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Nature & Evolution of Business

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Questions and Answers

What is the primary purpose of a for-profit business entity?

To fulfill a charitable mission

To provide goods or services in exchange for profits (correct)

To further a social cause

To be controlled and managed by the government

Which of the following is not considered a characteristic of a business?

Regularity of purchases and sales (correct)

Financing

Management

Economic activities

What is the primary role of a businessman (entrepreneur) in establishing a business?

To visualize and take the initiative for the business (correct)

To manage the business operations

To provide financing

To control and minimize the risks involved

Which of the following is not a characteristic of a business?

Charitable mission Signup and view all the answers

Which of the following is not a requirement for a business to be considered a regular business activity?

Profit generation from a single deal Signup and view all the answers

What is the main tool for earning more profit according to the text?

Consumer's satisfaction Signup and view all the answers

Which factor is highlighted as necessary for business as per the text?

Sale or transferring Signup and view all the answers

What is a key benefit of organization in business according to the text?

Systematically Signup and view all the answers

What may lead to a decrease in prices of commodities in the market as mentioned in the text?

Competition Signup and view all the answers

What plays a role in determining the correct form of ownership for a business?

Capital requirements Signup and view all the answers