Which statement best defines a business?

• An organization that exclusively provides intangible products like healthcare.

• An entity created solely for the purpose of generating profit for shareholders.

• A decision-making organization established to produce goods and/or provide services.

• A group that only focuses on selling tangible products to consumers.

A sushi restaurant requires rice, fish, chefs, and an owner who took the risk to start the business. Which factor of production does the owner represent?

• Land

• Labor

• Capital

• Enterprise

Which business function is primarily responsible for identifying and satisfying the needs and wants of customers through activities like pricing and promotion?

• Operations Management

• Marketing

• Human Resources

• Finance and Accounts

A company that is involved in mining iron ore and harvesting timber operates in which sector of the economy?

• Secondary sector

• Tertiary sector

• Primary sector

• Quaternary sector

A firm specializing in software development and data analytics is part of which business sector?

• Quaternary sector

• Primary sector

• Secondary sector

• Tertiary sector

The "chain of production" tracks a product from raw materials to the final consumer. What typically happens to the item at each stage of this chain?

• It becomes less valuable.

• It remains unchanged.

• It is transformed and value is added.

• It is discarded at each stage.

What is a defining characteristic of an entrepreneur?

• They avoid financial risks by seeking government funding.

• They manage an existing business without making any changes.

• They plan, organize, and manage a new business, taking on financial risks.

• They are primarily employed to manage the human resources department.

For an entrepreneur, the opportunity of 'Autonomy' when starting a business refers to:

• The ability to earn far more than a typical salary.

• The appreciation in the value of the business's assets.

• The independence and freedom to make one's own business decisions.

• The ability to pass the business on to the next generation.

What is the primary distinction between the aims of a public sector organization and a private sector organization?

• Public sector organizations aim for market leadership, while private sector organizations aim for social welfare.

• Public sector organizations aim to provide a service to the general public, while private sector organizations primarily aim to generate profit.

• Both sectors aim to maximize profit, but public sector profits are given to the government.

• Private sector organizations are funded by taxes, while public sector organizations rely on sales revenue.

Who is the typical owner of an organization operating in the public sector?

• A single individual or entrepreneur.

• A group of private shareholders.

• The government or state.

• Its employees and members.