Nature of Business Objectives and Motives

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What is the primary goal of businesses?

To meet the needs and wants of society (correct)

To operate ethically

To drive innovation and technology

To contribute to economic growth

Why do entrepreneurs invest time, money, and effort in business?

To contribute to economic growth

In the hope of financial returns (correct)

To operate ethically

To create new products and services

What is a fundamental motive for businesses?

Environmental consideration

Social impact

Ethical operation

Profit (correct)

What does competition encourage in businesses?

Efficiency, quality improvement, and innovation Signup and view all the answers

How do businesses contribute to economic growth?

By creating jobs and generating income Signup and view all the answers

What do businesses drive that contributes to societal progress?

Technological advancements and innovations Signup and view all the answers

What is the legal structure of a Sole Trader business?

A one-person business Signup and view all the answers

In a Partnership business, how do partners share responsibilities and profits?

Partners share responsibilities and profits Signup and view all the answers

What is the key point about a Private Company (Private Limited Company)?

It's like a club where members share ownership, but their personal stuff is protected Signup and view all the answers

What distinguishes a Public Company (Public Limited Company) from other businesses?

Anyone can buy a piece of the company by purchasing its shares Signup and view all the answers

What best describes a Government Enterprise?

A business owned and operated by the government Signup and view all the answers

What financial contribution do businesses make to public finances?

They fund essential public services through taxes Signup and view all the answers

What does it mean when it is said that 'businesses contribute to social welfare'?

They support local initiatives and contribute to social welfare Signup and view all the answers

What is the key point about being a Sole Trader?

You are the boss, but you're also personally responsible for any problems Signup and view all the answers

What is the key point about being in a Partnership business?

You have company, but you share both the good and the challenging parts Signup and view all the answers

What distinguishes a Private Company (Private Limited Company) from other businesses?

It's like a club where members share ownership, but their personal stuff is protected Signup and view all the answers

What is the primary role of management in business studies?

Coordinate and organize business activities to meet objectives Signup and view all the answers

Why is effective management essential for a business?

To ensure smooth functioning of the business Signup and view all the answers

What skills are important for managers in business management?

Understanding of economics Signup and view all the answers

What does management involve in terms of resource allocation?

Allocating resources efficiently and ensuring their utilization Signup and view all the answers

How does management contribute to the success of an organization?

By adapting to changes and implementing strategies to stay competitive Signup and view all the answers

Which aspect is crucial for management to handle in a business environment?

Motivating and directing employees to achieve organizational goals Signup and view all the answers

What is one key component of efficient management mentioned in the text?

Commanding Signup and view all the answers

What is a strategy mentioned in the text for improving management skills?

Participate in training programs and workshops Signup and view all the answers

Which skill is NOT mentioned as essential for effective management in the text?

Graphic design Signup and view all the answers

What type of degree is recommended in the text to help build core business acumen and develop key management skills?

Business management degree Signup and view all the answers

What is a key responsibility of managers according to the text?

Allocating resources Signup and view all the answers

What does organizing involve according to the text?

Allocating resources Signup and view all the answers

What is a focus area for hands-on experience mentioned in the text as a way to refine and develop management skills?

Managerial roles Signup and view all the answers

What aspect is NOT included in the key components of efficient management mentioned in the text?

Investing Signup and view all the answers

Which soft skill is mentioned as essential for effective management in the text?

Emotional intelligence Signup and view all the answers

What does controlling involve according to the text?

Comparing performance with established goals Signup and view all the answers