Fundamentals Of Business Quiz For First Year Students

Natural resources are materials that come from the earth, water, and air. This statement is true because natural resources are substances or materials that occur naturally in the environment and are used by humans for various purposes. Examples of natural resources include minerals, water, air, forests, and fossil fuels. These resources are essential for sustaining life and supporting various human activities such as agriculture, industry, and energy production.

The statement contradicts the definition of harassment. Harassment refers to unwanted and offensive behaviors that cause distress or harm to others. These behaviors are not considered good or nice, but rather negative and harmful. Therefore, the correct answer is False.

Profit is the income that remains after deducting all costs and expenses. It is the financial gain obtained by a business or individual after paying for all the necessary expenses. When prices increase, consumers tend to buy less, which can affect the profit margin. However, profit is not related to borrowing money to run a business; it is solely based on the remaining income after deducting expenses.

Needs are the essential things that are necessary for an individual's survival and well-being. These include basic requirements such as water, food, and shelter, which are essential for sustaining life. While things like IPods and PS4 may provide entertainment and enjoyment, they are not essential for survival and are considered wants or desires rather than needs.

Ethics are principles or guidelines that guide individuals in distinguishing between right and wrong actions and motivate them to choose the morally right option. These rules provide a framework for individuals to make decisions and behave in a morally responsible manner. By adhering to ethical principles, individuals are encouraged to act in a way that benefits others and society as a whole. Therefore, the statement that ethics help us tell the difference between right and wrong and encourage us to do the right thing is true.

The balance of trade refers to the relationship between a country's total imports and exports. It measures the difference in value between the goods and services a country exports and those it imports. A positive balance of trade occurs when a country exports more than it imports, resulting in a trade surplus. Conversely, a negative balance of trade, or trade deficit, occurs when a country imports more than it exports. The balance of trade is an important economic indicator as it reflects the competitiveness of a country's industries and its overall trade position in the global market.

Capital resources refer to the physical assets that are used in the production of goods and services. These assets include buildings, equipment, tools, trucks, and factories. They are essential for businesses to operate and produce goods and services efficiently. Therefore, the statement that capital resources include buildings, equipment, tools, trucks, and factories is true.

A non-profit organization is an organization that operates with the primary goal of serving a specific cause or mission rather than seeking financial profit. Instead of generating profits for its own benefit, a non-profit organization raises funds to support charitable activities, social causes, or community development. The focus is on making a positive impact rather than maximizing financial gains.

Offshoring refers to the relocation of a company's operations to another country. This means that a company decides to move its production, services, or other business processes to a different nation, typically with the goal of reducing costs or accessing new markets. Offshoring allows companies to take advantage of lower labor costs, favorable regulations, or other benefits offered by the foreign country. By moving operations overseas, companies can potentially increase their competitiveness and profitability.

Equity financing refers to using your own savings or investor's savings to fund and operate your business. Unlike borrowing money, equity financing does not involve repayment of the funds. Instead, investors become partial owners of the business and share in its profits and losses. This method allows entrepreneurs to raise capital without incurring debt and provides investors with the potential for higher returns on their investment.

The statement is true because a code of ethics provides guidelines and principles that outline the expected behavior and conduct of employees in various situations. It helps employees understand their responsibilities and how to make ethical decisions. By following the code of ethics, employees can respond appropriately and consistently to different situations, ensuring ethical behavior and maintaining the organization's values and reputation.

The correct answer is "things you do not need to survive but have them as entertainment such as IPods and PS4." This answer accurately describes wants as non-essential items that provide entertainment or pleasure, but are not necessary for survival.

Debt financing refers to the practice of borrowing money to fund and operate a business. This involves obtaining loans or issuing bonds, where the borrowed funds need to be repaid over a specified period of time, usually with interest. It is a common method used by businesses to acquire capital for various purposes such as expansion, purchasing assets, or managing cash flow. By leveraging debt, businesses can access additional funds without diluting ownership or control. However, it also comes with the responsibility of making regular payments and fulfilling the terms and conditions of the loan agreement.

The correct answer is when prices increase, consumers buy less. This is because as prices rise, the cost of purchasing a product or service becomes higher, leading consumers to reduce their demand in order to save money. This is a fundamental principle in economics known as the law of demand, which states that there is an inverse relationship between price and quantity demanded.

Human resources are indeed the people who work to create goods and services. They are a vital component of any organization as they contribute their skills, knowledge, and abilities to produce and deliver the desired products or services. Human resources are responsible for various tasks such as designing, producing, marketing, and distributing goods, as well as providing services to customers. Without the efforts and contributions of human resources, it would be impossible for organizations to produce and deliver the goods and services that are essential for meeting customer needs and achieving business goals.

A not-for-profit organization refers to an organization, like a housing or child-care co-operative, that operates without the primary goal of making a profit. Instead, it focuses on providing services or benefits to its members or the community. These organizations typically reinvest any surplus funds back into their operations or use them to further their mission or cause. Unlike a for-profit business, the main objective of a not-for-profit organization is to serve a social or public interest rather than generating financial gains.

The types of businesses can be categorized into service businesses, not-for-profit organizations, retail businesses, and manufacturing businesses. A service business offers intangible services to customers, such as consulting or healthcare. Not-for-profit organizations are focused on a specific cause or mission and operate without the goal of making a profit. Retail businesses involve selling products directly to consumers, often through physical stores or online platforms. Manufacturing businesses are involved in the production and assembly of goods, which are then sold to wholesalers or retailers.

The given answer accurately defines ethics as rules that guide individuals in distinguishing between right and wrong, and motivate them to make morally correct decisions. Ethics provide a framework for individuals to evaluate their actions and behaviors, promoting moral responsibility and encouraging them to act in an ethical manner.