An association of the principal business concerns in an area is referred to as
An association of the principal business concerns in an area is referred to as
- A) Article of association
- B) Memorandum of Association
- C) Chambers of Commerce
- D) Chambers of Companies
Correct Answer: C) Chambers of Commerce
Explanation
This question is asking about the meaning of an association of the principal business concerns in an area. The options given are Article of association, Memorandum of Association, Chambers of Commerce, and Chambers of Companies. The correct answer is Chambers of Commerce.A Chamber of Commerce is an association of the principal businesses in a particular area. It is formed by business owners to promote the interests of the business community in that area. The Chamber acts as a voice for the business community and works to improve the economic climate of the area. It provides a forum for businesses to discuss and address common issues, and it also provides networking opportunities for business owners.
Article of Association and Memorandum of Association are terms used in the formation of a company. They are legal documents that outline the rules and regulations governing the company's operations. Chambers of Companies is not a commonly used term and is not related to this question.
In summary, the correct answer to this question is Chambers of Commerce, which is an association of the principal businesses in a particular area that works to promote the interests of the business community and improve the economic climate of the area.