Business Basics
Types of Business
Business Functions
Business Objectives
Globalization & Ethics
100

What is the primary goal of a business?

To generate profit for the owners.

100

Name a type of business owned by one person.

Sole proprietorship.

100

What is marketing?

Marketing involves promoting and selling products or services to meet customer needs.

100

What is profit maximization?

Profit maximization is the objective of increasing the company’s earnings to the highest possible level.

100

What is globalization?

Globalization is the process by which businesses expand their operations and influence to other countries.

200

Define business.

A business is an organization that provides goods or services to customers in exchange for money.

200

What is a partnership?

A business structure in which two or more individuals share ownership and management responsibilities.

200

What is human resources (HR)?

Human resources is responsible for managing employee relations, including hiring, training, and ensuring workplace compliance.

200

What is market share?

Market share is the percentage of total sales in a market that a company controls.

200

Define a cooperative.

A cooperative is a business owned and operated by a group of individuals for their mutual benefit, where members share profits and decision-making responsibilities.

300

What is a profit?

Profit is the financial gain that results when the total revenue from sales exceeds the costs of operating the business.

300

How does an LLC protect owners?

An LLC protects owners by limiting their personal liability, meaning they are not personally responsible for the company’s debts or legal issues.

300

What is production?

Production is the process of turning raw materials into finished goods or services.

300

Why is growth important?

Growth allows businesses to increase their market share, revenues, and competitiveness.

300

Why is ethical behavior important in business?

Ethical behavior builds trust with customers, employees, and the public, helping maintain a positive reputation.

400

How do businesses contribute to society?

Businesses create jobs, provide products and services, contribute to economic growth, and often engage in corporate social responsibility.

400

What is the main advantage of a corporation?

A corporation provides limited liability to its shareholders, separating personal assets from the business.

400

How does R&D help businesses grow?

R&D helps businesses by creating new products or improving existing ones, driving innovation and competitive advantage.

400

What is social responsibility?

Social responsibility is a company’s commitment to contribute positively to society and the environment.

400

Name one advantage of globalization.

Access to new markets and customers.

500

What is an industry?

An industry is a group of companies that produce similar products or provide similar services.

500

Define a cooperative.

A cooperative is a business owned and operated by a group of individuals for their mutual benefit, where profits are shared among members.

500

What is the role of finance?

Finance manages the company’s money, including budgeting, investing, and ensuring financial health.

500

What is corporate social responsibility?

Sustainable practices involve operating in ways that protect the environment, support social equity, and ensure long-term economic viability.

500

How can a business practice ethical globalization?

A business can practice ethical globalization by respecting local cultures, ensuring fair labor practices, and minimizing environmental impact.