Understanding the Nature and Purpose of Business
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Questions and Answers

What is the primary purpose of a business?

  • To maximize the number of employees
  • To minimize competition in the market
  • To solely focus on social responsibility
  • To satisfy customer needs and wants while making a profit (correct)

    • Which of the following is an example of a tertiary sector business?

  • Bank (correct)
  • Farm
  • Manufacturing plant
  • Mining company

    • What is the significance of understanding the nature of business?

  • It helps in making informed business decisions and strategies (correct)
  • It ensures government subsidies for the business
  • It guarantees immediate success in any business venture
  • It eliminates the need for market research

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