Quiz on Business, Trade and Commerce

Which of the following is/are treated as Auxiliaries to Trade?

• All of the above

• Transportation Industry

• Insurance Industry

• Banking Industry

The reward of risk is:

• Success

• Loss

• Profit

• Failure

Name the two broad categories of business activities.

• Trade and commerce

• Trade and industry

• Industry and Commerce

• None of these

“Amrut” is an NGO operating in the district of Rajkot since 2005. It deals in providing medicines and other medical facilities to the rural, backward, and below-poverty-line people in the district. In case of need, arrangements are made by the NGO to shift critical patients to referred hospitals. Name the type of human activities performed by the NGO “Amrut”.

• Spiritual Activities

• Non-Economic Activities

• Economic Activities

• None of the above

Maninder, Surinder and Balbinder and Harinder pursued their Master's Degrees in Business Management from a reputed institute in Delhi. After completion of their studies, all of them got engaged in different fields. Maninder got a job at an Oil Refinery Industry as a Junior Executive in Finance. Surinder joined his family business in Textile Industry in Jalandhar, Punjab. Balbinder opened his own Dairy Firm and Harinder join the construction business. Identify the type of industry Mr. Surinder worked with as highlighted in the above case.

• Analytical Industry

• Assembly Industry

• Synthetic Industry

• Processing Industry

Which of the following cannot be classified as an auxiliary to trade?

• Mining

• Warehousing

• Transport

• Insurance

Ruchi is a practicing Chartered Accountant. She has her C.A. Firm in Hyderabad, Telangana. She deals in providing Income Tax and GST-related services to her clients against very reasonable consultancy fees. She has her own professional coaching classes for C.A. Enrolled Students. Identify the types of economic activities performed by Ruchi as referred to in the above case.

• None of the above

• Employment

• Profession

• Business

Which of the broad categories of industries covers oil refineries and sugar mills?

• Secondary

• Tertiary

• None of these

• Primary

Assertion (A) Earning Livelihood is the main aim of Economic activities.

Reason (R) It helps people in earning their bread and butter by performing several activities.

• A is incorrect, but R is correct

• A is correct, but R is incorrect

• Both A and R are true, but R is not the correct explanation of A

• Both A and R are true. R is the correct explanation of A

Business risk is not likely to arise due to:

• Change in govt, policy

• Good management

• Employee dishonesty

• Power failure