Fundamentals of Business
12 Questions
0 Views

Choose a study mode

Play Quiz
Study Flashcards
Spaced Repetition
Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

What is the definition of commerce?

  • The process of storing and distributing goods and services
  • The process of buying and selling goods and services
  • The process of exchanging goods and services (correct)
  • The process of producing goods and services

    • What is the difference between trade and commerce?

  • Trade refers to transactions between individuals, while commerce refers to transactions between businesses
  • Trade refers to domestic transactions, while commerce refers to international transactions
  • Trade involves the exchange of services, while commerce involves the exchange of goods
  • Trade involves the exchange of goods, while commerce involves the exchange of services (correct)

    • What is the main objective of business?

  • To contribute to the economic growth of a country
  • To satisfy customer needs and wants (correct)
  • To provide employment opportunities
  • To earn maximum profit

    • What are the three main components of business?

    <p>The three main components of business are industry, commerce, and trade.</p> Signup and view all the answers

    Define commerce.

    <p>Commerce refers to the exchange of goods and services between individuals or organizations.</p> Signup and view all the answers

    What is the significance of trade in business?

    <p>Trade plays a crucial role in business as it involves the buying and selling of goods and services, enabling businesses to expand their markets and generate profits.</p> Signup and view all the answers

    Business, trade, and commerce are three separate concepts.

    <p>False</p> Signup and view all the answers

    Trade refers to the exchange of goods and services between two or more parties.

    <p>True</p> Signup and view all the answers

    Commerce involves the buying and selling of goods and services, as well as various activities that aid in the exchange process.

    <p>True</p> Signup and view all the answers

    Business studies class 11 chapter 1 focuses on the concepts of ______, trade, and commerce

    <p>business</p> Signup and view all the answers

    In commerce, the exchange of goods and services is facilitated through various ______

    <p>activities</p> Signup and view all the answers

    The 20 marks test assesses knowledge on the topics of business, trade, and ______

    <p>commerce</p> Signup and view all the answers

    More Like This

    Use Quizgecko on...
    Browser
    Open
    Browser
    Browser