Which one of the following is an economic activity in which specialized knowledge is required?
Profession requires specialized knowledge as an economic activity. Examples can be teacher, doctor, advocate and many more.
What reward an entrepreneur gets for risk bearing in business?
Reward that an entrepreneur gets for risk bearing in business is profit.
Which one of the following is NOT an Auxiliary to trade?
Auxiliary to trade helps in smooth flow of trade. Insurance, warehouses and transport helps in smooth flow of trade but mining does not helps in smooth flow of trade.
The latest generation of mobile phones has many features like faster internet browsing, Bluetooth etc. This is an example which objective of business?
Innovation is the introduction of new ideas or methods in the way something is done or made.
Why a business should earn profit?
All of the above are the reasons why a business should earn profit.
Bad debts due to non-payment of debts by debtors is an example of which type of business risk?
It is human risk because all the activities are done by human in this case. Any other factor is not responsible for bad debts.
Name the activity of commerce that removes the hindrance of time.
Correct Answer :- a
Explanation : Warehousing Storage and warehousing activities remove the hindrance of time by facilitating holding of stocks of goods to be sold as and when required. Warehousing helps business firms to overcome the problem of storage to prevent loss or damage and facilitates the availability of goods when needed. Continuous supply of goods and thus stable prices can thus be maintained.
Which one of the following economic activity is directed towards producing or acquiring wealth through buying and selling of goods?
Profession is concerned with rendering services Employment is concerned with working for others and getting rewarded with salary or wages. Management is concerned with achieving the described goals.
Which one of the following is NOT the objective of the business?
Investment is an input as it has to be made to start and run a business.
Which one of the following is NOT a characteristic of business?
Managing Business is one of the jobs while regulating a business, it's not a characteristic of a business.