Business Essentials

What is the primary purpose of a business?

• To provide goods and services

• To employ people

• To pay taxes

• To compete with other businesses

Which of the following is a key characteristic of a sole proprietorship?

• Limited liability

• Owned by shareholders

• Single owner

• Double taxation

What is the role of a business plan?

• To secure funding

• To hire employees

• To pay taxes

• To advertise products

Which economic system is characterized by private ownership and free markets?

• Socialism

• Communism

• Capitalism

• Feudalism

What is a stakeholder in a business context?

• A person who owns shares

• A person affected by the business

• A person who works for the government

• A person who manages the business

Which of the following is a primary function of management?

• Marketing

• Production

• Planning

• Sales

What is corporate social responsibility?

• Maximizing profits

• Minimizing costs

• Contributing to societal goals

• Increasing market share

Which of the following is an example of a non-profit organization?

• Google

• Walmart

• Red Cross

• Apple

What is the significance of a SWOT analysis in business?

• To assess financial performance

• To evaluate market trends

• To identify strengths, weaknesses, opportunities, and threats

• To determine employee satisfaction

Which of the following is a characteristic of a partnership?

• Single owner

• Limited liability

• Shared profits and losses

• Owned by the government