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CS Foundation Business Studies — practice by topic

Browse 26 questions across 1 Business Studies topics. Choose what you want to revise, then open a question to check its answer and worked solution.

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Business Studies topics

Businessnature (26)

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An activity undertaken with the objective of earning profit by producing or exchanging goods/services isRead the answer and worked solution →Which is a feature distinguishing a profession from a business?Read the answer and worked solution →Economic activities are those undertaken toRead the answer and worked solution →Mining and extraction of minerals fall under which type of industry?Read the answer and worked solution →

Worked practice questions

An activity undertaken with the objective of earning profit by producing or exchanging goods/services is

  1. employment
  2. business
  3. hobby
  4. profession
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Correct answer: B. business

Business is an economic activity for earning profit through production/exchange of goods or services.

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Which is a feature distinguishing a profession from a business?

  1. aims at maximum profit
  2. involves regular trading
  3. needs no qualification
  4. requires specialised knowledge and a professional code
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Correct answer: D. requires specialised knowledge and a professional code

A profession requires specialised education/training and adherence to a professional code of conduct (e.g. doctor, CA).

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Economic activities are those undertaken to

  1. for recreation only
  2. satisfy social needs
  3. for love and affection
  4. earn a living / for monetary gain
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Correct answer: D. earn a living / for monetary gain

Economic activities are performed for monetary/financial gain non-economic ones are for love, sympathy or recreation.

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How to practise

  1. Choose a Business Studies question and try to work out your answer.
  2. Open the question to check the correct answer and read its worked solution.
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