Fundamentals of Business

Play an AI-generated podcast conversation about this lesson

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?

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

Define commerce.

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

What is the significance of trade in business?

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. Signup and view all the answers

Business, trade, and commerce are three separate concepts.

False Signup and view all the answers

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

True 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.

True Signup and view all the answers

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

business Signup and view all the answers

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

activities Signup and view all the answers

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

commerce Signup and view all the answers

Fundamentals of Business

Podcast Beta

Questions and Answers

What is the definition of commerce?

What is the difference between trade and commerce?

What is the main objective of business?

What are the three main components of business?

Define commerce.

What is the significance of trade in business?

Business, trade, and commerce are three separate concepts.

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

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

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

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

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

More Quizzes Like This

Fundamentals of Business Quiz

Fundamentals of Business Management and Resource Utilization Quiz

Nature of Business Quiz: Fundamentals Exam Questions

Fundamentals of Business Analytics: Data Collection and Management Qui...

Upgrade to continue