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Class 11 Business Studies Case Study Questions

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CBSE Class 11 Business Studies Case Study Questions are available on myCBSEguide App . You can also download them from our student dashboard .

For students appearing for grade 11 CBSE exams from the Commerce stream, Business Studies is a fundamental subject. Business Studies is considered to be quite interesting as well as an occupying subject as compared to all other core subjects of the CBSE class 11 commerce stream. To ace this CBSE exam, students are not only required to work hard but they ought to learn to do smart work too.

Among all the other core subjects of the Commerce stream i.e accountancy, economics and business studies, Business Studies is the one that is purely theoretical. It is termed to be comparatively easier and more scoring than the other mandatory subjects of the commerce stream. Many students who opt for the commerce stream after their 10-grade exams desire to learn in-depth about the business organizations and their work, for them the subject is of utmost importance. Business Studies is an essential component of the class 11 commerce stream curriculum.

In order to ace the subject the student needs to have conceptual clarity. CBSE has designed the syllabus for class 11 Business Studies so as to provide students with a basic understanding of the various principles prevalent in the Business organizations as well as their interaction with their corresponding environment.   

Case Study Questions in class 11 (Business Studies)

Case-based questions have always been an integral part of the Business Studies question paper for many years in the past. The case studies have always been considered to be challenging for the students, for such questions demand the application of their knowledge of the fundamental business concepts and principles. Last year i.e-  2021 CBSE introduced a few changes in the Business Studies question paper pattern to enhance and develop analytical and reasoning skills among students.

It was decided that the questions would be based on real-life scenarios encountered by the students.CBSE not only changed the way case-based questions were formulated but also incremented their weightage in the Business Studies question paper. The sole purpose of increasing the weightage of case-based questions in the class 11 curriculum by CBSE was to drift from rote learning to competency and situation-based learning.

What is a case study question? (Business Studies)

In Business Studies, a case study is more like a real-world test of how the implementation works. It is majorly a report of an organization’s implementation of anything, such as a practice,a product, a system, or a service. The questions would be based on the NCERT textbook for class 11 Business Studies. Case-based questions will definitely carry a substantial weightage in the class 11 Business Studies question paper. questions.

A hypothetical text will be provided on the basis of which the student is expected to solve the given case-based question asked in the Business Studies class 11 exam. Initially, the newly introduced case-based questions appeared to be confusing for both the students and the teachers. Perhaps, they were reluctant to experiment with something new but now a lot more clarity is there that has made the question paper quite student-friendly.

Case study questions could be based on any chapter or concept present in the NCERT textbook. Thus, it is expected from the students to thoroughly revise and memorize the key business fundamentals. 

Business Studies syllabus of class 11 CBSE   

The entire Business Studies course is divided into 2 parts:

  • Part A, Foundation of Business
  • Part B, Finance and Trade

The class 11 Business Studies exam is for a total of 100 marks, 80 marks are for the theory and the remaining 20 for the project. Most of the questions are based on the exercises from the NCERT textbook. It is recommended to rigorously go through the contents of the book. A single textbook has been published by NCERT for Class 11 Business studies. There are a total of 10 chapters in this book divided into 2 parts. 

CBSE Class – 11

Business Studies (Code No. 054)

Theory: 80 Marks Time: 3 Hours Project: 20 Marks

Case Study Passage (Business Studies class)

As part of these questions, the students would be provided with a hypothetical situation or text, based on which analytical questions will have to be answered by them. It is a must for the students to read the passage in depth before attempting the questions. In the coming examination cycle (2022-23), case-based questions have a weightage of around 30%. These questions can be based on each chapter in the NCERT book for Business Studies, grade 11.

Students must prepare well for the case-based questions before appearing for their Business Studies exam as these questions demand complete knowledge of the various concepts in their syllabus. CBSE plans to increase the weightage of such questions in the upcoming years.

Sample case-based Questions in Business Studies

Business Studies as a subject provides a way of perceiving and interacting with the business ecosystem. It is a core subject of the commerce stream that is purely theoretical and relevantly easier than the other compulsory subjects of the stream. Class 11 Business Studies syllabus is closely related to trade and commerce. The subject cannot be ignored as it is the foundation of many concepts and theories which are studied at an advanced level in class 12.

The case-based questions asked in the CBSE Business Studies question paper for class 11 are of two types:

As per the latest circular issued by CBSE on Assessment and Evaluation practices of the board for the session 2022-23, CBSE has clearly mentioned that competency-based questions including case studies will be different from subjective questions.  

