PRACTICE QUESTIONS OF CHAPTER 1

MAY 18, 2020

 DAY 1

 THANK YOU FOR LOGGING IN!

 GOOD MORNING BOYS!

 PLEASE MARK YOUR ATTENDANCE FIRST THROUGH THE FOLLOWING LINK:

 XI B- https://forms.gle/5sZa82phzuy4YN1a8

 LEARNING OUTCOMES- TO REVISE ALL THE TOPICS OF CHAPTER 1.
PRACTICE QUESTIONS:

 Q1. Out of four points which is not an economic activity?
1. Production
2. Social service
3. Professional
4. Trading in goods

 Q2. Which option is not a business activity?
1. Production of goods
2. Transportation
3. Exchange of goods
4. Work in a factory for wages

 Q3. Which of the following is the characteristic of a business?
1. Production
2. Exchange or sale
3. Risk element
4. All the above

 Q4. Oil refinery and sugar mill are classified under which industries?
1. Primary
2. Secondary
3. Tertiary
4. None of the above

 Q5. Identify the activity which does not support trade?
1. Banking
2. Warehousing
3. Insurance
4. Mining

 Q6. In which occupation people get salary or wages in return for their word?
1. Employment
2. Business
3. Profession
4. None of the above

 Q7. Which item does not cause any business risk?
1. Breakdown of machinery
2. Efficient management
3. Riot
4. Changing government policy

 Q8. In which business, the support service activities are categorized?
1. Commercial industries
2. Primary industries
3. Secondary industries
4. Tertiary industries

 Q9. In business, why it is essential to make a profit?
1. It provides a return to investors.
2. It provides funds for future extension
3. It increases the reputation of a company
4. All the above

 Q10. Which of the following is a false statement?
1. The scope of commerce is narrower than business.
2. Commerce includes trade and auxiliaries to trade.
3. Foreign trade is purchase and sale by the traders of the same country.
4. Traders serve as a link between producers and consumers.

 Q11. 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

 Q12. 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

 Q13. Name the two broad categories of business activities.
(a) Trade and commerce
(b) trade and industry
(c) industry and commerce
(d) none of these

 Q14. Commerce includes activities relating to trade and _________________ to trade.
(a) Supporting
(b) subsidiaries
(c) auxiliaries
(d) none of these

 Q15.Earning of profit is considered to be the subsidiary objective of the business. The given statement is
(a) True
(b) false
(c) cannot say

 Q16. Following are the characteristics of business risks. One of then 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

 Q17. Transfer of interest exists in the case of

 (a) Profession
(b) employment
(c) business
(d) none of these

 Q18. Human activities are of ____________ types
(a) One
(b) two
(c) three
(d) four

 Q19. Which of the following is not an example of non-economic activity?
(a) Patriotism
(b) teaching
(c) sentiment
(d) sympathy

 Q20. Economic activities may be classified into business, ___________ and employment
(a) Profession
(b) occupation
(c) vocation

(d) work

 ALL THE BEST FOR YOUR EXAMS. GOD BLESS YOU ALL!

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