Business - meaning and characteristics, divisions of business - industry, commerce, trade, objectives of business, social responsibilities of business, business ethics and corporate governance, evolution of business - Question Bank
1. The development of organized stock exchanges signifies a major advancement in:
2. Which of the following is an example of a social responsibility of a business?
3. The concept of 'stakeholder' in business ethics refers to:
4. Which division of business deals with the creation of goods and services?
5. The evolution of business from small shops to large corporations reflects a trend towards:
6. What is the primary characteristic that defines a business as distinct from other human activities?
7. The role of 'transportation' in business is primarily to facilitate:
8. Which term describes the system where goods are exchanged without the use of money?
9. The 'profit motive' is considered a fundamental objective of most businesses because:
10. The objective of 'innovation' in business is to:
11. Which of the following is an example of a 'primary industry'?
12. The 'Industrial Revolution' led to a significant shift from:
13. Ensuring that a company's board of directors acts in the best interests of shareholders is a core aspect of:
14. The ethical principle of 'fair competition' falls under:
15. Which characteristic of business implies that it involves uncertainties and potential for loss?
16. The 'barter system' was a precursor to modern business, characterized by:
17. What is the primary function of 'commerce'?
18. The objective of 'growth' for a business typically involves:
19. Which of the following is a sub-division of 'trade'?
20. The earliest form of business organization was likely:
21. Transparency in business operations is a key aspect of:
22. The ethical consideration of treating all stakeholders fairly is part of:
23. Which business objective relates to establishing a strong presence and recognition in the market?
24. What is the fundamental purpose of 'industry' in the context of business divisions?
25. The exchange of goods and services between countries is known as:
26. Which of the following is a key characteristic of business that involves uncertainty about future profits?
27. The 'tertiary industry' is primarily involved in:
28. The historical period characterized by a shift from agrarian economies to industrial economies is known as:
29. What does 'accountability' in corporate governance refer to?
30. The principle of 'honesty' in business dealings is an example of:
31. A business that aims to satisfy the needs and wants of consumers is fulfilling which objective?
32. Which division of business includes activities like transportation, warehousing, and insurance, which facilitate trade?
33. The 'secondary industry' is primarily involved in:
34. Which characteristic of business implies that it is not a one-time activity but a continuous process?
35. The evolution of business from barter system to modern electronic commerce signifies:
36. Which objective is considered 'survival' in the context of business?
37. A business's commitment to operate in a way that benefits society, beyond its legal obligations, is termed as:
38. The 'trade' component of business primarily involves:
39. Which of the following is a component of 'commerce'?
40. An industry that produces goods for direct consumption by end-users is known as:
41. What distinguishes a business from a hobby?
42. The concept of 'sole proprietorship' represents an early form of:
43. Which historical period saw the rise of large-scale factory production and industrialization?
44. Corporate governance is primarily concerned with:
45. Business ethics refers to:
46. Which of the following is NOT typically considered a primary objective of a business?
47. The exchange of goods and services, including all activities that facilitate this exchange, is encompassed by which business division?
48. What is a fundamental characteristic of any business activity?
49. Which term refers to the buying and selling of goods and services?
50. The process of converting raw materials into finished goods is primarily associated with which division of business?