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CS Foundation Businessnature — practice questions

Explore 26 free Businessnature questions in CS Foundation Business Studies. Open each question or exercise to read its content, reference answers and available explanation.

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Businessnature questions and exercises with answers

Showing questions 1–26 of 26.

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 →Commerce includes trade andRead the answer and worked solution →Which is an auxiliary to trade?Read the answer and worked solution →Industries that reproduce and multiply living organisms (plants/animals) are calledRead the answer and worked solution →The basic objective of business, besides profit, includesRead the answer and worked solution →Business risk refers toRead the answer and worked solution →Converting raw materials into finished goods is the work of which industry?Read the answer and worked solution →Which is NOT a characteristic of business?Read the answer and worked solution →Employment refers toRead the answer and worked solution →Warehousing as an auxiliary to trade solves the problem ofRead the answer and worked solution →Transport as an auxiliary to trade removes the hindrance ofRead the answer and worked solution →Insurance as an aid to trade covers the hindrance ofRead the answer and worked solution →A retailer selling directly to consumers is part ofRead the answer and worked solution →The two broad categories of human activities areRead the answer and worked solution →Banking helps trade byRead the answer and worked solution →Trade meansRead the answer and worked solution →Which is a liability of business ownership that distinguishes a sole proprietor from a company shareholder?Read the answer and worked solution →Profit earned by a business serves asRead the answer and worked solution →Tertiary industries are also known asRead the answer and worked solution →'Entrepot trade' refers toRead the answer and worked solution →The reward for the risk and effort of running a business isRead the answer and worked solution →Match each kind of human activityRead the answer and worked solution →True or false: the nature of businessRead 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 Businessnature 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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