The questions can also be categorized on their difficulty level:

  • Direct: such questions can be easily solved. Their answer is visible in the given passage itself.
  • Indirect/ Analytical: such questions are confusing and tricky. These can be solved by the application of the theory or principle that is highlighted in the provided text. 

How To Prepare For Case-based Questions? (Business Studies grade 11)

Students need to prepare well for the case-based questions before appearing for their class 11 Business Studies exam. Here are some tips which will help the student to solve the case-based questions at ease:

  • Read the provided text carefully
  • Try to comprehend the situation and focus on the question asked
  • Analyze and carefully answer the question asked
  • In general, the passage given would be lengthy in Business Studies case-based questions but their solutions are comparatively short and simple
  • One can significantly save time if they follow a reversal pattern, that is going through the questions before reading the comprehensive case study passage.
  • Answer in a concise manner
  • One should concentrate on solidifying key fundamental principles/theories
  • Go through the NCERT textbook in depth. The language used is crisp and simple.
  • While providing solutions to the case-based question, pick the keyword/keyline based on which you are driving insights.

 In order to excel in the Business Studies class 11 exam, one needs to ignore the shortcut techniques and get to read the NCERT textbook rigorously. Case studies can be easily solved if your key fundamentals are strong and clear. The best part of having these questions is that the asked question itself projects a hint of its answer. These simple points if kept in mind will definitely help the students to fetch good marks in case study questions, class 11 Business Studies. 

Case study question examples in Business Studies

Here a re some given case study questions for CBSE class 11 Business Studies. If you wish to get more case study questions and other study material, download the myCBSEguide app now. You can also access it through our student dashboard.

Business Studies Case Study 1

Read the hypothetical text given and answer the following questions:

Manish, Rahul and Madhav live in the same locality. They used to meet and discuss their ideas. After discussing the recent fire breakout in their area, they decided to take fire insurance for their house or work area. Manish gets his house insured against fire for ₹1 lakh and during the policy period, his house gets damaged due to fire and the actual loss amounts to ₹2.5 lakh. The insurance company acquired the burning material and approved his claim. Rahul gets his godown insured against fire for ₹1 lakh but does not take enough precautions to minimize the chances of fire like installing fire extinguishers in the factory. During the policy, a fire takes place in his godown and he does not take any preventive steps like throwing water and calling the employees from the fire fighting department to control the fire. He suffered a loss of ₹1,20,000. Madhav took a fire insurance policy of ₹20 lakh for his factory at an annual payment of ₹24,000. In order to reduce the annual premium, he did not disclose that highly explosive chemicals are being manufactured in his factory. Due to a fire, his factory gets severely damaged. The insurance company refused to make payment for the claim as it became aware of the highly explosive chemicals.

How much can Manish claim from the insurance company?

  • None of the above

How much compensation can Rahul get from the insurance company?

Which principle is violated in the case of Rahul?

  • Insurable Interest
  • Utmost Good Faith

How much amount is the insurance company liable to pay to Madhav if he files a case against it?

  • Insufficient information

Which principle of Insurance is violated by Madhav?

  • Insurable interest
  • Subrogation
  • Proximate Cause

The insurance company acquired the burnt material and approved his claim. Which principle of Insurance is highlighted in the given statement.

  • (a) Mitigation
  • (a) Utmost Good Faith
  • (d) Subrogation

Business Studies Case Study 2

 Sarthak Electronics Ltd. has a loss of Rs 15,00,000 to pay. They are short of funds so they are trying to find means to arrange funds. Their manager suggested a claim from the insurance company against stock lost due to fire in the warehouse. He actually meant that they can put their warehouse on fire and claim from insurance companies against stock insured. They will use the claim money to pay the loan.

  • Will the company receive a claim if the surveyor from the insurance company comes to know the real cause of fire?
  • Write any two Values which the company ignores while planning to arrange money from false claims.
  • State any three elements of fire insurance

Business Studies Case Study 3

OLX and qickr are examples of well-known websites used to conduct business. Tarasha’s sofa set got spoiled in the rain. Her friend suggested that she should change the fabric so that it looks new and put it for sale on Olx. Tarasha followed her friend’s advice and got her sofa repaired so that it looked better and uploaded nicely clicked pictures on the website without disclosing the fact that it was damaged from the inside. She found a buyer and sold it for Rs 10,000. After five days the buyer found the real state of the sofa set and called Tarasha but she did not answer any of the calls.

