Nature and Purpose of Business Test - 7

The percentage of total sales for a product in a particular market that a business accounts for is the market standing for that company. The word marketing standing is concerned with Position of an enterprise.

Employment is a relationship between two parties, usually based on a contact where work is paid for, where one party, which may be a corporation, for profit, not for profit organization, co operative or other entity is the employer and the other is the employee. Emplyees work for others/ 'Employer' for remuneration.

Both profession and employment often require specialized skills and expertise for performing tasks efficiently.

Salary or wages does not characterize business activity.

Business activities include any activity engaged in the primary purpose of making a profit. This is a general term that encompasses all the economic activities carried out by a company during the course of business.

Wholesaling involves selling goods in bulk to retailers or other businesses for further distribution.

Strikes is not a natural cause of business risks.

Natural Causes: Risks which arise due to the actions of Nature (and hence uncontrollable) are called natural risks. For example, risk of rainfall not occurring on time or excessive rainfall causing flood is a serious risk for farmers.

Innovation fosters growth and ensures the sustainability of business activities by adapting to changing market demands.

Economic activities are related to production, distribution, exchange and consumption of goods and services(profession). Professionals involved in their profession to make money or earn their livelihood, hence it is an economic activity.

Main Causes of Business Risk, Natural Causes, Human Causes, Competition, use of modern technology, government policies.

Service business activities include a wide range of intangible services such as banking, insurance, consulting, and more.