Business & profession November 29, 2023 Contents Results - #1. Which of the following terms refers to the organized efforts of individuals or entities to produce, sell, or buy goods and services for profit? a. Business a. Business b. Profession b. Profession c. Employment c. Employment d. Occupation d. Occupation #2. What is the primary motive of engaging in a business? a. Service to society a. Service to society b. Earn a profit b. Earn a profit c. Skill development c. Skill development d. Personal satisfaction d. Personal satisfaction #3. Which term is associated with the systematic and organized application of specialized knowledge and skills for the service of society? a. Business a. Business b. Trade b. Trade c. Profession c. Profession d. Employment d. Employment #4. In a business, the primary relationship is between the: a. Professional and client a. Professional and client b. Employer and employee b. Employer and employee c. Business owner and government c. Business owner and government d. Producer and consumer d. Producer and consumer #5. What is a common characteristic of a profession? a. Profit maximization a. Profit maximization b. Public service orientation b. Public service orientation c. Product innovation c. Product innovation d. Market competition d. Market competition #6. In a profession, practitioners are often bound by a: a. Contract a. Contract b. Partnership agreement b. Partnership agreement c. Code of ethics c. Code of ethics d. Trade union agreement d. Trade union agreement #7. Which of the following is a feature of business but not of a profession? a. Specialized education and training a. Specialized education and training b. Self-employment b. Self-employment c. Code of conduct c. Code of conduct d. Service motive d. Service motive #8. What is a key difference between business and profession? a. Nature of work a. Nature of work b. Profit motive b. Profit motive c. Code of ethics c. Code of ethics d. Educational qualifications d. Educational qualifications #9. Which of the following is a characteristic of a profession? a. Profit motive a. Profit motive b. Entrepreneurship b. Entrepreneurship c. Code of conduct c. Code of conduct d. Market competition d. Market competition #10. Business involves the exchange of goods and services for: a. Personal satisfaction a. Personal satisfaction b. Profit b. Profit c. Skill development c. Skill development d. Social recognition d. Social recognition #11. Which sector is primarily associated with the term 'business'? a. Corporate a. Corporate b. Government b. Government c. Non-profit c. Non-profit d. Academic d. Academic #12. In a business, the focus is on: a. Providing services a. Providing services b. Meeting societal needs b. Meeting societal needs c. Maximizing profits c. Maximizing profits d. Upholding professional values d. Upholding professional values #13. Which of the following is more likely to have a fixed working schedule? a. Business professional a. Business professional b. Entrepreneur b. Entrepreneur c. Business owner c. Business owner d. Professional practitioner d. Professional practitioner #14. What is a distinguishing characteristic of a business owner? a. Employment by others a. Employment by others b. Self-employment b. Self-employment c. Code of ethics c. Code of ethics d. Service motive d. Service motive #15. Which term is associated with the concept of trade, commerce, and industry? a. Business a. Business b. Profession b. Profession c. Employment c. Employment d. Occupation d. Occupation #16. Which of the following is a feature common to both business and profession? a. Profit motive a. Profit motive b. Code of ethics b. Code of ethics c. Self-employment c. Self-employment d. Market competition d. Market competition #17. What is a characteristic of a profession but not of business? a. Entrepreneurship a. Entrepreneurship b. Code of conduct b. Code of conduct c. Profit maximization c. Profit maximization d. Market competition d. Market competition #18. Business often involves the concept of: a. Partnership a. Partnership b. Trade unions b. Trade unions c. Code of ethics c. Code of ethics d. Market segmentation d. Market segmentation #19. In a profession, success is often measured by: a. Financial gains a. Financial gains b. Market share b. Market share c. Client satisfaction c. Client satisfaction d. Return on investment d. Return on investment #20. Which of the following is a commonality between business and profession? a. Profit motive a. Profit motive b. Code of ethics b. Code of ethics c. Market competition c. Market competition d. Employment contracts d. Employment contracts #21. Business activities are primarily driven by: a. Service motive a. Service motive b. Profit motive b. Profit motive c. Social responsibility c. Social responsibility d. Professionalism d. Professionalism #22. Which term is associated with the concept of buying and selling of goods and services? a. Profession a. Profession b. Occupation b. Occupation c. Business c. Business d. Employment d. Employment #23. A business owner is most likely to be: a. A salaried employee a. A salaried employee b. Self-employed b. Self-employed c. Working for a non-profit organization c. Working for a non-profit organization d. Engaged in a profession d. Engaged in a profession #24. In a profession, the focus is on: a. Profit maximization a. Profit maximization b. Client service b. Client service c. Market expansion c. Market expansion d. Cost-cutting d. Cost-cutting #25. Which of the following is a key element of a profession? a. Market competition a. Market competition b. Professional associations b. Professional associations c. Entrepreneurship c. Entrepreneurship d. Product innovation d. Product innovation #26. Business often involves the concept of: a. Code of ethics a. Code of ethics b. Service motive b. Service motive c. Market competition c. Market competition d. Skill development d. Skill development #27. Which term is associated with the idea of undertaking economic activities for a livelihood? a. Business a. Business b. Profession b. Profession c. Employment c. Employment d. Occupation d. Occupation #28. What is a distinguishing characteristic of a profession? a. Profit motive a. Profit motive b. Entrepreneurship b. Entrepreneurship c. Code of ethics c. Code of ethics d. Market competition d. Market competition #29. In a profession, the relationship is often based on: a. Buyer and seller a. Buyer and seller b. Employer and employee b. Employer and employee c. Professional and client c. Professional and client d. Producer and consumer d. Producer and consumer #30. Business activities are driven by the goal of: a. Skill development a. Skill development b. Social recognition b. Social recognition c. Profit maximization c. Profit maximization d. Personal satisfaction d. 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