NATURE & PURPOSE OF BUSINESS

Which of the following is not a characteristic of business?

• Production of goods and services

• Sale or exchange of goods and services

• Risk element

• Wages and salaries

Which broad category of industry involves assembling of parts to make a new product?

• Primary

• Tertiary

• Secondary

• Genetic

Which of these categories of industries covers sugar mills and oil refinery?

• Primary

• Tertiary

• Secondary

• Genetic

The occupation in which people work for others and get remunerated.

• Business

• Profession

• Employment

• Proprietor

The industries which provide support services to other industries.

• Primary

• Tertiary

• Secondary

• Commercial

The following broad category of industry covers fishing and fish hatchery.

• Primary

• Tertiary

• Secondary

• Construction

------------- refers to economic activities which are connected with the conversion of resources into useful goods.

• Commerce

• Auxiliaries to trade

• Industry

• Transportation

The possibility of inadequate profits and even losses due to uncertain environment is known as :

• Business risk

• Business operations

• Operations management

• Merchandising

----------------- is an auxiliary to trade which helps to remove the hindrances of risk.

• Transportation

• Banking

• Warehousing

• Insurance

Trade and auxiliaries to trade are the two activities included in ________.

• Industry

• Commerce

• Warehousing

• Transportation