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Questions and Answers
What is the primary goal of all businesses?
What is the primary goal of all businesses?
- To contribute to the quality of life
- To achieve goals other than profit
- To earn a profit (correct)
- To provide goods and services to the community
Which of the following is NOT a characteristic of a business?
Which of the following is NOT a characteristic of a business?
- Selling to other organizations
- Providing goods and services to make a profit
- Selling only to individuals (correct)
- Creating tangible and intangible items
How can profitability be measured?
How can profitability be measured?
- Through social media engagement
- Through employee turnover rates
- Through revenue, costs, and profit (correct)
- Through customer satisfaction ratings
What is the primary goal of all businesses?
What is the primary goal of all businesses?
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What do businesses need to succeed?
What do businesses need to succeed?
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What resources do businesses need to succeed?
What resources do businesses need to succeed?
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Study Notes
- A business provides goods and services to make a profit.
- Goods are tangible items, while services are intangible.
- Businesses also sell to other organizations.
- Businesses create the goods and services that determine our standard of living.
- Businesses provide jobs and contribute to our quality of life.
- Profitability can be measured through revenue, costs, and profit.
- Not-for-profit organizations exist to achieve goals other than profit.
- The primary goal of all businesses is to earn a profit.
- Businesses need management, marketing, and financial resources to succeed.
- Profits must be earned ethically and responsibly.
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