Part II. True or False Direction: Write TRUE if the statement if correct and write FALSE if the statement is wrong. Write your answer in the space provided before the number. 1. Manufacturing refers to changing of basic inputs into products that are sold to customers 2. Partnership is a formal arrangement by 2 or more parties to manage and operate business. 3. Business is an activity that is part and parcel of human society. 4. Manufacturing sells the product they purchase from other businesses to customers. 5. A company with a proper focus on ethics is more likely to retain their team as they have a vested interest and a growing affinity for the business