Meaning of business and management. - SS2 Commerce Past Questions and Answers - page 1
What is the primary purpose of a business?
Generating profit
Providing social services
Creating employment opportunities
Which of the following is NOT a characteristic of a business?
Non-profit orientation
Production of goods or services
Production of goods or services
What is the main responsibility of managers in an organization?
Maximizing personal wealth
Setting organizational goals
Setting organizational goals
Which function of management involves allocating resources and coordinating activities?
Organizing
Planning
Controlling
What is the ultimate outcome desired by businesses?
Economic growth
Profitability
Employee happiness
Define business in simple terms.
Business refers to the activities involved in producing, distributing, and exchanging goods or services for the purpose of making a profit.
What are the key functions of management?
The key functions of management are planning, organizing, leading, and controlling. Planning involves setting goals and deciding on the best course of action. Organizing involves arranging resources and coordinating activities. Leading involves guiding and motivating employees. Controlling involves monitoring performance and ensuring that goals are achieved.