WorksheetsE.P Ch 5
Total questions: 59
Worksheet time: 30mins
Fill in the blank: The two types of Human Activity are _______ Activity and Non-Economic Activity.
Economic
Physical
Cultural
Social
Which of the following is NOT a category of economic activities?
Business
Profession
Employment (Job)
Agriculture
Fill in the blank: The motive of economic activities is to _________.
earn money or creation of wealth
help others without any return
enjoy leisure time
promote social welfare
Fill in the blank: The motive of non-economic activities is to _________.
gain social or psychological satisfaction
earn profit
increase wealth
expand business
Which of the following is NOT expected from non-economic activities?
A) Money
B) Social satisfaction
C) Mental satisfaction
D) Religious satisfaction
Fill in the blank: The outcome of economic activities is _________
production of goods and services
increase in population
decrease in resources
growth of forests
Fill in the blank: The outcome of non-economic activities is _________
mental satisfaction
profit
goods production
income
State whether the following is an economic activity or not: Store owner sympathizes with a needy elderly person and gives medicines for his ailment.
It is not an economic activity because it is done out of sympathy, not for profit.
It is an economic activity because the store owner is giving medicines.
It is an economic activity because it involves goods.
It is an economic activity because it helps someone in need.
State whether the following is an economic activity or not: Football coach giving training in football to his daughter for forthcoming match.
It is not an economic activity because it is done out of love and affection, not for monetary gain.
It is an economic activity because the coach is using his professional skills.
It is an economic activity because it involves training for a match.
It is not an economic activity because it is a hobby.
Donation made by a business house towards community kitchen run by an NGO for providing food, medicines to underprivileged people and migrant workers of the society during Covid 19 pandemic is:
An economic activity, as it is done with the intention of earning profit.
Not an economic activity, as it is done for social welfare and not for profit.
An economic activity, as it involves exchange of goods and services.
An economic activity, as it is a part of business operations.
Fill in the blank: One of the key features of a business is ________ Activity.
Economic Activity
Physical Activity
Recreational Activity
Cultural Activity
Fill in the blank: A business should be ________ regular in its operations.
Fairly Regular
Rarely
Never
Occasionally
Fill in the blank: A business involves production, buying and ________.
selling
eating
painting
sleeping
Fill in the blank: Businesses provide ________ & Services.
Goods
Plants
Vehicles
Games
Fill in the blank: The main aim of a business is to earn ________.
Profit
Loss
Fame
Experience
According to the concept of business, what does the term 'business' mean?
Busy in Earning Money
Busy in Spending Money
Busy in Learning
Busy in Traveling
Fill in the blank: The term business means being "______".
Busy In Earning Money
Relaxed At Home
Sleeping All Day
Playing Games
People may engage in which of the following activities as part of business according to the concept of business?
Production, distribution, and sale of goods and services
Only charitable activities
Only personal hobbies
Only government services
What is meant by 'An Economic Activity' in the context of business activities?
Business is undertaken in order to earn money hence its an economic activity.
Business is only for social service and not for earning money.
Economic activity means any activity related to sports.
It refers to activities done for entertainment only.
What does 'Production Or Procurement Of Goods And Services' mean in business activities?
A business either manufactures the goods on its own or purchases them from producer, and then sells them to end customers.
It refers to only providing services without any goods involved.
It means a business only imports goods from other countries.
It is the process of advertising goods and services to customers.
Fill in the blank: Directly or indirectly, business means transfer or exchange of goods and services for _______.
money
fun
power
knowledge
Which of the following is necessary to constitute a business?
One single transaction of sale
Dealings in goods and services on a regular basis
No dealings in goods and services
Only purchases
Characteristics of Business Activities: Fill in the blank. The main goal of any business is to ________. Businesses can’t survive without earning profit.
earn profit
reduce expenses
increase liabilities
avoid competition
Characteristics of Business Activities: Which of the following is true about the uncertainty of return/risk in business activities?
The profit a business will earn is always certain
There is always a possibility of losses due to changing environment or other reasons
Businesses never face risks
Businesses always make profits
Which of the following is NOT a main type of industry under 'INDUSTRY'?
A) Primary
B) Secondary
C) Tertiary
D) Quaternary
Fill in the blank: The three main types of industry under 'INDUSTRY' are Primary, Secondary, and ________.
Tertiary
Quaternary
Manufacturing
Agricultural
Which of the following is a subcategory of Primary industry?
Constructive
Genetic
Analytical
Assembly
Which subcategory does 'Analytical' belong to?
Primary
Secondary
Tertiary
Fill in the blank: 'Processing' is a subcategory under ________ industry.
