12 Questions
What is the main goal of a business?
To make profit
Define a business according to the text.
An organised effort of individuals to produce and sell products for a profit that satisfy individuals' wants and needs.
List three main activities a business undertakes.
Production management, marketing products, distributing goods and services
What is the formula for profit in a business?
Total revenue - total expenses
Explain the importance of profit for a business.
Profit is essential for covering expenses and ensuring sustainability.
What are some key roles of a business in society?
Providing employment, innovation, entrepreneurship, wealth creation
What is the difference between wages and salary?
Wages are usually received on an hourly or daily basis, while salary is a fixed regular payment usually paid fortnightly or monthly.
What is a fringe benefit?
A fringe benefit is an extra benefit supplementing an employee's money wage or salary, such as a company car or private healthcare.
Define entrepreneurship.
Entrepreneurship is the ability and willingness to start, operate, and assume the risk of a business venture in the hope of making a profit.
What does innovation refer to?
Innovation refers to the process of creating something new or significantly improving a product, service, or way of doing something.
Why is choice important in the context of business?
Choice allows consumers to select among alternatives, including brands, quality, price, color, size, and packaging.
What is the role of owners in a business if it generates profit?
If a business generates profit, the profit becomes the property of the owners, who may be shareholders.
Explore the role and definition of a business, including the main goal of making a profit and the activities undertaken to produce goods and services. Understand how businesses strive to satisfy customer needs and demands.
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