Which of the following statement is incorrect?
Which of the following statement is incorrect?
The partnership comes into existence only by an agreement
A person who receives the profile is always partner
The true test of partnership is the mutual agency i.e, agency relationship among partners
A person who receives the profits is not necessarily a partner
The Correct Option is B
Solution and Explanation
The correct option is B) A person who receives the profile is always partner
Top Questions on Business Environment
- Money supply in the economy and public debt are examples of which dimension of the business environment? Identify the dimension.
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- Business Studies
- Business Environment
- ”The extent and nature of government intervention in business” is Dimension of business environment.
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- ”It may be difficult to know the extent of the relative impact of the social, economic, political, technical or legal factors on change in demand of a product in the market.” Identify the feature of Business Environment from the given statement.
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- The key aspects of motivation are:
(A) External feeling
(B) Improves performance
(C) Complex process
(D) Positive or negative
Choose the correct answer from the options given below:- CUET (UG) - 2024
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- Match List-I with List-II.
List-I (Dimensions) List-II (Examples) (A) Legal Environment (I) Customs and Tradition (B) Technological Environment (II) Political conditions (C) Political Environment (III) Judgements (D) Social Environment (IV) Advancements in computers Choose the correct answer from the options given below :- CUET (UG) - 2024
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Concepts Used:
Business Environment
The business environment refers to the external factors and conditions that affect the operations, performance, and decision-making of a business. It includes various elements such as economic, social, political, technological, legal, and environmental factors. Understanding the business environment is crucial for businesses as it helps them assess risks, identify opportunities, and make informed decisions. Here are some key aspects of the business environment:
Economic Environment: This includes factors such as economic growth, inflation, interest rates, unemployment rates, and income levels. It impacts consumer purchasing power, market demand, and the overall business climate.
Social and Cultural Environment: This includes demographic trends, cultural values, lifestyle preferences, consumer behavior, and social norms. Businesses need to consider social trends and adapt their products, services, and marketing strategies accordingly.
Political and Legal Environment: This includes government policies, regulations, laws, and political stability. It affects business operations, trade policies, taxation, intellectual property rights, and labor laws.
Technological Environment: This includes advancements in technology, digitalization, automation, and innovation. It creates opportunities for businesses to improve efficiency, develop new products and services, and reach customers through digital channels.
Competitive Environment: This includes the competitive landscape, industry rivalry, market structure, and the bargaining power of suppliers and customers. Businesses need to understand their competitors and develop strategies to gain a competitive edge.
Environmental Sustainability: This includes concerns related to environmental conservation, climate change, and sustainable practices. Businesses are increasingly expected to operate in an environmentally responsible manner.
Understanding the business environment helps businesses anticipate changes, identify risks and opportunities, and align their strategies accordingly. It enables businesses to adapt and thrive in a dynamic and evolving marketplace.