About Business and Commerce

In our daily lives, we frequently come across words like 'Commerce' and 'Business.' Because most of us don't recognize them as distinct terminology, we frequently use them interchangeably depending on our needs and comfort. These terms are closely similar, yet when examined from different perspectives, they encompass diverse characteristics.

Distinguish Between Business And Commerce

The act of buying and selling goods and services is referred to as commerce. Services with a specified market value are traded between two parties in exchange for a more valued good or service. On the other hand, when we talk about business, we are referring to the activities that lead to financial gain for a process or a company. It entails not only the buying and selling of products and services, but also the management of raw resources, the execution of diverse procedures, and financial considerations.

Types of Business And Commerce

Commerce lacks a type since it is a complete process in and of itself. It can, however, be divided into two categories: trading and non-trading operations. Business, on the other hand, is classified into several sorts based on its structure and methods of operation. A business, for example, might be a sole proprietorship or a partnership between two or more people. Furthermore, it can be run by a trust or a company with everyone allocated to a certain duty.

Conclusion

Commerce refers to the distribution of goods and services rather than the manufacturing or production process of a business. The logistical, political, regulatory, legal, social, and economic aspects of distribution are all factors to consider. As a result, we may conclude that commerce and business are not synonymous since business is a broader idea, whereas commerce is a subset of it.

Following are some of the multiple choice questions on the Business and Commerce with answers that will help the students in developing their knowledge.

Business and Commerce MCQ

1. Oil refinery is a example of

  • Synthetical industry
  • Assembling industry
  • Analytical industry
  • Processing industry

2. Hindrance of place is removed by:

  • Communication
  • Advertisement
  • Warehousing
  • Transportation

3. ___ is the organisation set up, owned and financed by individuals to promote the welfare of the members

  • limited company
  • public enterprise
  • cooperative society
  • partnership business

4. ___ is a document in which the regulations which govern the internal management of the company's affairs, the duties, rights and powers of the members are stated.

  • certificate of trading
  • memorandum of association
  • articles of association
  • prospectus

5. A contract can be a written or spoken agreement.

  • ture
  • false

6. That is an e-commerce website

  • Sincerely Nuts
  • eBay
  • Zalora
  • All of above

7. The features of e-commerce

  • Interactivity
  • Global reach
  • Ubiquity
  • All of above

8. An offer can be terminated in the following way.

  • When the offeree notifies the offeror that he does not wish to accept the offer.
  • Withdrawal of the offer(revocation)
  • A refusal of counter offer.
  • All of above

9. SELECT the essential elements of a valid contract.

  • certainty of term
  • intention to create legal relations
  • possibility of performance
  • All of above

10. Business law include which type of laws.

  • administrative regulations
  • federal
  • state
  • All of above

11. Transfer of interest exists in the case of

  • Profession
  • employment 
  • business 
  • none of these

12. What type of cause is fluctuation of price in the market?

  • Physical
  • Human
  • Economic
  • Natural

13. Which of the following is not a Cause of Business Risks?

  • Natural causes
  • Human causes
  • Economic causes
  • artistic causes

14. Mohenjodaro werefounded in

  • Second millennium B.C.
  • third millennium B.C.
  • Fourth millennium B.C.
  • third millennium A.D.

15. Which is not a Nature of Business Risks?

  • Business risks arise due touncertainties
  • Risk is an essential part of every business
  • Degree of risk not depends mainlyupon the nature and size ofbusiness
  • Profit is the reward for risktaking

16. What was known as‘Black Gold’ ?

  • jute
  • cinnamon
  • Black Pepper
  • Saffron

17. In which year and date "Make in India" was launched by the Government of India ?

  • 15 August 2014
  • 25 September 2015
  • 25 September 2014
  • 15 August 2050

18. Commerce includes activities relating to trade and ____________

  • Supporting 
  • subsidiaries 
  • auxiliaries to trade
  • none of these

19. Economic Activities =

  • Business + Profession
  • Business + Employment
  • Business + Employment
  • Business + Profession + Employment

20. Which of the following does not characterise business activity?

  • (i) Production of goods and services
  • (ii) Presence of risk
  • (iii) Sale or exchange of goods and services
  • (iv) Salary or wages

21. The industries which provide support services to other industries are known as

  • (i) Primary industries
  • (ii) Secondary industries
  • (iii) Commercial industries
  • (iv) Tertiary industries

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

  • (i) Investment
  • (ii) Productivity
  • (iii) Innovation
  • (iv) Profit earning

23. Name the two broad categories of business activities.

  •  Trade and commerce 
  •  trade and industry 
  • industry and commerce
  • none of these

24. Cattlebreeding farms, poultry farms, andfish hatchery come under which type of industries?

  • Manufacturing industries
  • Extractive industries
  • Secondary industries
  • Genetic industries

25. What kind of contract may be difficult to execute because of its flexibility?

  • formal
  • informal
  • regular
  • irregular

26. ......... is a promise written on a paper that is signed, sealed and delivered.

