CHAPTER 1: BUSINESS & ITS ENVIRONMENT

What is the main goal of a business?

• To hire employees

• To avoid taxes

• To satisfy society’s needs and earn profit

• To produce only tangible goods

Which of the following is a type of business that provides intangible services?

• Manufacturing

• Marketing intermediaries

• Service business

• Wholesaler

Profit is calculated by:

• Sales Revenue × Expenses

• Sales Revenue – Expenses

• Assets – Liabilities

• 3. Expenses – Sales Revenue

When expenses are greater than sales revenue, the business faces a:

• Profit

• Discount

• Break-even

• Loss

Which functional area is responsible for converting resources into goods/services?

• Marketing

• Finance

• Operations

• 5. Accounting

The functional area responsible for managing company funds is called

International business refers to:

• Trade between neighbourhoods

• Business activities within a country

• Business transactions across national borders

• Selling goods on Shopee

Selling domestic products to foreign customers is known as

Which type of agreement allows a company to use another’s patent or trademark?

• Franchising

• Licensing

• Exporting

• Direct investment

Islamic business ethics emphasise:

• Only profit

• Tax evasion

• Fairness and honesty

• Exploiting customers