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The document provides an overview of business definitions, types, and objectives, including profit maximization and customer satisfaction. It also outlines the main functions of a business such as marketing, finance, operations, human resources, and administration. Additionally, it includes a Q&A section that reinforces key concepts discussed in the chapters.

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Cwali Sergio
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15 views2 pages

Text

The document provides an overview of business definitions, types, and objectives, including profit maximization and customer satisfaction. It also outlines the main functions of a business such as marketing, finance, operations, human resources, and administration. Additionally, it includes a Q&A section that reinforces key concepts discussed in the chapters.

Uploaded by

Cwali Sergio
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as TXT, PDF, TXT or read online on Scribd
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Chapter 1: Introduction to Business

Definition of Business:

Business is the activity of producing goods or providing services to satisfy


consumer needs and to earn a profit.

Types of Businesses:
• Sole Trader: Business owned and managed by one person.
• Partnership: Business owned by 2 to 20 people who share profits and
responsibilities.
• Corporation: A business that is legally separate from its owners
(shareholders).
• Non-Profit Organization: Works for social goals and not for making
profit (e.g., charities).

Objectives of a Business:
• Profit Maximization: Earning the highest possible profit.
• Customer Satisfaction: Meeting or exceeding customer expectations.
• Business Growth: Expanding the size or reach of the business.
• Social Responsibility: Acting ethically and giving back to the
community.

Chapter 1 – Questions & Answers


1. Q: What is the main goal of a business?
A: To satisfy customer needs and earn a profit.
2. Q: What is a sole trader?
A: A business owned and run by one person.
3. Q: Name two objectives of a business.
A: Profit maximization and customer satisfaction.
4. Q: What makes a non-profit different from a regular business?
A: It does not aim to make profit but works for a social cause.

Chapter 2: Main Functions of a Business

1. Marketing:

Promoting and selling the product or service through advertising, market research,
etc.

2. Finance:

Managing the business’s money – including budgeting, investments, and tracking


income/expenses.

3. Operations:

Running the day-to-day processes like producing goods or delivering services.

4. Human Resources (HR):

Hiring, training, and taking care of employees’ well-being.

5. Administration:
Organizing documents, handling communication, and supporting management.

Chapter 2 – Questions & Answers


1. Q: What is the main role of the Marketing department?
A: To promote and sell the business’s products or services.
2. Q: Mention two business functions and their jobs.
A:
• Finance: Manages money and plans budgets.
• Operations: Oversees production and service delivery.
3. Q: What does Human Resources do?
A: It recruits, trains, and supports employees.
4. Q: Why is Finance important in a business?
A: It helps the business make smart financial decisions and stay profitable.

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