  • formal contract
  • informal contract
  • law contract
  • court contract

27. In a law of contract, a counter offer operate as

  • an acceptance
  • a consensus
  • a rejection
  • a contract

28. .What is a contract?

  • an agreement between two or more people which has a legal backing
  • an agreement between two or more people
  • an agreement between two or more people which does not have a legal backing
  • a disagreement between two or more people which has a legal backing

29. A contract which is devoid of legal effect is

  • void contract
  • unenforceable contract
  • voidable contract
  • valid contract

30. A contract in which all parties to the contract have carried out their obligation is said to be terminated by

  • frustration
  • operation of the law
  • voluntary agreement
  • performance

31. Which of the following is NOT an economic activity?

  • a doctor practicing
  • a lawyer practicing law
  • a professional cricketer playing cricket
  • a student playing cricket

32. Which of the broad categories of industries covers oil refinery and sugar mills?

  • (i) Primary
  • (ii) Secondary
  • (iii) Tertiary
  • (iv) None of them

33. The students of class XI were asked to describe the various types of intermediaries who played a prominent role in the promotion of trade. Arun, one of the student, spoke in particular, about the members of the wealthy business, banking and money lender family institution that exercised great influence during the Mughal period and the days of the East India Company. Identify the type of intermediaries being highlighted by Arun.

  • Commission Agents
  • Brokers
  • Jagat Seths
  • Distributors

34. It was the capital of the Pandayas who controlled the pearl fisheries of the Gulf of Mannar. It attracted foreign merchants, particularly Romans, for carrying out overseas trade.

  • Mathura
  • Tamralipti
  • Surat
  • Madura

35. Which city was famous for 'Gold silk cloth'?

  • Varanasi
  • Mithila
  • Tamralipti
  • Ujjain

36. Hundi that is payable on order following a fixed term is called________.

  • Dhani-jog (Darshani)
  • Jokhmi (Muddati)
  • Firman-jog (Muddati)
  • Dhani-jog (Muddati)

37. Reward orreturn of business is ......

  • Salary or wages
  • Profit earned
  • fee
  • non of this

38. From which part of India "Chatt" the important business community was belong

  • West India
  • East India
  • North East India
  • South India

39. Payable to a specific person,someone ‘respectable’. Liabilityover who received payment.

  • Sah-jog - Darshani
  • Firman-jog - Darshani
  • Dekhan- har - Darshani
  • Firman-jog -Muddati

40. The institution of ________ also played an important role during Mughal period and days of east India company, as intermediaries.

  • Nagar Seths
  • Commercial and Industrial Banks
  • Commission Agents
  • Jagat Seths

41. Which of the following cannot be classified as an auxiliary to trade?

  • Mining
  • Insurance
  • Warehousing
  • Transport

42. The possibilities of inadequate profits or even losses due to uncertainties are known as ____________

  • business risk
  • Business contingencies
  • Business ventures
  • None of these

43. Which of the following is not an example of non-economic activity?

  • patriotism
  • teaching
  • sentiment
  • sympathy

44. Earning of profit is considered to be the subsidiary objective of the business.’ The given statement is

  • True
  • false

45. Which of the broad categories of industries covers oil refinery and sugar mills?

  • Primary
  • Secondary
  • Tertiary
  • None of these

46. Commerce includes activities relating to trade and _________________ to trade.

  • auxilaries
  • Subsidiaries
  • Supporting
  • None of these

47. Which of the following does not characterize business activity?

  • Production of goods & services
  • Presence of risk
  • Sale or exchange of goods and services
  • Salary and wages

48. Business risk is not likely to arise due to

  • Changes in government policy
  • Good management
  • Employee dishonesty
  • Power failure

49. The occupation in which people work for others and get remunerated in return is known as

  • Business
  • Profession
  • Employment
  • None of these

50. Economic activities may be classified into business, ___________ and employment

  • profession
  • Vocation
  • Occupation
  • Work

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