NCERT Class 11 Chapter 1 Business Studies Nature and Purpose of Business MCQ

NCERT Class 11 Chapter 1 Business Studies Nature and Purpose of Business MCQ | Questions & Answers: Take up the Online MCQ quiz that we have established below for the Class 11 Chapter 1 Business Studies Nature and Purpose of Business concept. These multiple-choice questions that we have provided here will help you guys learn new things about this topic.

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1. Name the auxiliary to trade which removes the hindrance of time

A. Warehousing

B. Trade

C. Transportation.

D. Banking

2. Soaps are included under which type of industry

A. Synthetical Industry.

B. Analytical Industry.

C. Processing Industry.

D. Assembling Industry.

3. The economic activity in which specialized knowledge is required is

A. Profession

B. Business

C. Employment

D. None of the options

4. Everest Textile Ltd is involved in manufacturing textile products. In which industry is the company involved?

A. Processing industry.

B. Analytical industry

C. Synthetic industry

D. Extractive industry

5. The industries which provides support services to other industries are known as

A. Tertiary

B. Secondary

C. Manufacturing

D. Primary

6. A business firm in India buy toys from China to sell it to Nepal. Identify the type of trading activity mentioned above?

A. Entrepot

B. Export

C. Import

D. Retail trade

7. Code of conduct DOES NOT include

A. Dishonesty

B. Rules

C. Morality

D. Integrity

8. Which of the following creates form utility?

A. Industry

B. Trade

C. Commerce

D. Business

9. Risk is the result of

A. Uncertainties

B. None of the options

C. Both of the above

D. Certainties

10. Commerce includes

A. trade and aids to trade

B. Business and industry

C. Business and Trade

D. None of the options

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11. Which one of the following is an economic activity in which specialized knowledge is required?

A. Profession

B. Business

C. Employment

D. None of the options

12. Which one of the following is NOT an Auxiliary to trade?

A. Mining

B. Warehousing

C. Insurance

D. Transport

13. Name the activity of commerce that removes the hindrance of time.

A. Warehousing

B. Advertising

C. Transportation

D. Banking

14. The latest generation of mobile phones has many features like faster internet browsing, Bluetooth etc. This is an example which objective of a business?

A. Innovation

B. Earning profits

C. Market standing

D. Productivity

15. Business =

A. Industry + Commerce

B. Industry + Trade

C. Trade + Aids to Trade

D. Trade + Commerce

16. Which one of the following is NOT the objective of the business?

A. Investment

B. Innovation.

C. Creation of customers.

D. Profit making

17. What reward an entrepreneur gets for risk bearing in business?

A. Profit

B. Fees

C. Salary

D. Interest

18. Why a business should earn profit?

A. All the above.

B. To increase the reputation of business.

C. To provide funds for future growth.

D. To provide return to investors.

19. Bad debts due to non-payment of debts by debtors is an example of which type of business risk?

A. Human

B. Natural

C. Physical

D. Economic

20. Which one of the following is NOT a characteristic of business?

A. Managing Business

B. Customer satisfaction

C. Profit Earning

D. Risk bearing.

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21. Which one of the following economic activity is directed towards producing or acquiring wealth through buying and selling of goods?

A. Business.

B. Profession

C. Employment

D. Management

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

A. Profession

B. Vocation

C. Occupation

D. Work

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

A. Teaching

B. Sentiment

C. Patriotism

D. Sympathy

24. Human activities are of ____________ types

A. Two

B. One

C. Three

D. Four

25. Transfer of interest exists in the case of

A. Business

B. None of these

C. Employment

D. Profession