Chap 2
Which of the following is an example of a manufacturing industry?
Transport services
Mining
Textile
Constructing roads
Textile
Members of Joint Hindu Family are known as :
Coparceners
What is the primary purpose of communication in business?
a)To confuse employees
b) To improve operations and build relationships
c) To entertain customers
d) To avoid feedback
b) To improve operations and build relationships
____________________ is the type of industry which is concerned with production of goods with the help of nature.
Primary Industry
In a sole proprietorship, the owner is solely responsible for all profits, losses, assets, and liabilities - True / False
True
Communication involves only verbal interaction. True or False
Answer: False
Define E- commerce.
E-commerce or Electronic Commerce is buying and selling of goods and services on the Internet.
Define ‘Partnership’.
The relation between two or more persons who join hands to form a business organisation with the objective of earning profit is called a Partnership.
___________is the response provided by the receiver after understanding the message.
Feedback
Which industry includes teaching and tourism.
Service industry
Membership at birth - A male child becomes a member of the Joint Hindu family business automatically at birth.
Management- The eldest member of the family called Karta runs the business. Other members may assist him.
Define communication.
Communication is “A process of sharing facts, ideas, opinions, thoughts and information through speech writing, gestures or symbols between two or more persons”.
What is meant by the aids to Trade? Explain any four.
Aids to trade mean all the activities that help in a smooth flow of goods from producer to consumer.
i. Transportation- used to move goods and materials from one place to another . The 3 types are land, water and air transport.
ii. Warehousing- The activities involved in storing goods from the time they are produced till the time they are sold. The places where they are stored are called warehouses or godowns.
iii. Insurance- Producers and traders buy insurance to reduce the risk of loss in business. Insurance covers losses.
iv. Advertising- Producers advertise about their products to provide information to consumers.
v. Banking- provides various financial facilities. It lends (loans) money and allows deposits.
List down 2 advantages and 2 disadvantages of the Partnership form of business.
The two advantages of a Partnership are:
(you can mention any 2)
1. Agreement between partners
2. Sharing of losses
3. Availability of larger resources
The two disadvantages of Partnership are: (you can mention any 2)
1. Sharing of profit
2. Continuity of business
3. Unlimited liability
Explain any two means of communication
Letters :
A. Letters are a way to communicate by writing.
B. People or organizations can send or receive them.
C. Letters can be delivered by a messenger, through the post office, or by private couriers.
2. Telephones :
Telephones are a common way of oral communication.
They are widely used for both internal and external business communication.
Telephones are popular because they allow people to connect instantly.