Foundations of Business

Why study business? Choose all the correct answers.

• for choosing a career

• to get discounts from inland revenue

• to be a good employee

• to be good business owner

Business is defined as

• the raw materials used in manufacturing processes as well as buildings and machinery

• the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society’s needs.

• the study of how wealth is created and distributed.

• the study of the national economy and the global economy.

Macroeconomics is defined as

• the raw materials used in manufacturing processes as well as buildings and machinery

• the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society’s needs.

• the study of how wealth is created and distributed.

• the study of the national economy and the global economy.

Material resources are defined as

• the raw materials used in manufacturing processes as well as buildings and machinery

• the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society’s needs.

• the study of how wealth is created and distributed.

• the study of the national economy and the global economy.

Economics is defined as

• the raw materials used in manufacturing processes as well as buildings and machinery

• the organized effort of individuals to produce and sell, for a profit, the goods and services that satisfy society’s needs.

• the study of how wealth is created and distributed.

• the study of the national economy and the global economy.

For a business to be organized, it must combine four kinds of resources: Select all correct answers

• financial

• material

• information

• renewables

• human

Information resource is

• the people who furnish their labor to the business in return for wages.

• the money required to pay employees, purchase materials, and generally keep the business operating

• the raw materials used in manufacturing processes as well as buildings and machinery

• tells the managers of the business how effectively the other three resources are being combined and used

Human resource is

• the people who furnish their labor to the business in return for wages.

• the money required to pay employees, purchase materials, and generally keep the business operating

• the raw materials used in manufacturing processes as well as buildings and machinery

• tells the managers of the business how effectively the other three resources are being combined and used

Financial resource is

• the people who furnish their labor to the business in return for wages.

• the money required to pay employees, purchase materials, and generally keep the business operating

• the raw materials used in manufacturing processes as well as buildings and machinery

• tells the managers of the business how effectively the other three resources are being combined and used

Business profit is

• used to describe all the different people or groups of people who are affected by an organization’s policies, decisions, and activities.

• what remains after all business expenses have been deducted from sales revenue

• the ultimate objective of every firm to satisfy the needs of its customers.

• the organized effort of individuals to produce and sell for a profit, the goods and services that satisfy society’s needs through the facilities available on the Internet