Nature and Purpose of Business: Providing Goods and Services to the Society

In this quiz, you will find questions related to the nature of business, the purpose of business, and types of Business.

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Economic activity = ……….. + ………. :

Business + Profession Profession + Employment Business + Employment Business + Profession + Employment

Capital is not an essential element in :

Employment Profession Business None of these

Free Guidance by a teacher to his son is :

An economic activity Profession Employment A non-economic activity.

Commerce includes activities relating to trade and _________________ to trade.

Auxiliaries Subsidiaries Supporting None of the above

Bad debts due to non-payment of debt by the debtor are an example of which type of business risk?

Human Natural Physical Economic

Which of the following does not characterize business activity?

Production of goods & services Presence of risk Sale or exchange of goods and services Salary and wages

Everest Textile Ltd is involved in manufacturing textile products. In which industry is the company involved?

Processing industry. Analytical industry Synthetic industry Extractive industry

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Business is :

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Art

Science

Both art and science

None of these

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Which of the following does not characterise business activity :

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Production of goods and services

Presence of risk

Sale or Exchange of goods and services

Salary or wages

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Which one of the following is an economic activity in which specialized knowledge is required?

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Profession

Business

Employment

None of them

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Which of the following is an economic cause of business risks?

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Demand for goods

Competition

Price

All of these

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Business risk is not likely to arise due to?

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Power failure

Employee dishonesty

Changes in government policy

Good management

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The industries which provide support services to other industries are known as?

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Primary industries

Secondary industries

Commercial industries

Tertiary industries

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The occupation in which people work for others and get remunerated in return is known as?

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Business

Profession

Employment

None of them

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Economic activities may be classified into business, ___________ and employment.

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Profession

occupation

vocation

work

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Name the auxiliary to trade which removes the hindrance of time?

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Warehousing

Trade

Transportation.

Banking

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Soaps are included under which type of industry?

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Synthetical Industry.

Analytical Industry.

Processing Industry.

Assembling Industry.

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Human activities are of ____________ types.

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One

Two

Three

Four

Quiz/Test Summary
Title: Nature and Purpose of Business: Providing Goods and Services to the Society
Questions: 18
Contributed by:
james