8 Questions
Business may be undertaking of a person or a group of people investing money, property, or skills with a primary goal of gaining ______.
profit
Service businesses is a rendering service for a certain fee, for example, medical services, legal ______, and etc.
management
Merchandising or Trading or Commerce is a buying and selling ______, for example, Savemore, Puregold, etc.
goods
Production and Manufacturing is a process to convert raw materials into finish ______.
products
Which type of business involves buying and selling goods?
Merchandising
What is the primary goal of a person or group of people undertaking a business?
Gaining profit
Which type of business involves rendering services for a fee?
Service business
What is the process of converting raw materials into finished products known as?
Production and manufacturing process
Study Notes
Business Overview
- A business is an undertaking by a person or group of people investing money, property, or skills with a primary goal of gaining profit.
Types of Businesses
- Service businesses render services for a fee, examples include medical services and legal services.
- Merchandising or Trading or Commerce involves buying and selling goods, examples include Savemore and Puregold.
Production Process
- Production and Manufacturing is the process of converting raw materials into finished products.
Key Concepts
- The primary goal of a person or group of people undertaking a business is to gain profit.
- Merchandising or Trading or Commerce involves buying and selling goods.
- Service businesses render services for a fee.
- Production and Manufacturing is the process of converting raw materials into finished products.
Test your knowledge about different types of business, including service businesses, merchandising, and production and manufacturing. Explore the various ways people invest money, property, or skills with the primary goal of gaining profit.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
