OCM - Chapter 1 Test | Commerce Class 11 Maharashtra board

 

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Q.1 A) Select the correct option and rew rite the sentence. ( 5 marks )

1) A Lawyer is ........

 a) a Professional person b) a Businessman c) an employee

2) Raw material is converted into finished product by .......... industry.

 a) genetic b) extractive c) manufacturing

3) The problem of distance is solved by ..........

 a) bank b) transport c) warehousing

4) Actual buying and selling of goods is known as ..........

 a) profession b) trade c) industry

5) Construction of dams is an activ ity done under ............ industry.

 a) primary b) secondary c) tertiary

Q.2 ) State True or False. ( 2 marks with any 2 )

1) Business is an economic activity.

2) Every profession is practiced for earning money.

3) Trade includes buying and selling of goods and services.

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Q.3 ) Find the odd one ( 1 marks with any 1 )

1) Import Trade, Export Trade, Wholesale Trade, Entrepot Trade.

2) Tea, Milk, Coffee, Machinery.

Q.4 ) Answer in one sentence. ( 4 marks with any 4 )

1) What is an "Economic Activity" ?

2) What is the meaning of Export Trade ?

3) What is the meaning of Retail Trade ?

4) What is meant by Auxiliaries to Trade ?

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5) What do you mean by Genetic Industry ?

6) What do you mean by Commerce ?

Q.5 ) Answer in brief. ( 8 marks with any 2 )

1) State any four features of profession.

2) State any four features of employment.

3) State any four features of business.

Q.6 ) Answer the following. (5 Marks with Attempt any 1 ) 

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1) Give comparative analysis of business, profession and employment.

2) Define business. Explain its features.

Answers 

Q.1 A) Select the correct option and rew rite the sentence. ( 5 marks )

1) A Lawyer is a Professional person

2) The raw material is converted into a finished products by manufacturing industry.

3) The problem of distance is solved by transport.

4) The actual buying and selling of goods is known as trade.

5) Construction of dams is an activity done under secondary industry 

Q.2 ) State True or False. ( 2 marks with any 2 )

Answer :

1) True

2) True

3) True

Q.3 ) Find the odd one ( 1 marks with any 1 )

Answers:

1) Wholesale Trade 

2) Machinery

Q.4 ) Answer in one sentence. ( 4 marks with any 4 )

Answer :

1) Activity done for earning money is an economic activity.

2) When the goods or services are sold to other countries, form home country it is called export trade.

3) Trade conducted on small scale is retail trade.

4) Auxiliaries to trade are the services which help the smooth conduct of trade.

5) Genetic industry means the industry engaged in reproduction and multiplication of plants.

6) Commerce is a part of business activity which is concerned with the distribution of goods and services.

Q.5 ) Answer in brief. ( 8 marks with any 2 )

Answer :

1) 

The profession is a part of economic activity. A professional acquire formal knowledge to practice the profession. 

Following are the features of the Profession:

1. Qualification: A particular qualification is required to practice a profession. A professional needs to acquire knowledge through formal education. Unless he gets formal knowledge and training, he cannot practice profession. eg. A Doctor cannot prescribe medicines without having a degree in medicine.

2. Returns: A professional charges fees for the services rendered to the clients, The fees charged by a professional depends on different factors like his knowledge,experience, skill, etc. His income is not fixed.

3. Capital: Professional requires capital to set up or run his practice. The amount of capital depends upon the nature of practice a professional wants to do.

4. Work Nature: A professional who is an expert in a particular field, provides services in his field of expertise. eg. an architect will provide his services in the field of building houses.

2) 

Employment is an economic activity. A person works for others to earn his livelihood.

Following are the features of employment:

1. Aim: The main aim of a person accepting employment is to earn money.

2. Qualification: Qualifications are required depending upon the nature of employment. Some types of work require educational qualifications, some require some specific skill, some require both. But qualification is necessary for employment.

3. Monetary returns: The person who accepts employments and works for the employer gets remuneration after specific intervals. Remuneration can be wages or salaries. Usually, wages are paid daily or weekly salaries are paid monthly.

4. Capital: Capital is not required for the person who is in employment.

3)

Business is an economic activity which is done to earn a profit.

The following are the features of business:

1. An economic activity: Business is an economic activity. Because it is done to earn profit for livelihood.

2. Two parties: Business is mainly concerned with the production and distribution of goods and services. It means business transactions involve exchange and in any exchange two parties are involved. Thus business involves two parties.

3. Profit motive: Every business is done with a motive of making a profit. Therefore all the activities of business revolve around profit. A businessman is not satisfied with the profit he gets, but he tries to maximize the profit either by increasing the production or by reducing the cost. He tries to find out new customers and new markets. 

 4. Production of Goods and Services: Business includes the production of goods and services. Raw materials are used and the finished goods are produced.

Q.6 ) Answer the following. (5 Marks with Attempt any 1 ) 

Answer:

1) you can follow this textual answer 👇👇

2) 

Business is part of economic activities. Business is done to earn a profit. It is done by an individual or a group of individuals. 

Defination of business: 

Prof. Haney: “Business activities are all those activities which are directed towards the production and processing of wealth.

The term business also refers to the organised efforts and activities of individuals to produce and sell goods and services for profit.

The following are the features of business:

1. Continuity in Dealings: Continuity is most important in the case of any business. Business requires regularity. Business activity should be carried on for a longer time. A transaction carried on only for one time or a few times cannot be called a business activity, e.g. Sale of own old motor car cannot be considered as a business activity.

2. Uncertain Returns: The returns in any business are not fixed. They are uncertain and fluctuating. The profit of the business is not fixed or guaranteed.

3. Risk Element: Business is exposed to many risks. These risks arise out of some unforeseen circumstances or wrong decisions or misjudgments of the businessman. A businessman cannot avoid the risks but he can minimize the risks by taking proper steps. Some risks can be transferred to an insurance company.

4. Satisfaction: Customer is an integral part of any business activity. Without a customer, there cannot be buying or selling. Businesses need customers to fulfill their monetary objective and therefore customer satisfaction is the most important part of any business activity. Modern thinking on business gives topmost priority to customer satisfaction. If the customers are satisfied, there will be more sales and profit for the business.

5. Two Parties: Business includes production and distribution. Every business transaction involves an exchange. For carrying out any exchange two parties are required. These two parties are the seller and the buyer. There is an oral or written agreement between the buyer and the seller to buy or sell the goods or services.

6. Economic Activity: Business is an economic activity. The intention of carrying out any business is to earn money. Business is not conducted for satisfying the sentimental needs of a person. Business activity is purely monetary.

7. Profit Motive: Business is basically conducted to earn a profit. Every businessman tries to get maximum profit out of the business. Profit is required for the businessman to earn the livelihood and also for the survival of the business. It is also required for the expansion of the business. Thus profit plays a vital role in business.

8. Production of Goods and Services: Business has two aspects. One is the production of goods and services and distribution of them. Goods are produced by industries. Providing services also form an important part of business activities.

9. Exchange of Goods and Services: Goods and services are exchanged for money or money’s worth. It is a business activity as there is a seller and a buyer and they exchange goods or services for the value. In modern days almost all the transactions are carried out with money as a medium of exchange. In the case of very few transactions, goods are exchanged for goods.

10. Dealings in Goods and Services: In the case of business, goods or services are bought and sold. There cannot be a business without the exchange of goods or services. Goods can be consumer goods or industrial goods. Services are of different types like banking, insurance, etc. Services are also exchanged for a value.

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