Nature & Scope of Business
Economic activities meaning
Those that earn money
Primary Sector industries example
Any correct answer
Sole proprietorship meaning
Only one person or an individual is the owner of the business.
The business organization in which a single person owns, manages and controls all the activities of the business is known as sole proprietorship form of business organization.
The primary objective of cooperative societies
Service motive
Meaning of transport
Transport refers to the activity that facilitates physical movement of goods and individuals from one place to another.
Non-economic activities meaning
Those that do not earn money but give SATISFACTION
Secondary Sector meaning
Engaged in transforming raw material into finished products with the help of machines and manpower.
Any two things that an agreement should contain
Name and address of partners and the firm
Amount of capital (money) contributed by each partner
Profit or loss sharing ratio
Duration of business
Nature and place of business
Any other terms and conditions to run the business
Meaning of cooperative societies
A form of business organization where persons voluntarily associate together to fulfill a common motive.
The three modes of transport
Land, air, water
Example of goods
AND
Example of services
Any correct response
Tertiary Sector meaning and one example.
Tertiary Sector industries are those that provide a service.
E.g. Hotels, banking, transport, restaurants, etc.
Any 3 characteristics of a sole proprietorship
Ease of formation
Single Ownership
No sharing of Profit and Loss
One man’s Capital
Unlimited Liability
Any 3 characteristics of cooperative societies
1. Voluntary Association
2. Voting power
3. Open Membership
4. Separate legal entity
5. Source of Finance
6. Service Motive :
Any 3 points on the importance of transport in business
1. Makes raw materials available to manufacturers or producers
2. Makes goods available to customers
3. Enhances standard of living
4. Facilitates large-scale production at low costs
5. Helps during emergencies and natural calamities
6. Helps in the creation of employment
7. Helps in labour mobility
Any 4 characteristics of a business
Regular exchange of goods
Involves risk and uncertainty
Deals in goods and services
Earning Profit
Requires investment
Meaning of trade
The buying and selling of goods and services.
Any 4 characteristics of a partnership
1. Two or more Members:
2. Agreement
3. Sharing of Profit
4. Unlimited Liability
5. Continuity of Business
Any 4 types of cooperative societies.
Consumer’s Cooperative Society
Producers Cooperative Society
Marketing Cooperative Societies
Thrift and Credit Cooperative Societies
Cooperative Group Housing Societies
2 advantages and 2 disadvantages (limitations) of air transport
Advantages
1.Fastest
2. Useful when no other means of transport can be used.
3. Convenient during national calamities
4. Provides support to national security and defense (army).
Disadvantages
1. Expensive
2. Not suitable for heavy goods.
3. Affected by bad weather.
4. Not suitable for short-distance travel.
5. Heavy loss of goods and human life in case of accidents.
Meaning of Business
Meaning of Employement
Meaning of Profession
Any correct responses
The 5 aids to trade
Transport
Banking
Insurance
Warehousing
Advertising
Any 5 characteristics of a HUF
1. Membership by birth
2. Management
3. Liability
4. No maximum limit
5. Minor members
6. Unaffected by death
Any correct response
3 disadvantages (limitations) and 2 advantages of railway transport.
Disadvantages
1. Expensive for carrying goods over short distances.
2. Not available in remote parts.
3. Not flexible in timings.
4. In case of accidents, involves heavy losses.
Advantages
1. Convenient over long distances
2. Faster than road
3. Suitable for heavy goods over long distance
4. Less affected by bad weather like rain, and floods.