the text to describe a gain in health and fitness?
Physiological profit
What is considered moral profit?
Profit used to elevate life from poverty
Why do some people assert that money may unmake the lives of others according to the text?
Misuse or negative impact caused by money
What is the nature of business according to Urwick and Hunt?
An enterprise that provides services and goods for which people are willing to pay
What is the main purpose of economic activities as described in the text?
To earn income and satisfy human wants with limited resources
What does 'nature of business' refer to in the context of the text?
The fundamental characteristics and features of business as an economic activity
Why do individuals engage in economic activities?
To earn income, money, and wealth while using limited means
Which statement best describes the relationship between man's wants and economic activities?
Man has innumerable wants which require economic activities to maximize limited resources
How does the text define 'economic activity'?
Activities aimed at maximizing the use of scarce resources to satisfy human wants
What does Business Ethics support in terms of profit making?
Fair profit making
In the context of Business Ethics, what is Culture primarily defined as?
Set of shared understandings
What is the key belief in Religion that influences Business Ethics?
Defeating wrongdoing through grace and prayer
Which of the following is NOT supported by Business Ethics in business activities?
Illegal activities for growth
How does Business Ethics view the idea of exploiting investors?
Unethical behavior
From the sources of Business Ethics mentioned, what is the primary focus of Culture?
Knowledge and values transfer
What are the two ways mentioned in the text through which a man can generate profits?
By taking actions beneficial to himself and irrelevant to others, or by collaborating with others for a common goal
What kind of system does the text suggest is necessary for a man to flourish freely in obtaining profit?
Laissez-faire capitalism
What is the meaning of arbitrage opportunity as described in the text?
A strategy that guarantees profit with no risk involved
What principle is used to justify the importance of profit for Christians?
Good stewardship
How does the text describe the role of laissez-faire capitalism in profit-seeking activities?
Allowing individuals to engage in profit-seeking activities without complications or interventions
What is highlighted as a requirement for a man to act in his best interest and flourish up to his ceiling?
Freedom from restrictions on his choices and strategies
Explore the nature of business, the importance of ethics in business, the relationship between ethics and business, and the morality of profit. Learn about ethics and morality in a business context with this quiz.
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