Question 1

Which of the following is an economic activity?

Accepted Answer

An economic activity is one that is undertaken with the objective of earning money or livelihood. Out of the given options, producing goods in a factory is done to earn profit, hence it is an economic activity, whereas charity, patriotism, and maternal care are non-economic activities.

Question 2

Which of the following cannot be classified as an objective of business?

Accepted Answer

The primary objectives of a business include market standing, innovation, productivity, physical and financial resources, profitability, manager performance and development, worker performance and attitude, and social responsibility. Investment in stock market speculation for personal leisure is not

Question 3

Business risk is not likely to arise due to which of the following?

Accepted Answer

Business risks arise due to uncertainties like natural calamities, human causes (employee theft, strikes), and economic causes (price fluctuations, competition). Government policies changing can cause risk, but regular planned government operations or standard compliance do not inherently cause unfo

Question 4

The occupation in which people work for others and get remuneration in return is known as:

Accepted Answer

Employment is an occupation where people work for others and receive remuneration in the form of wages or salaries in return according to the terms of the employment contract.

Question 5

The industries which provide support services to other industries are known as:

Accepted Answer

Tertiary industries or service industries provide support services to primary and secondary industries. This includes transport, banking, insurance, warehousing, and advertising.

Business, Trade and Commerce