Assignment (Nature and Purpose of Business: class XI)

Very Short/ HOTS Questions (1 mark)

Q1. A housewife sells old newspapers every month. Is it a business activity?

Q2.Many organisations are contributing money to the special fund constituted for the purpose of relief of Uttrakhand victims. List the values shown by the business organisation.

Q3.ABC limited is planting trees on the roadside. Which objective is being followed and value shown by the company?

Q4.The company wants its employees to work even after the office hours without additional payments. Which values have been overlooked by the company? Which objective is not being followed?

Q5. Ritika produces goods for personal consumption. Will it be a business activity?

Q6.What is an Economic Activity?

Q7. Define Business Risk.

Q8.Define Business.

Q9.What is meant by industry?

Q10. What is meant by Primary Industry?

Q11. What is the peculiar feature of construction Industry?

Q12.Why business in considered as an Economic Activity?

 Short Answer Type Questions (3-4 marks)

Q13.Explain the social objectives of business.

Q14. Discuss the causes of Business Risk. 

Q15. What is the relationship between economics objectives and social objectives?

Q16. (I) Identify whether following activity is Business, Profession or Employment?

(a)   Hawkers selling toys to children

(b)   Person repairing scooter on roadside

(c)    Lawyer fighting a legal case

(d)   Accountants and clerks

(e)   Government officers

(f)     Doctor treating patient

(II) Identify the type of Industry:

(a)   Production of TV sets

(b)   Cement Industry

(c)    Banking sector

(d)   Mining of coal

(e)   Making new breeds of plants

(f)     Advertisement Industry

Q17. Name the service which is related to following causes:

a)                   The Service which helps in removing hindrance of knowledge.

b)                   The Service which helps in removing hindrance of Exchange.

c)                    The Service which helps in removing hindrance of place.

d)                   The Service which helps in removing hindrance of time.

e)                   The Service which helps in removing hindrance of risk.

f)                   The service which helps in removing hindrance of Finance

Long Answer Type Questions (5-6 marks)

Q18.Define Business. Distinguish it from profession and employment.

Q19.“Earning of profit cannot be the objective of business any more than the eating is the objective of living”. Do you agree with this statement? Give reasons to support your answer.

Q20. Why commerce is considered as the backbone of industry and other business activities?

Q21. “Business is an institution organised and operated to provide goods and services under the incentive of private gain”. Discuss the above statement explaining the features of business

Q22. Why does a businessman willingly undertake the Business Risk?

Q23.“Profit is not an objective but a requirement of Business”. Do you agree with this statement? Support your answer with reasons.

Q24. Describe the different types of risks involved in business transactions.