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.
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
2. Hindrance of place is removed by:
3. ___ is the organisation set up, owned and financed by individuals to promote the welfare of the members
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.
5. A contract can be a written or spoken agreement.
6. That is an e-commerce website
7. The features of e-commerce
8. An offer can be terminated in the following way.
9. SELECT the essential elements of a valid contract.
10. Business law include which type of laws.
11. Transfer of interest exists in the case of
12. What type of cause is fluctuation of price in the market?
13. Which of the following is not a Cause of Business Risks?
14. Mohenjodaro werefounded in
15. Which is not a Nature of Business Risks?
16. What was known as‘Black Gold’ ?
17. In which year and date "Make in India" was launched by the Government of India ?
18. Commerce includes activities relating to trade and ____________
19. Economic Activities =
20. Which of the following does not characterise business activity?
21. The industries which provide support services to other industries are known as
22. Which of the following cannot be classified as an objective of business?
23. Name the two broad categories of business activities.
24. Cattlebreeding farms, poultry farms, andfish hatchery come under which type of industries?
25. What kind of contract may be difficult to execute because of its flexibility?
26. ......... is a promise written on a paper that is signed, sealed and delivered.
27. In a law of contract, a counter offer operate as
29. A contract which is devoid of legal effect is
30. A contract in which all parties to the contract have carried out their obligation is said to be terminated by
31. Which of the following is NOT an economic activity?
32. Which of the broad categories of industries covers oil refinery and sugar mills?
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.
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.
35. Which city was famous for 'Gold silk cloth'?
36. Hundi that is payable on order following a fixed term is called________.
37. Reward orreturn of business is ......
38. From which part of India "Chatt" the important business community was belong
39. Payable to a specific person,someone ‘respectable’. Liabilityover who received payment.
40. The institution of ________ also played an important role during Mughal period and days of east India company, as intermediaries.
41. Which of the following cannot be classified as an auxiliary to trade?
42. The possibilities of inadequate profits or even losses due to uncertainties are known as ____________
43. Which of the following is not an example of non-economic activity?
44. Earning of profit is considered to be the subsidiary objective of the business.’ The given statement is
45. Which of the broad categories of industries covers oil refinery and sugar mills?
46. Commerce includes activities relating to trade and _________________ to trade.
47. Which of the following does not characterize business activity?
48. Business risk is not likely to arise due to
49. The occupation in which people work for others and get remunerated in return is known as
50. Economic activities may be classified into business, ___________ and employment
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