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Questions and Answers
What does the term 'business organization' refer to?
What does the term 'business organization' refer to?
- The financial performance of a business
- The location of a business
- The marketing strategies of a business
- The structure of a business (correct)
Why do people need to work together in a business organization?
Why do people need to work together in a business organization?
- To gain personal control over the business
- To accomplish goals that are too large to be achieved individually (correct)
- To avoid paying taxes individually
- To compete with other businesses in the market
What is a sole proprietorship?
What is a sole proprietorship?
- An organization owned and controlled by the government
- A form of legal organization where the owner maintains sole control and is personally liable for business debts (correct)
- A partnership between two individuals for business purposes
- A type of corporation with multiple shareholders
What is the most important factor in choosing the nature of a business organization?
What is the most important factor in choosing the nature of a business organization?
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What does a private enterprise entail?
What does a private enterprise entail?
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Study Notes
Business Organization
- A business organization refers to an entity that is established to carry out business activities with the aim of earning profits.
Why People Need to Work Together
- People need to work together in a business organization to achieve common goals and objectives, as it is often difficult for an individual to accomplish everything alone.
Types of Business Organizations
- A sole proprietorship is a type of business organization where an individual owns and operates the business, bearing all the risks and rewards.
Choosing the Nature of a Business Organization
- The most important factor in choosing the nature of a business organization is the type of business activity, as it determines the level of risk, capital requirements, and management structure.
Private Enterprise
- A private enterprise is a business organization that is owned and operated by private individuals or groups, with the goal of earning profits, and is typically characterized by freedom to operate and make decisions independently.
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