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Questions and Answers
What is the primary purpose of a business?
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?
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?
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
