Chapter 1 : Nature and
Purpose of Business
Very Short Answer type
Questions (1 mark)
1. Name the trade where the goods are
bought from the foreign country.
2. Which industry provides services to
primary and secondary industry?
3. Give an example of activity which is
economic in one side and
non economic on other side.
4. Why is business considered an economic
activity?
5. Name the economic activity in which
specialised knowledge is required.
6. Why is the insurance known as a
tertiary industry?
Short Answer type
Questions (3/4 marks)
1. Write four differences among business,
profession and employment.
2. No business is risk free in the light
of this statement, explain the
concept of business risk and its any three
causes.
3. If is a person sells his domestic
computer at a profit, will it be considered
a business? Also explain the
characteristic of business which is being
stressed upon in the above said example.
Long Answer type
Questions ( 5/6 marks)
1. Profit play an important role in
business. Give four reasons to justify the statement.
2. Explain the features of business.
3 Define business. Explain the
characteristics of business (any four)
4. Commerce is the sum total of activities
that remove hindrances in the
free flow of goods from producers to
consumers. Explain.
5. Profit maximisation can t be the sole objective of a business .
Explain.
HOTs:
1. Risk is an inherent element of a Business. Do you agree? Explain.
Chapter
2 : Forms of Business Organisations
Very Short Answer type
Questions: (1 Mark)
1. Varun is the only owner of his restaurant. Name
the form of business
organization.
2. List two merits of Sole proprietorship.
3. Name any one business in which sole
proprietorship is most suitable.
4. Explain the meaning of unlimited
liability.
Short Answer Type
Questions: (3 or 4 Marks)
1. State the important features of
partnership.
2. Which form of business is suitable for
following types of business and why?
a) Beauty Parlour
b) Coaching centre for Science Students
HOTs
1. “One man control is the best in the
world if that man is big enough to manage
everything”. Explain.
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