Bihar Board Class 12 (Commerce) Nature and Purpose of Business — practice questions
58 free MCQs with worked solutions. Tap any question for the answer + explanation, or practice them all in the app.
Practice Bihar Board Class 12 (Commerce) Nature and Purpose of Business in the app →Which kind of activity is done out of love, sympathy or patriotism?A teacher teaching in a school is engaged in which type of activity?A boy helping an old man cross the road performs which kind of activity?Economic activities are broadly divided into business, profession and what else?Business is an economic activity done with which motive?A shopkeeper buys goods and sells them to customers every day. Which characteristic does his sale show?A person sells his old domestic radio set once at a profit. Is it business?Cooking food at home for the family is not business because it lacks what?The lack of knowledge about the amount a business will earn in a period is called what?Which of these is an example of capital goods?Risk in business is best defined as what?Which factor gives rise to business risk?Which activity involves conversion of resources into useful goods?Industries are divided into which three broad categories?Which industry extracts products from natural sources?Mining and fishing are examples of which type of industry?Seed and nursery companies are typical examples of which industry?Cattle breeding farms and poultry farms belong to which industry?Secondary industries use materials that were obtained by which sector?Mining of iron ore is a primary industry. Making steel from it is which industry?Cement making combines ingredients into a new product. Which industry is this?Sugar and paper pass through successive stages of production. They are what type of industry?Television, car and computer makers fall under which industry?Building dams, bridges, roads and tunnels is the work of which industry?Which industries provide support services to primary and secondary industries?Which of these is included among tertiary industries?Commerce includes trade and which other group of activities?Which activity removes the hindrance of place in exchange?Insurance in commerce mainly removes which hindrance?Banking and financing institutions remove which hindrance in exchange?Advertising helps remove which hindrance in the exchange of goods?Trade removes the hindrance of which kind?What provides the link between producers and consumers?Activities that assist trade are known as what?Without trade, which large-scale activity would be hard to undertake?The objectives of a business are best described as what?Profit is described as the excess of what over cost?Profit is considered a leading objective of business, but it is what?Too much emphasis on profit alone may lead managers to do what?A business needs multiple objectives because it has to do what?Maintaining goodwill and a distinct identity against competitors is called what?Introducing new ideas or methods in the way something is made is called what?Which objective compares the value of output with the value of inputs?Profit in relation to capital investment is known as what?The obligation of firms to contribute resources to solve social problems is what?Business risk means the possibility of what?Which type of risk offers both a possibility of gain and of loss?Fire, theft and strike are examples of which type of risk?Which statement about business risk is correct?The amount of risk in a business depends mainly on its nature and what else?Which principle says higher risk can bring higher profit?Flood, earthquake and famine are what kind of cause of business risk?Dishonesty or carelessness of employees is which cause of business risk?The process of setting up one's own business is called what?The business unit resulting from entrepreneurship is called what?An entrepreneur is described as a job-provider rather than what?Which factor should an entrepreneur decide first when starting a business?Availability of raw materials and power supply mainly influences which decision?