Business Types
What is the simplest form of business ownership, where one person owns and manages the business?
Sole Trader
What is the term for the main goal of most private businesses to increase income after expenses?
Profit
Which famous psychologist developed a hierarchy of needs for motivation, including self-actualization at the top?
Maslow
What is the term for additional money given to employees as a reward for achieving specific goals?
Bonus
What is the name for a business owned and controlled by two or more people who share responsibilities and profits?
Partnership
What is the term for the objective of a business to increase its market dominance by selling more products?
Growth
Who is the theorist behind the Two-Factor Theory, which divides factors into hygiene factors and motivators?
Frederick Herzberg
What is the term for benefits given to employees, such as health insurance or company cars, that go beyond salary?
Fringe Benefits
What is the term for a business that exists as a separate legal entity from its owners, with limited liability?
Public or Private Limited Company
Which business objective focuses on achieving satisfaction for all stakeholders, including employees and customers?
Corporate Social Responsibility
What is the term for the process of setting and achieving specific, measurable, attainable, relevant, and time-bound goals?
SMART Goals
What is the term for an incentive where employees receive part of the company’s profits, distributed among them?
Profit Sharing
Which type of business ownership allows its members to benefit directly from the profits but operates democratically, often in sectors like agriculture or retail?
Cooperative
What is the term for a business objective aimed at generating enough revenue to cover costs but not maximizing profits, often seen in social enterprises?
Survival
What is the term for a person who starts and runs their own business, taking on financial risks in the hope of profit?
Entrepreneur
What is the term for a fringe benefit where employers provide coverage for medical expenses through insurance plans for their employees?
Health Insurance
What is the business ownership model in which a business operates under the brand and system of an established company, often paying royalties?
Franchise
What is the term for businesses that focus on meeting the needs of society or the environment rather than maximizing profits?
Social Enterprises
What is the name of the economic problem caused by limited resources and unlimited wants?
Scarcity
What is the term for providing employees with opportunities for career development, such as training or mentoring?
Professional Development Opportunities