  • identify the type of business highlighted in the above case.
  • Identify any two values which are overlooked by Tarasha.
  • Explain any two benefits and limitations of e-business.

Advantages of case study questions in Business Studies

Class 11 Business Studies syllabus is not very vast but has to be focussed upon as it forms the base for your 12th grade Business Studies syllabus. Students are supposed to prepare themselves thoroughly from the NCERT textbook. The Case-based questions prominently focus on the real and current scenarios of the Business world. Approximately 30% of the question paper will comprise case study questions that demand high-order thinking and reasoning skills from the students. The students ought to practice class 11 Business Studies case-based questions from the various options available to them, so as to excel in the subject.

  • Enhance the qualitative and quantitative analysis skills of students
  • Provides an in-depth understanding of the key Business theories/concepts
  • Inculcate intellectual capabilities in students
  • Help students retain knowledge for a longer period of time
  • The questions would help to discard the concept of rote learning
  • Case studies promote and strengthen practical learning.

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The glorious education, previous year question paper bcom (prog) business laws university of delhi, case studies of bst class 11 ch - 1 nature and purpose of business, class -11 business studies , chapter - 1 nature and purpose of business, case study and value-based questions with answers .

  Q1. Mr. Bhuvan is a Chartered Accountant in a Multinational Company. He gets rs 85,000 per month as his salary. On weekends, Mr. Bhuvan goes to nearby village and teaches some slum children, he does not charge anything from them, he does it out of sympathy and children. This gives him mental and psychological satisfaction. concern for poor.

(a) Working as CA in a MNC refers to which type of human activity. (b) Teaching students in slum is which type of human activity. (c) Identify the values followed by Bhuvan.

Ans. (a) Economic

(b) Non-Economic

(c) (i) Value of love and care.

  (ii) Value of helping poor.

Q. 2. Rajiv wants to start a whole sale business of readymade garments, but he is hesitating as it involves various problems such as customers for moving goods from place of production to market, informing customers about new designs and varieties added every season, threat of risk loss by fire or accident, storing the excess stock of goods, etc. He approaches his friend Sandeep who explained him about some branches of commerce, which can help Rajiv to overcome his hesitation.

(a) State the type of business Rajiv is planning to start.

(b) State which dimension of business can help Rajiv to overcome these hindrances. (c) Specify different types of Auxiliaries to trade which can help Rajiv to overcome his problems. Quote the line for each type from above Para.

  Ans. (a) Trade - Whole sale Trade.

  (b) Commerce

  (c) (i) "Searching for Customer" – Trade (ii) "Moving goods"

(iii) "Informing customers"

  (iv) "Threat of Risk" Transportation -                     Advertisement Insurance -

  Q. 3. Indu bought a readymade dress for ₹ 5000. Her friend liked the design of dress very much, so Indu sold the same dress to her friend for 5500 and made a profit of 500. After completing her studies Indu opened a shop of selling readymade dresses for girls.

(a) Can transaction between Indu and her friend be termed as business?

(b)State the features related to 'a'.

  (c) Can the sale of dresses on her shop be called as business?

  Ans.(a) No.

(b) "Regular Basis".

  (c) Yes, as it is done on Regular Basis.

Q. 4. Name the following:

(a) The economic activity showing a risk element and carried on profit.

(b) The trade in which two countries are involved.

(c) The trade in which goods are imported from one country for the purpose of exporting to other country.

(d) The industry which involves breeding and reproduction of plants and animals.

(e) The branch of commerce which remove hindrance of place.

Ans. (a) Business

  (b) External Trade

(c) Entrepot

(d) Genetic Industry

(e) Transportation.

Q. 5. An organisation planned to use CFL and LED which consume less electricity to reduce operational cost. They also give preference to labour intensive technique of production. What values company is implementing?

Ans.1. Value of saving electricity.

2. Value of creating employment opportunities.

3. Value of reduction in cost.

Q. 6. An organisation arranges recreational activities for its employees to refresh them and also send them for training to update their knowledge. What values are followed by the company? .

Ans. 1. Value of meeting personal objectives.

2. Value of motivating employees.

3. Values of giving job satisfaction to employees.

Q. 7. A Chartered Accountant advised his elient how to convert black money into white money and he also guided him how to save income tax by hiding his income. Is his act justified.

Ans. No conduct of CA and businessmen are not justified:

(a) CA is violating his code of conduct by acting unethically.

