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Total Questions : 30 | Page
1
of 3 pages
Question 1.
Name the two broad categories of business activities
Trade and commerce
trade and industry
industry and commerce
none of these
See Solution
Discuss Question
Answer: Option C. ->
industry and commerce
Question 2.
The occupation in which people work for others and get remunerated in return is known as
Business
Profession
Employment
None of these
See Solution
Discuss Question
Answer: Option C. ->
Employment
Question 3.
Economic activities may be classified into business, ___________ and employment
profession
Vocation
Occupation
Work
See Solution
Discuss Question
Answer: Option A. ->
profession
Question 4.
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
See Solution
Discuss Question
Answer: Option D. ->
Salary and wages
Question 5.
Commerce includes activities relating to trade and _________________ to trade
auxilaries
Subsidiaries
Supporting
None of these
See Solution
Discuss Question
Answer: Option A. ->
auxilaries
Question 6.
Earning of profit is considered to be the subsidiary objective of the business
True
false
See Solution
Discuss Question
Answer: Option B. ->
false
Question 7.
One the following is NOT a source of finance to limited liability companies
loans and overdraft
retained profits
trade credit
savngs
See Solution
Discuss Question
Answer: Option D. ->
savngs
Question 8.
___, ____ and __ are the three kinds of companies
quasi government department and state government department and local enterprise
Companies limited by shares, Companies limited by guarantee, Unlimited companies
See Solution
Discuss Question
Answer: Option D. ->
savngs
Question 9.
Profit made in cooperative society is shared on the basis
patronage
shares invested
members' interest
attendance
See Solution
Discuss Question
Answer: Option A. ->
patronage
Question 10.
A distinguishing characteristics of a limited liability company is that it
is a collection of many sole proprietors
is a multiple partnership
can sue and be sued
has limited resources
See Solution
Discuss Question
Answer: Option B. ->
is a multiple partnership
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