Introduction to Business

Front

Which of the following best defines a business? A. A non-profit organization designed to help society. B. An entity that provides goods or services to consumers for the purpose of making a profit. C. A government-run organization that regulates trade. D. Any group activity focused on making products.

Back

An entity that provides goods or services to consumers for the purpose of making a profit.

Front

In a basic economic system, what primarily drives the prices of goods and services?

Back

Consumer demand and product supply.

Front

Which of the following is a key function of human resources in a business? A. Creating marketing strategies. B. Manufacturing products. C. Managing employee relations and benefits. D. Overseeing financial investments.

Back

Managing employee relations and benefits.

Front

What is the main purpose of a business plan?

Back

To outline the strategic vision of a business, including goals and how to achieve them.

Front

Globalization in the business context primarily refers to: Businesses expanding and operating in multiple countries.

Back

Businesses expanding and operating in multiple countries.

Front

Which of the following is an example of sustainable business practice? A. Increasing production to meet high consumer demand. B. Using renewable energy sources to reduce environmental impact. C. Expanding business operations into new international markets. D. Focusing solely on profit maximization.

Back

Using renewable energy sources to reduce environmental impact.

Front

What role does technology play in modern businesses?

Back

It enhances efficiency, communication, and data management.

Front

Why is understanding cultural differences important in international business?

Back

To effectively communicate and conduct business in different cultural contexts.

Front

In terms of marketing, what is market research used for?

Back

To understand customer needs and preferences.

Front

What is a primary characteristic of capitalism as an economic system?

Back

Market-based allocation of goods driven by consumer choices.