Business & Its Environment Quiz

What is the definition of business according to the text?

• The effort of individuals to produce and sell goods and services for a profit

• The effort of individuals to produce and sell goods and services for personal use

• The effort of individuals to produce and sell goods and services for a loss

• The effort of individuals to produce and sell goods and services for charity

Which functional area in business involves planning, organizing, leading, and controlling a company's resources?

• Accounting

• Marketing

• Finance

• Management

What is the main difference between Domestic and International Business according to the text?

• Domestic business focuses on global markets while International business focuses on local markets

• Domestic business has more cultural considerations than International business

• Domestic business involves transactions within a single country while International business involves transactions between multiple countries

• Domestic business has simpler logistics than International business

What type of international business involves buying products overseas and reselling them in one's own country?

• Importing

• Franchising

• Licensing

• Contract Manufacturing

In Islamic perspective, what does workplace ethics emphasize?

• Maximizing profits at any cost

• Adherence to values and seeking blessings

• Exploiting employees for personal gain

• Ignoring societal responsibilities

What is the key principle of Islamic leadership that focuses on trustworthiness and responsibility?

• Truthfulness

• Clear Intention

• Consciousness of self-improvement

• Sincerity and keeping promises

Which type of international business involves the formal establishment of business operations on foreign soil?

• Franchising

• Contract Manufacturing

• Foreign Direct Investment

• Licensing

What does Islamic ethics in business aim to prevent?

• Employee turnover

• High pricing and deceptive practices

• Customer satisfaction

• Innovation

What is the main focus of Islamic HRM principles?

• Goodness to all

• Trust in authority

• Unconditional justice

• Merit-based selection

Which type of international business involves an agreement allowing a foreign company to sell products of a producer in exchange for royalty fees?

• Licensing

• Importing

• Contract Manufacturing

• Franchising