Business Basics

What is the definition of business?

• The definition of business is the process of manufacturing products.

• The definition of business is the activity of making, buying, or selling goods or providing services in exchange for money.

• The definition of business is the act of giving away goods or services for free.

• The definition of business is the practice of exchanging goods or services without involving money.

What are the different types of businesses?

• franchise, cooperative, non-profit organization

• sole proprietorship, partnership, corporation, and limited liability company (LLC)

What are the main functions of a business?

• Produce goods or services, market and sell those goods or services, manage human resources, and provide customer support.

• Produce goods or services, market and sell those goods or services, manage finances and resources, and provide customer support.

• Produce goods or services, market and sell those goods or services, manage operations and logistics, and provide customer support.

• Produce goods or services, market and sell those goods or services, manage marketing and advertising, and provide customer support.

Which type of business is owned and operated by a single individual?

• sole proprietorship

• corporation

• partnership

• limited liability company

Which type of business is owned and operated by two or more individuals?

• corporation

• sole proprietorship

• partnership

• limited liability company

Which type of business is owned by shareholders and managed by a board of directors?

• limited liability company

• partnership

• corporation

• sole proprietorship

What is the purpose of a business's marketing function?

• To hire and train employees.

• To promote and sell products or services

• To develop new products or services.

• To manage the company's finances.

What is the purpose of a business's finance function?

• To oversee marketing and advertising strategies.

• To develop and implement human resources policies.

• To ensure compliance with legal and regulatory requirements.

• To manage and control the financial resources of the organization.

What is the purpose of a business's human resources function?

• To oversee marketing and advertising efforts.

• To manage and develop the organization's employees.

• To handle financial transactions for the business.

• To manage the organization's physical assets.

What is the purpose of a business's operations function?

• To manage financial transactions and budgets.

• To handle customer complaints and inquiries.

• To develop marketing strategies and campaigns.

• To manage and oversee production and delivery of goods or services