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 Flashcard: Chapter Notes - Nature and Purpose of Business 40 Flashcards |
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What are the main economic activities involved in business? |
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Production, trade, and commerce |
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Fill in the blank: The primary objective of a business is to earn ___. |
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Profit |
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True or False: Business activities only include selling products in a shop. |
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False; business activities also include production and trade. |
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What role did trade and commerce play in the historical economy of India? |
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They were crucial for generating surplus income and supporting various economic activities. |
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Riddle: I am the process of making goods and services to satisfy human needs, aimed at earning profit. What am I? |
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Business |
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Fill in the blank: Major trade centers in ancient India included Patliputra, Peshawar, and ___. |
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Taxila |
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What factors contributed to the growth of business activities in ancient India? |
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Favorable balance of trade, indigenous banking systems, and family-based workshops. |
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True or False: Economic liberalization in India began in 1991 to address challenges like inadequate infrastructure. |
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True |
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What are the two types of innovation important for business success? |
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Innovation in products/services and innovation in skills and activities. |
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MCQ: Which of the following is NOT a characteristic of business activities? A) Profit earning B) Uncertainty of earning C) One-time sale D) Regular dealing |
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C) One-time sale |
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What is the significance of market standing for a business? |
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It involves building reputation, offering competitive products, and ensuring customer satisfaction. |
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Riddle: I can be caused by floods, negligence, or economic changes. What type of risk am I? |
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Business risk |
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Fill in the blank: The two classifications of business activities are industry and ___. |
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Commerce |
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What is meant by the term 'entrepreneurship'? |
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The process of setting up a business and organizing production to deliver value. |
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What is the role of physical and financial resources in a business? |
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They are necessary for producing goods and services efficiently. |
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True or False: A business's risk is entirely eliminable. |
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False; risk is inherent and cannot be completely eliminated. |
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What is the role of profit in a business? |
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It provides income, funds for expansion, and indicates business efficiency. |
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MCQ: Which of the following is a type of business risk? A) Pure risk B) Digital risk C) Financial risk D) Operational risk |
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A) Pure risk |
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What are the basic factors to consider when starting a business? |
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Selection of line of business, size of the firm, choice of ownership, and financing. |
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Riddle: I help to ease the flow of goods from producers to consumers. What am I? |
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Commerce |
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Completed! Keep practicing to master all of them. |
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