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Questions and Answers
What is the main characteristic of a sole proprietorship?
Which business function is responsible for producing and delivering products or services?
What is the main objective of a business that aims to maximize profits?
What is the internal environment of a business composed of?
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Which business strategy involves offering unique products or services?
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What is the main characteristic of a limited liability company (LLC)?
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Which business function is responsible for managing business funds?
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What is the main objective of a business that aims to increase its market share?
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Study Notes
Types of Businesses
- Sole Proprietorship: A business owned and operated by one individual, with unlimited liability.
- Partnership: A business owned and operated by two or more individuals, with shared liability.
- Corporation: A business owned by shareholders, with limited liability.
- Limited Liability Company (LLC): A business with both corporate and partnership characteristics.
Business Functions
- Management: Planning, organizing, leading, and controlling business operations.
- Marketing: Identifying and meeting customer needs, creating and promoting products or services.
- Finance: Managing business funds, including accounting, budgeting, and investing.
- Operations: Producing and delivering products or services, including supply chain management.
- Human Resources: Recruiting, training, and managing employees.
Business Objectives
- Profit Maximization: Maximizing business profits while minimizing costs.
- Customer Satisfaction: Meeting customer needs and expectations to build loyalty and reputation.
- Market Share: Increasing market share by expanding customer base and sales.
- Social Responsibility: Conducting business in a socially responsible and ethical manner.
Business Environments
- Internal Environment: Company culture, resources, and internal stakeholders.
- External Environment: Market trends, competitors, government regulations, and social factors.
- Microenvironment: Immediate business environment, including customers, suppliers, and competitors.
- Macroenvironment: Broader economic and social environment, including global trends and events.
Business Strategies
- Cost Leadership: Offering products or services at a lower cost than competitors.
- Differentiation: Offering unique products or services that stand out from competitors.
- Focus: Targeting a specific market niche or segment.
- Diversification: Expanding into new markets or products to reduce risk.
Business Ethics
- Corporate Social Responsibility: Conducting business in a way that benefits society and the environment.
- Ethical Decision Making: Making business decisions that are fair, honest, and transparent.
- Business Law: Adhering to laws and regulations that govern business operations.
- Professional Ethics: Adhering to industry codes of conduct and standards of behavior.
Types of Businesses
- Sole Proprietorship: owned and operated by one individual, with unlimited liability.
- Partnership: owned and operated by two or more individuals, with shared liability.
- Corporation: owned by shareholders, with limited liability.
- Limited Liability Company (LLC): combines corporate and partnership characteristics.
Business Functions
- Management: planning, organizing, leading, and controlling business operations.
- Marketing: identifying and meeting customer needs, creating and promoting products or services.
- Finance: managing business funds, including accounting, budgeting, and investing.
- Operations: producing and delivering products or services, including supply chain management.
- Human Resources: recruiting, training, and managing employees.
Business Objectives
- Profit Maximization: maximizing business profits while minimizing costs.
- Customer Satisfaction: meeting customer needs and expectations to build loyalty and reputation.
- Market Share: increasing market share by expanding customer base and sales.
- Social Responsibility: conducting business in a socially responsible and ethical manner.
Business Environments
- Internal Environment: company culture, resources, and internal stakeholders.
- External Environment: market trends, competitors, government regulations, and social factors.
- Microenvironment: immediate business environment, including customers, suppliers, and competitors.
- Macroenvironment: broader economic and social environment, including global trends and events.
Business Strategies
- Cost Leadership: offering products or services at a lower cost than competitors.
- Differentiation: offering unique products or services that stand out from competitors.
- Focus: targeting a specific market niche or segment.
- Diversification: expanding into new markets or products to reduce risk.
Business Ethics
- Corporate Social Responsibility: conducting business in a way that benefits society and the environment.
- Ethical Decision Making: making business decisions that are fair, honest, and transparent.
- Business Law: adhering to laws and regulations that govern business operations.
- Professional Ethics: adhering to industry codes of conduct and standards of behavior.
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Description
This quiz covers the different types of businesses, including sole proprietorship, partnership, corporation, and limited liability company (LLC), as well as the main business functions such as management.
