The basic skills and concepts needed to run an organization are referred to as business fundamentals. For businesses, information such as profitability, revenue, assets, liabilities, and growth potential are considered fundamentals. Through the use of fundamental analysis, you may calculate a company’s financial ratios to determine the feasibility of the investment.
Also: Entrepreneurship Fundamentals Certification | Get Free Certificate
What are the 5 principles of business?
The Five Principles are: quality, responsibility, mutuality, efficiency and freedom.
HERE ARE THE QUESTIONS AND ANSWERS:
Q 1. Which of the following is a primary purpose of a business?
- Profit
- Satisfying consumer needs
- Gaining market share
- All of the listed responses
Q 2. Profit is always the primary aim of a business:
- True
- False
Q 3. The way in which a business turns inputs into outputs is known as:
- Processes
- Means
- Ends
- Finalising
Q 4. A business that exists to address a social purpose is known as a:
- social enterprise
- government owned corporation
- public company
- private company
- rise
Q 5. A government owned corporation is
- a public company that individuals can bid on
- a private company where ownership is not up for sale
- a business structure that is owned in whole or by majority by the government
- a large social enterprise
Q 6. Internal operating environment refers to:
- factors that a business can control and that can determine the success of the business
- owners, structure, feasibility and partnership
- organisational culture, leadership, profitability and growth
- factors that a business can not control, and our outside of their business model
Q 7. Interest groups are a type of external operating factor. They include:
- unions, professional associations and groups that operate in the public interest
- suppliers and other actors in the supply chain
- the government and other public bodies
- customers and other stakeholders
Q 8. A challenge of the start-up stage is generally…
- acquiring funds and engaging with customers
- navigating the competition
- remaining relevant
- writing a business plan
Q 9. A business can accurately be judged using a single criteria
- False
- True
Q 10. Efficiency means…
- creating something with minimal resources
- creating something that is the best in it’s field
- staying ahead of the competition
- being well liked by customers