CH 1 [ UNDERSTANDING NATURE OF BUSINESS QUIZ NO 1]

1. Business is an organization which, by providing goods and
services desired by the customer, strives for

2. By providing house hold essentials, clothing, medical care,
transportation, banking, communication etc., business
meet the needs of _

3. Tangible items that can be held, touched, or stored,
manufactured or traded by the business are termed as:

4. Intangible offerings of businesses that cannot be held,
touched or stored a termed as:

5. Physicians, lawyers, hairstylists and airlines all provide:

6. Besides B-to-C transactions (business to consumers
transactions), businesses also engage in B-to-B
transactions (business to business transactions):

7. Business create goods and services that are the basis of
our

8. The standard of living of a country is measured by the:

9. In what ways business play a key role in determining our
quality of life?

10. Which of the following terms best describes ‘The general
level of human happiness based on such thing as life
expectancy, educational standards, health, sanitation and
leisure time’?

11. Building a high quality of life is effort of?

12. Profitability of a business can be measured through a key
variables such as

13. The money which a company receives by providing services
and goods is called:

14. Expenses incurred for creating and selling goods and
services such as rent, salaries, supplies, transportation etc.
are referred to as:

15. The money which is left over after the deduction of
expenses from revenue is called _

16. The primary goal of all businesses is to earn profit. Thus
earning profit contributes to society by providing
employment, which in turn provides money that is
reinvested in the economy

17. With the other main challenges, laws and government
regulations, economic, political and social changes are also
the challenges that may affect the business.

18. ______ describes what an organization plans or hopes to
be in the future and acts as an inspiration and motivation
to drive the employees to reach the goals.

19. A mission is the purpose and the reason of organizations
existence. It actually defines what an organization wants to
be and how it wants to be viewed ahead.

20. According to Mintzberg, a _____describes the
organization's basic function in society, in terms of the
products and services it produces for its customers.

21. Is it true that one of the purpose of the mission statement
is to provide a basis for consistent strategic planning
decisions?

22. A company must make a mission for its vision because the
mission reflects the purpose value and action. In any
business the goals and objectives should clearly support the
organization's mission statement.

23. _____are the aims to achieve, expressed in narrative
terms. They are the broad intention for which a company
strives for.