Characteristics of Business

Advantages of this business type are that the owner is their own boss and gets to keep all the profits.

• Partnership

• Sole Proprietorship

• Corporation

• Franchise

Advantages include limited liability for owners, unlimited life, and ease of transfer of ownership. 

• Sole Propriotorship

• Partnership

• Corporation

Characteristics include owned by two or more people and may be general or limited

• Sole Propriotorship

• Partnership

• Corporation

Characteristics include owned by two or more people and may be general or limited

• Sole Propriotorship

• Partnership

• Corporation

• Franchise

Which of the following does not characterise business activity?

• Production of goods and services

• Presence of risk

• Sale or exchange of goods and services

• Salary or wages

Which characteristic of business involves the creation of goods and services to satisfy human wants?

• Production

• Exchange

• Risk

• Profit

What is a key characteristic of a business that involves uncertainty and potential loss?

• Profit

• Risk

• Exchange

• Production

Which characteristic of business refers to the continuous and regular activity of buying and selling?

• Production

• Exchange

• Risk

• Profit

What is the primary motive of business activities?

• Service

• Profit

• Risk

• Exchange

Which characteristic of business involves the transfer of goods and services from one person to another?

• Exchange

• Production

• Risk

• Profit