Business Organization & Ethics Quiz

What is the primary objective of any business?

• Social service

• Profit-making

• Employee welfare

• Community development

Which of the following is NOT a characteristic of business?

• Risk and uncertainty

• Regularity in dealings

• Profit motive

• non-economic activity

Business activities can be classified into how many main categories?

• Two

• Three

• Four

• Five

Which of the following best describes the term "business organization"?

• An individual engaged in commerce

• A structured group of people working together to achieve business objectives

• A governmental body regulating business activities

• A non-profit entity focused on community service

Which era marked the significant evolution of business organization?

• Pre-industrial era

• Industrial revolution

• Post-industrial era

• Information age

What is the key difference between modern business and profession?

• Modern business aims at providing services without profit, while profession focuses on manufacturing goods.

• Modern business involves economic activities for profit, while profession requires specialized skills and provides services for a fee.

• Modern business is a non-economic activity, while profession is an economic activity.

• Modern business does not involve risk, while profession involves high risk.

Which of the following is a primary sector activity?

• Banking

• Farming

• Manufacturing

• Retailing

What is a fundamental characteristic of business transactions?

• Uncertainty

• Regularity

• Sporadic occurrence

• non-monetary exchanges

Which business objective focuses on introducing new products and services?

• Profit maximization

• Growth

• Service

• Social responsibility

What does the scope of business NOT include?

• Production

• Distribution

• Non-profit activities

• Services