(b) Cheating government by paying less income.

(c) Acting dishonestly.

(d) The act is not even unethical but illegal also.

Q. 8. A Tool and Equipment Manufacturing Company gave bribe to purchase manager of a factory to buy tools of low quality and which are not having safety norms. The purchase manager accepted the offer and gave a big order. What values are violated?

Ans. 1. Value of playing with the health of workers.

  2. Not fulfilling safety norms competition. 3. Offering bribe is an unlawful act.

  Q.9. A unit set up by Tata in rural area and the company plan to develop roads, parks of that area they also started a school for local children of that area. What values are followed?

Ans. 1. Fulfilling social objectives.

2. Increasing literacy rate.

3. Improving standard of living.

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case study of chapter 1 business class 11

CBSE 11th Standard CBSE Business Studies question papers, important notes , study materials , Previuous Year questions, Syllabus and exam patterns. Free 11th Standard CBSE Business Studies books and syllabus online. Practice Online test for free in QB365 Study Material. Important keywords, Case Study Questions and Solutions. Updates about latest education news and Scholorships in one place.

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case study of chapter 1 business class 11

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case study of chapter 1 business class 11

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  • CBSE Class 11 Business Studies Chapter 1 – Nature and Purpose of Business Class 11 Notes

Nature and Purpose of Business Class 11 Revision Notes

In the nature and purpose of business class 11 notes, we will understand the concept, nature, and purpose of business. We will discuss the characteristics of business to identify its nature. Also, we will understand the differences between business, profession, and employment. Furthermore, we will study the classification of business activities. These include two broad categories — industry and commerce. Thus, we will examine the two in some detail.

Moreover, we will be studying the meaning of objective in business. We will also get to know about the multiple objectives of the business. Then, we will understand the term Business Risks. Here, we will study the types of business risks. Also, their characteristics will be discussed. Furthermore, we will discuss the causes of Business Risks. These can be natural, human, economic or other causes. Also, we will discuss the methods to deal with them. In the end of the chapter, we will study some of the basic factors necessary to start the business.

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Sub-topics under Nature and Purpose of Business:

  • Objectives of Business : In this Sub-topic, we will discuss the meaning of objective in business. We will also get to know about the multiple objectives of the business.
  • Classification of Business Activities :  Here, we will study the classification of business activities. These include two broad categories — industry and commerce.
  • Concept and Characteristics of Business : In this Sub-topic, we will understand the concept and nature of business. We will discuss the characteristics of business to identify its nature.
  • Comparison of Business, Profession and Employment : In this Subtopic, we will understand the differences between business, profession, and employment.
  • Nature of Business Risks : In this Sub-topic, we will study the nature of Business Risks by knowing its characteristics.

case study of chapter 1 business class 11

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CBSE Class 11 Business Studies Revision Notes

  • CBSE Class 11 Business Studies Chapter 2 – Forms of Business Organisation Class 11 Notes
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MCQs for CBSE Class 11 Business Studies Chapter 1 Business, Trade and Commerce: Based on Revised CBSE Syllabus 2023-2024

MCQs for Class 11 Business Studies: Multiple-Choice Questions for Class 11 Business Studies Chapter 1, Business, Trade and Commerce are presented here. Also, find attached links to important resources for the preparation of the CBSE Board Examinations 2024.

Tanisha Agarwal

MCQs for CBSE Class 11 Business Studies Chapter 1: Multiple-Choice Questions(MCQs) have been included as an essential part of the upcoming CBSE Board Exam, as per the latest CBSE Sample Paper. Here, we have brought to you important MCQ-type questions for CBSE Class 11 Business Studies Chapter 1, Business, Trade and Commerce. We have also attached links to some important resources to assist you in your preparation for the upcoming CBSE Board Examinations 2024.

MCQs are questions with multiple options and one correct answer among them. These are designed to enhance a student’s thinking capabilities, brainstorming capacity, and understanding. It has now been included in schools as an essential part of chapter-end exercises to ensure that students understand the concepts instead of mugging them up.

For appropriate preparation for examinations, it is important that a student is aware of resources to be adhered to while preparing. Here, we have attached a few throughout this article for your reference.

 CBSE Class 12 Business Studies Revised Syllabus 2023-2024 (PDF)

MCQs for CBSE Class 11 Business Studies Chapter 1 Business, Trade, and Commerce

Find the list of MCQs for CBSE Class 11 Business Studies Chapter 1 Business, Trade, and Commerce. A PDF download link for the same has also been attached below. Use the link to save the MCQs for future use.

