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Nature and purpose of business

Total questions: 35

Worksheet time: 18mins

Name
Class
Date
1.
The possibilities of inadequate profits or even losses due to uncertainties are known as _______
a)
Business contingencies
b)
Business risks
c)
Business ventures 
d)
 None of these
2.
Which one of the following may not be a factor behind starting a business?
a)
 Routine workload 
b)
size of the firm 
c)
finance 
d)
location of the business
3.
Name the two broad categories of business activities.
a)
 Trade and commerce 
b)
 trade and industry 
c)
industry and commerce
d)
none of these
4.
Commerce includes activities relating to trade and ____________
a)
Supporting 
b)
subsidiaries 
c)
auxiliaries to trade
d)
none of these
5.

Following are the characteristics of business risks. One of them is not correct. Please identify it.

a)

Loss is the reward for risk bearing

b)

Business risks are due to uncertainties

c)

Risk is an essential component of every business

d)

Degree of risk depends mainly upon the nature and size of business

6.
Transfer of interest exists in the case of 
a)
Profession
b)
employment 
c)
business 
d)
none of these
7.
Which of the following is not an example of non-economic activity?
a)
Patriotism 
b)
 teaching 
c)
sentiment 
d)
sympathy
8.
Which of the following is not a type of external trade-
a)
export 
b)
import
c)
entrepot
d)
retail 
9.
Human activities are of ____________ types
a)
one
b)
two
c)
three
d)
four
10.
Hindrance of risk is removed by:
a)
Advertisement
b)
warehousing
c)
Insurance
d)
Transport
11.
Cooking food by mother for her family is:
a)
Economic activity
b)
non-economic activity
c)
both
d)
none
12.
Which of the following does not represent the role of business: 
a)
Survival
b)
Growth
c)
Reward
d)
Activity
13.
Pisciculture comes under which industry?
a)
Extractive
b)
Genetic
c)
Manufacturing
d)
Constructive
14.
Poultary farms come under which type of industry?
a)
Extractive
b)
Genetic
c)
Constructive
d)
Manufacturing
15.
What type of cause is fluctuation of price in the market?
a)
Physical
b)
Human
c)
Economic
d)
Natural
16.
Hindrance of place is removed by:
a)
Communication
b)
Advertisement
c)
Warehousing
d)
Transportation
17.
In which activity, specialised knowledge is required?
a)
Business
b)
Profession
c)
Employment
d)
All of the three
18.
Name the economic activities in which Rishab is involved who is working as manager in a bank?
a)
Profession
b)
Business
c)
Employment
d)
None of these
19.
The industry which provides support services to other industries are known as:
a)
Primary
b)
Secondary
c)
Teritary
d)
Commercial
20.
Which of the following can not be classified as an objective of business:
a)
Investment
b)
Productivity
c)
Innovation
d)
Profit Earning
21.
Business risk is not likely to arise due to:
a)
Good management
b)
Changes in government policy
c)
Employee Dishonesty
d)
Power failure
22.
Which of the following does not characterise business activity:
a)
Production of goods & services
b)
Presence of risk
c)
Sale & exchange of goods & services
d)
Salary or wages
23.
Which one of the broad categories of industries cover oil refinery and sugar mills?
a)
Primary
b)
Secondary
c)
Tertiary
d)
None of these
24.
Which of the following can not be classified as an auxiliary to trade?
a)
Mining
b)
Insurance
c)
Warehousing
d)
Transport
25.
The occupation in which people work for others and get remunerated in return is known as:
a)
Business
b)
Profession
c)
Employment
d)
None of these
26.
What term is used to refer physical arrangement of machine and equipment needed to manufacture a product?
a)
Machine
b)
Plant Layout
c)
Warehouse
d)
Transport
27.

The market share of Nokia phones in India has shrunk from 80% to 20%. Nokia faces business risk arising from

a)

Human Causes

b)

Economic causes

c)

Natural causes

d)

Other causes

28.

Central Warehousing Corporation, the premier warehousing agency in India, provides logistics support to the agricultural sector. Hence, such type of corporation helps in removing hindrance of

a)

Place

b)

Time

c)

Information

d)

Money

29.

In wholesale trade, goods are exchanged in

a)

small quantities

b)

large quantities

c)

none of these

d)

all of these

30.

Growth of commerce is closely linked with the growth of

a)

mankind

b)

insurance

c)

banking

d)

religion

31.

A type of reward of non-economic activity is

a)

salary

b)

donation

c)

appreciation

d)

profits

32.

A fertiliser manufacturing plant falls under

a)

Synthetical industry

b)

Analytical industry

c)

Processing industry

d)

Assembling industry

33.

Ashok Leyland transport company removes hindrance of

a)

Time

b)

Place

c)

Person

d)

Money

34.

Trade is the process of taking goods from

a)

wholesalers to customers

b)

producers to customers

c)

wholesalers to retailers

d)

retailers to customers

35.

Pramod runs a courier company. His company falls under

a)

Primary industry

b)

Secondary industry

c)

Tertiary industry

d)

Assembling industry

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