Secondary
Primary
Tertiary
Quaternary
True or False: 'Tertiary' industry has subcategories shown in the chart.
True
False
What are Primary Industries? These include all those activities which are connected with the extraction and production of _________?
natural resources
artificial materials
manufactured goods
digital products
Which of the following industries is connected with the extraction of natural resources?
Genetic Industries
Extractive Industries
Manufacturing Industries
Service Industries
Genetic Industries remain engaged in breeding plants and animals for their use in ________ reproduction.
further
limited
artificial
seasonal
What are secondary industries concerned with? Fill in the blank: Secondary industries are concerned with using the materials, which have already been _______ at the primary stage. These industries process such materials to produce goods for final goods.
extracted
manufactured
sold
packaged
What do manufacturing industries do? Fill in the blank: Manufacturing industries are engaged in producing goods through _______ of raw materials and thus creating form utilities.
processing
distribution
consumption
transportation
What is an analytical industry? Fill in the blank: In an analytical industry, a single raw material is broken down into _______ finished products.
multiple
single
identical
few
Fill in the blank: In a Synthetical Industry, two or more materials are mixed together to form a finished product. For example, ______ and soap.
paint
sugar
paper
cement
In a Processing Industry, raw material goes through various stages (processes) to make a finished product. For example, sugar and ______.
iron and steel
cotton
paper
plastic
Fill in the blank: In an Assembly Industry, various finished products are combined (assembled) to form the product. For example, computer and ______.
automobile
banana
pencil
river
Fill in the blank: Construction Industries are involved in the construction of infrastructure such as buildings, dams, bridges, canals and ______.
tunnels
forests
deserts
oceans
What is the function of Transportation in tertiary industries?
Provide movement of goods from one place to another.
Increase the production of raw materials.
Manufacture finished goods from raw materials.
Store goods for long-term preservation.
What is the function of Banking in tertiary industries?
Provide credit facilities to industries.
Manufacture raw materials.
Grow agricultural products.
Construct residential buildings.
What is the function of Insurance in tertiary industries?
Provide coverage from various types of risks.
Increase the production of raw materials.
Manufacture consumer goods.
Develop new agricultural techniques.
What is the function of Warehousing in tertiary industries?
Provide storage facilities for goods.
Manufacture raw materials into finished products.
Transport passengers between cities.
Offer financial investment advice.
What is the function of Advertisement in tertiary industries?
Provide information regarding the product.
Manufacture raw materials.
Transport goods to factories.
Regulate government policies.
What are tertiary industries concerned with? (Fill in the blank)
Providing support services to primary and secondary industries as well as activities relating to trade.
Extracting raw materials from the earth.
Manufacturing goods from raw materials.
Research and development of new technologies.
Fill in the blank: Commerce includes all the activities which are directly and indirectly related with the exchange of ________ and ________.
goods; services
money; shares
products; technology
land; buildings
Which function of commerce removes the hindrance of person by creating a link between producers and consumers for the exchange of goods and services?
Hindrance Of Place
Hindrance Of Person
Hindrance Of Time
Hindrance Of Risk
Fill in the blank: The Transportation segment of commerce helps in removing the ______ gap as it transports goods from the place of production to the market and thus removes the hindrance of place.
place
time
ownership
communication
Fill in the blank: The Warehousing segment of commerce helps in storage of goods by keeping them safe and sound. Thus warehousing removes the hindrance of ______.
time
place
ownership
exchange
Fill in the blank: The banking system helps in circulation of money which is used as a medium of ______. Bank also provides the following services to the business – Loan, bank draft, cheques and exchange of foreign currency.
exchange
storage
measurement
production
Fill in the blank: The Insurance branch of commerce helps the business by covering some of its risks by forming an agreement between business and insurance company. Thus removing the _________.
hinderance of risk
burden of profit
need for investment
role of management
Which segment of commerce helps by providing the key features and information to the consumer, thus removing the hinderance of knowledge?
Insurance
Advertisement
Banking
Transportation
According to the chart, which of the following is NOT a part of Commerce?
Trade
Aids to Trade
Agriculture
Business
Trade is classified into which two main types according to the chart?
Internal and External
Primary and Secondary
Direct and Indirect
Local and Global
Which of the following is a type of Internal Trade? Choose the correct option.
Import
Export
Retail
Entreport
Fill in the blank: External Trade includes Import, Export, and ________.
Entreport
Barter
Manufacturing
Retail
Which of the following is classified under Aids to Trade according to the chart?
Wholeseller
Aids to Trade
Retail
Import
According to the chart, Commerce is a part of which broader category?
Trade
Business
Aids to Trade
Retail