1) Which of the following is/are treated as Auxiliaries to Trade?

( a ) Banking Industry

( b ) Insurance Industry

( c ) Transportation Industry

( d ) All of the above

Answer. d) All of the above

2)The reward of risk is:

(a) Success

(b) Failure

Answer. c) Profit

3)Name the two broad categories of business activities.

(a) Trade and commerce

(b) trade and industry

(c) industry and commerce

(d) none of these

Answer. c) Industry and Commerce

4)Assertion (A) Business represents the exchange of Goods and Services.

Reason (R) Risk and Uncertainties are always there in any form of business

(a) Both A and R are true. R is the correct explanation of A

(b) Both A and R are true, but R is not the correct explanation of A

(c) A is correct, but R is incorrect

(d) A is incorrect, but R is correct

Answer. b) Both A and R are true, but R is not the correct explanation of A

5)Which of the following does not characterize business activity :

(a) Production of goods and services

(b) Presence of risk

(c) Sale or Exchange of goods and services

(d) Salary or wages

Answer. d) Salary of wages

6)“Amrut” is an NGO operating in the district of Rajkot since 2005. It deals in providing medicines and other medical facilities to the rural, backward, and below-poverty-line people in the district. In case of need, arrangements are made by the NGO to shift critical patients to referred hospitals. Name the type of human activities performed by the NGO “Amrut”.

(a) Economic Activities

(b) Non-Economic Activities

(c) Spiritual Activities

(d) None of the above

Answer. b) Non-Economic Activities

7)Maninder, Surinder and Balbinder and Harinder pursued their Master's Degrees in Business Management from a reputed institute in Delhi. After completion of their studies, all of them got engaged in different fields. Maninder got a job at an Oil Refinery Industry as a Junior Executive in Finance. Surinder joined his family business in Textile Industry in Jalandhar, Punjab. Balbinder opened his own Dairy Firm and Harinder join the construction business. Identify the type of industry Mr. Surinder worked with as highlighted in the above case.

(a) Analytical Industry

(b) Synthetic Industry

(c) Processing Industry

(d) Assembly Industry

Answer. c) Processing Industry

8)Which of the following cannot be classified as an auxiliary to trade?

(b) Insurance

(c) Warehousing

(d) Transport

Answer. a) Mining

9)Ruchi is a practicing Chartered Accountant. She has her C.A. Firm in Hyderabad, Telangana. She deals in providing Income Tax and GST-related services to her clients against very reasonable consultancy fees. She has her own professional coaching classes for C.A. Enrolled Students. Identify the types of economic activities performed by Ruchi as referred to in the above case.

(a) Business

(b) Profession

(c) Employment

Answer. b) Profession

10)Which of the broad categories of industries covers oil refineries and sugar mills?

(a) Primary

(b) Secondary

(c) Tertiary

(d) None of these

Answer. b) Secondary

11)Assertion (A) Earning Livelihood is the main aim of Economic activities.

Reason (R) It helps people in earning their bread and butter by performing several activities.

Answer. a) Both A and R are true. R is the correct explanation of A

12)Nutan General Store is a big businessman who deals in selling Nestle products in his locality. He purchased products of Nestle directly from the State Distributor in bulk quantities and sold them in the market. Small shopkeepers from different corners of the city. Identify the type of trade followed by Nutan General Store.

(a) Wholesale Trade

(b) Retail Trade

(c) International Trade

(d) Entrepot Trade

Answer. a) Wholesale Trade

13)Business risk is not likely to arise due to:

(a) Change in govt, policy

(b) Good management

(c) Employee dishonesty

(d) Power failure

Answer. b) Good Management

14)Sankalp is a successful entrepreneur dealing in the Automobile sector, especially with Two Wheelers in Ahmedabad. He has been constantly earning good profits from his business and investing surplus towards the expansion of his business. All the latest Two-Wheeler models are available at his showroom. His marketing and sales teams are managed to create new customers from time to time. His unique style of business management has brought him success. Name the type of Business activity in which Sankalp is involved.

(a) Tertiary industries

(b) Secondary industries

(d) Auxiliaries to trade

Answer. c) Trade

15)Dell Inc is a company involved in the manufacturing of computers and related items. It’s a very popular name among the computer-savvy youth in India. There are different models of Desktop, Laptop, Tabs, Gaming and Workstations manufactured and sold by the company in the Indian market. Which type of Industry is highlighted in the above case?

