Concept of Business

Q. Is business an economic activity?

1. No. Business is an economic activity carried by only a few to produce or sell goods and services that satisfy human needs and help in earning income.
   
2. Yes. Business is a non-economic activity carried on by a few or more individuals to produce, sell goods and services that satisfy human needs and help in earning income.
3. Yes. Business is an economic activity carried on by a few or more individuals to produce, buy, or sell goods and services that satisfy human needs and help in earning income.
4. No. Business is a non-economic activity carried by only a few to produce or sell goods and services that satisfy human needs and help in earning income.

Q. A reward a businessman receives after bearing the risk of the business is known as .

1. credit
2. profit
3. investment
4. debt

Q. State True or False: Activities, where people work to earn income, are called non-economic activities.

1. False
2. True

Q.

Why is business considered an economic activity?

Q. Why is Business considered as an Economic Activity?

Q.

Tangible Assets Do Not Include. A) Goodwill B) Furniture C) Stock D) Cash

Q. Short Answer Questions :
State the different types of economic activities.

Q.

What kind of activity is performed: A property dealer selling real estates to people.

1. Both A & B

2. None of the above

3. Economic activity

4. Non- economic activity

Q.

Sita's mother takes care of the household errands. What kind of activity is she performing?

1. Non- economic activity

2. Economic activity

3. Both of the above

4. None of the above

Q. State True or False: Stationery, grocery, dairy products are capital goods.

1. True
2. False

Q.

Services are invisible activities that can only be experienced.

1. True

2. False

Q.

What factors are important to be considered while starting a business? Explain.

Q. The money which is borrowed from others is called .

1. profit
2. investment
3. mortgage
4. debt

Q.

___ has become necessary these days because there are a number of tax laws in the country.

Q.

Compare business with profession and employment.

Q.

Raj Pal is a hardworking man, he is putting a lot of efforts in his new startup company. What kind of economic activity is he following?

1. Profession

2. Employment

3. Business

4. None of the above

Q. The word entrepreneur has a __ origin.

1. Roman
2. French
3. Greek
4. Italian

Q. involves creating new products or improved versions of existing products

1. Product planning
2. Product innovation
3. Product value
4. Product launch

Q. has/have become necessary these days and they influence almost every aspect of the functioning of modern business.

1. Tax Funding
2. Tax Planning
3. Tax Laws
4. Tax Savings

Q. Which of the following is not an example of non-economic activity?

1. Teaching
2. Sentiment
3. Sympathy
4. Patriotism

Q.

___ helps in fulfilling the basic financial, monetary and human requirements.

Q. Economic activities are those activities that are done with a view to earn a reward.

1. True
2. False

Q.

Why is business considered an economic activity?

Q. is achieved by comparing the value of outputs with the value of inputs.

1. Productivity
2. Assets
3. Investment
4. Debt

Q. Among the following, what is not considered as an economic activity?

1. Fishing
2. Banking
3. Agriculture
4. Arnav helping his brother with his assignments

Q. Unique enterprises is able to achieve the target production of 5, 000 units within the prescribed time; however to achieve this target they hired extra workers on adhoc and spent around is 40, 000 extra to pay the adhoc workers so that target production can be achieved on time.
(1) Do you think unique enterprise is effective or efficient?
(2) Was their decision to hire adhoc workers to achieve the target, correct?
(3) Explain the concept of management highlighted above.

Q. Why is business considered an economic activity?

Q. ​​WHY IS BUSINESS CONSIDERED AN ECONOMIC ACTIVITY

Q. Fill in the blank with the most appropriate word.
We have the pleasure ________ you that your book has been awarded the first prize.

1. in informing
2. of informing
3. on informing
4. informing

Q. According to Peter Drucker, entrepreneurship is :

1. A Science
2. An art
3. A practice
4. All of above Miscellaneous