Organization of Commerce and Management

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Questions and Answers

What is the ultimate aim of all economic activities, including business?

Investing in new technologies (correct)

Creating and retaining customers (correct)

Maximizing profits (correct)

Expanding market share

Which of the following is NOT a factor that is beyond the control of businessmen?

Changes in consumer tastes

Employee performance (correct)

Natural calamities

Fashions

What must be acquired to practice a profession according to the content?

Formal education and training (correct)

Networking skills

Experience

Financial capital

How do professionals typically receive income for their services?

Fees for services rendered Signup and view all the answers

Which statement best describes a feature of professions?

Many professions require registration with regulatory councils Signup and view all the answers

Which of the following is an example of a profession?

Doctor Signup and view all the answers

What type of capital may be required for an independent professional's practice?

Huge capital Signup and view all the answers

What must professionals comply with according to their respective councils?

A code of conduct Signup and view all the answers

What is the primary purpose of business activities?

To earn profits from its activities Signup and view all the answers

Which of the following best defines business according to Prof. Haney?

Human activities aimed at creating wealth Signup and view all the answers

Which characteristic does NOT define business?

It involves emotional transactions Signup and view all the answers

What are the two essential parties involved in a business transaction?

Sellers and buyers Signup and view all the answers

What is an example of agricultural production?

Cultivating a piece of land for food grains Signup and view all the answers

Which option best describes the distribution aspect of business?

It includes marketing and transport of goods Signup and view all the answers

How do businesses typically maximize their profits?

By increasing the volume of sales or reducing costs Signup and view all the answers

What does the term 'production of goods and services' refer to in business?

The process of making goods before they are exchanged Signup and view all the answers

What year did the Coordination Committee approve the textbook?

2019 Signup and view all the answers

When was the implementation of the textbook scheduled to begin?

Educational Year 2019-20 Signup and view all the answers

Who is the chairman of the committee that oversaw the textbook's development?

Shri. Narayan Patil Signup and view all the answers

What is one of the features of the DIKSHA App mentioned in the document?

It allows access to audio-visual study material. Signup and view all the answers

What rights does the Maharashtra State Bureau of Textbook Production reserve regarding the book?

All rights relating to the book Signup and view all the answers

Who is responsible for the computer drawings mentioned in the document?

Shri. Sandip Koli Signup and view all the answers

Which member is noted as I/C Special Officer for Mathematics?

Ujjwala Shrikant Godbole Signup and view all the answers

Which option defines economic activities?

Activities conducted to earn a livelihood Signup and view all the answers

In which city is the Maharashtra State Bureau of Textbook Production located?

Pune Signup and view all the answers

What is the primary purpose of business?

To earn a profit Signup and view all the answers

What differentiates wholesale trade from retail trade?

Wholesale trade involves selling in bulk Signup and view all the answers

What term describes trade between different countries?

Foreign trade Signup and view all the answers

Who is considered the link between producers and retailers?

Wholesaler Signup and view all the answers

Which industry is focused on extracting natural resources?

Primary industry Signup and view all the answers

What type of trade involves purchasing goods from another country?

Import trade Signup and view all the answers

What is an auxiliary to trade?

A supporting service in trade Signup and view all the answers

What is the main characteristic of a supermarket's operation?

Operates on a self-service model Signup and view all the answers

What type of goods are primarily sold in supermarkets?

Day-to-day consumer goods Signup and view all the answers

What is a notable feature of supermarkets regarding pricing?

Goods are sold at reasonable prices due to bulk buying Signup and view all the answers

In what way does a supermarket handle credit sales?

Allows credit card payments but not credit facilities Signup and view all the answers

What is typically required to establish a supermarket?

Large capital investment Signup and view all the answers

Where are supermarkets usually located?

At central locations in cities with high population density Signup and view all the answers

Which of the following examples is categorized as a supermarket?

Big Bazaar Signup and view all the answers

What cash transaction feature distinguishes supermarkets from other stores?

Only sells items on a cash basis Signup and view all the answers

Study Notes

Coordination Committee Approval

The textbook for Organization of Commerce and Management, Standard XI, was approved by the Coordination Committee on 20.06.2019.
Implementation of the textbook began in the educational year 2019-20.

Business Definition and Characteristics

Business is an organized effort by individuals or groups to produce and sell goods and services for profit.
Economic activities involved include production, marketing, and distribution of goods.
Key definitions:
- Prof. Haney: Business activities encompass all human activities aimed at wealth production and processing.
- Prof. Pride, Hughes, and Kapoor: Business consists of organized efforts producing and selling goods/services for profit, satisfying societal needs.

Features of Business

Business is an economic activity intended to earn money or provide livelihoods, not based on feelings or sentiments.
Involves at least two parties: the seller and the buyer, conducting exchanges through agreements.
Profit motive drives business activities; businesses aim to maximize profits by increasing sales or reducing costs.
Production is essential before goods/services can be exchanged; businesses face challenges like changes in consumer tastes and external factors.
Customer satisfaction is a primary goal; businesses strive for quality products and reasonable pricing to attract and retain customers.

Profession Overview

A profession uses specialized knowledge and skills to provide services for income (e.g., doctors, lawyers).
Key characteristics:
- Aim: Professions are pursued to earn money and solve client problems.
- Qualification: Requires formal training and systematic knowledge acquisition.
- Financial Returns: Professionals charge fees for services; income varies based on employment status (employed vs. self-employed).
- Capital: Independent practitioners need substantial capital to start their practice.
- Registration: Many professions are regulated; professionals must register with respective councils and adhere to a code of conduct.

Supermarket Characteristics

A supermarket is a large retail establishment focusing on a wide variety of food and grocery items through a self-service model.
Examples include Big Bazaar, D-Mart, Reliance Fresh.

Features of Supermarket

Central Location: Typically situated in populous areas for easy access.
Types of Goods: Sells everyday consumer goods including food, groceries, and household items.
Self-Service: Customers select products without sales personnel assistance; information is provided on the products.
Reasonable Prices: Benefits from bulk buying are passed on to consumers, allowing for competitive pricing.
Capital Requirement: Establishing a supermarket requires significant capital, often from cooperative societies or private companies.
Cash Sales: Supermarkets primarily operate on a cash basis, offering no credit facilities.

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Description

This quiz is based on the 'Organization of Commerce and Management' textbook for Standard XI. It covers key concepts and fundamental principles that are essential for understanding commerce and management. Test your knowledge and prepare for your educational journey in this subject area.

Organization of Commerce and Management - Class XI