1
What is defined as any economic activity that fulfills human needs and wants?
Explanation
A business is defined as any economic activity that fulfills human needs and wants.
2
What are the physical and mental conditions compulsory for humans known as?
Explanation
Needs are the physical and mental conditions that must be fulfilled by humans.
3
Which of the following is NOT a characteristic of needs?
Explanation
Needs are characterized as essential for survival, common to all, and limited, but they are not unlimited.
4
Which term refers to the different ways of fulfilling needs?
Explanation
Wants are the different ways of fulfilling needs.
5
What is the first stage of the evolution of business?
Explanation
The barter system is recognized as the first stage of the evolution of business.
6
What is a market defined as?
Explanation
A market is defined as any situation where buyers and sellers meet.
7
Which of the following is a characteristic of a business?
Explanation
A key characteristic of a business is that it is motivated by profit.
8
What medium was used as the first method of exchange in the barter system?
Explanation
The barter system used valuable materials such as sea shells and tobacco as the medium of exchange.
9
What is considered the second stage of the evolution of business?
Explanation
The use of money is recognized as the second stage of the evolution of business.
10
Which revolution led to the conversion of cottage industries into large-scale industries?
Explanation
The industrial revolution led to the conversion of cottage industries into large-scale industries.
11
What is commerce defined as?
Explanation
Commerce is defined as the combination of trade and support services.
12
What is electronic commerce?
Explanation
Electronic commerce refers to buying and selling activities conducted through the internet.
13
Which sector includes agriculture, forestry, and fishing?
Explanation
The primary sector includes agriculture, forestry, and fishing.
14
Which of the following is NOT a classification of businesses according to ownership?
Explanation
Local sector is not a classification of businesses according to ownership.
15
What is a characteristic of the tertiary sector?
Explanation
The tertiary sector is characterized by providing services.
16
Which of the following factors contributes to the popularity of electronic commerce?
Explanation
The emergence of global market space is one of the factors contributing to the popularity of electronic commerce.
17
What is the fourth stage of the evolution of business?
Explanation
The information era is recognized as the fourth stage of the evolution of business.
18
What do the classifications of businesses according to objectives include?
Explanation
Businesses can be classified as profit motive and non-profit motive according to their objectives.
19
Which type of businesses convert natural resources into other productions?
Explanation
The secondary sector includes businesses that convert natural resources into other productions.
20
Which of the following is an example of electronic money?
Explanation
Debit cards are an example of electronic money.
21
What is one of the characteristics of wants?
Explanation
Wants vary from person to person, unlike needs which are common to all.
22
What is the role of banking in commerce?
Explanation
Banking serves as an auxiliary service in commerce.
23
What is a feature of businesses classified as large scale?
Explanation
Large scale businesses typically have extensive operations.
24
Which sector involves the conversion of natural resources into products?
Explanation
The secondary sector involves the conversion of natural resources into products.
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