(a) Genetic Industry

(b) Extractive Industry

Answer. d) Assembly Industry

We hope this article proves to be helpful and useful to you. This will provide you with an idea of solving the MCQs and understanding the pattern. 

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Important Questions for CBSE Class 11 Business Studies Chapter 1 – Business, Trade and Commerce

Home > CBSE > Important Questions for CBSE Class 11 Business Studies Chapter 1 – Business, Trade and Commerce

case study of chapter 1 business class 11

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Important Questions for Class 11 Business Studies Chapter 1 – Business, Trade, and Commerce

The Business Studies curriculum teaches students how to analyse, manage, assess, and respond to changes in the Business world. It gives you a new way to look at and interact with the Business world. Business, Trade and Commerce is the first chapter, and it lays the foundation for Business Studies. This chapter covers concepts such as the contribution of business activities in growth, concepts and objectives of a business, and categories and classification of businesses, and it carries significant weightage in the Business Studies syllabus. Students can easily access all concepts, important questions, and CBSE revision notes along with CBSE sample papers on the Extramarks website.

For Business Studies, students must read through chapters continuously to get good grades. Extramarks recognises the value of solving questions. Therefore, we’ve compiled them from various sources, including the NCERT Textbook, NCERT Exemplar, other reference books, previous exam papers, and so on. Our Business Studies experts have created step-by-step solutions to help students better comprehend the topics. Students can quickly register on the Extramarks website and access Important Questions Class 11 Business Studies Chapter 1.

Apart from Important Questions Class 11 Business Studies Chapter 1, Extramarks houses tons of material like CBSE previous year question papers, CBSE syllabus , CBSE extra questions, formulas, and so much more that the students can access and improve their understanding.

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Business Studies Class 11 Chapter 1 Important Questions and Answers

The Extramarks team has compiled a thorough list of Important Questions Class 11 Business Studies Chapter 1 from various sources. The questions comprise a wide variety of topics, including the contribution of business activities in growth, concepts and objectives of a business, categories, and classification of businesses and so on. These questions and their solutions help students better comprehend Business, Trade and Commerce. 

Mentioned below are a few Chapters 1 Class 11 Business Studies Important Questions and their Solutions:

Q1. State the meaning of business.

Answer: The term ‘Business’ is derived from the term ‘busy.’ As a result, running business demands being busy. In a more exact sense, business refers to an occupation in which individuals regularly participate in purchasing, manufacturing, and selling products and services to make money. Production or acquisition of commodities for resale, as well as the exchange of goods or the supply of services to meet the needs of others, might all be part of this process.

Q2. State the objectives of business.

Answer: The following are some business objectives:

  • Innovation: Every Business must develop novel ideas and innovations and apply them to stay afloat and develop.
  • Productivity: When the value of the output is compared to the value of the input, productivity is established.
  • Earning Profits: Any business entity open for business must make a decent profit to survive and develop.

Q3. State the different types of economic activities.

Answer: The following are some examples of economic activities:

  • Profession: These tasks need specialised knowledge and abilities, and those participating are professionals.
  • Employment: It is an economic activity in which individuals are paid for their services and are referred to as employees.
  • Business: Business is an economic activity involving the trade of products and services for profit.

Q4. Which form of public sector was brought into existence by a special act of the parliament?

Answer: Statutory corporations are public format enterprises that were brought into existence by a Special Act of the Parliament. The act establishes the company’s functions, powers, rules and regulations, and relationships with other government agencies. As a result, they have government power and a significant level of private-sector operating flexibility.

Q5. Discuss the development of the indigenous banking system in the Indian subcontinent.

Answer: With the use of currency and subsequently with letters of credit, the indigenous banking system played a significant role in lending money and financing local and foreign trade. People began depositing precious metals with persons known as Seths as the banking system grew. Money became a tool for manufacturers to increase their output. Later, papers like Hundi and Chitti were used to conduct financial transactions. In ancient India, intermediaries played an essential role in commerce promotion. They were able to take chances in overseas trade because of the financial stability they provided. During the Mughal era and subsequently, the East India Company era, organisations like Jagat Seth had significant power. The expansion of commercial businesses was helped by the availability of loans and increased credit transactions.

India’s trade balance was excellent, with exports outnumbering imports by a wide margin. Manufacturers, traders, and merchants could obtain financing for expansion and development thanks to this system. Industrial and commercial banks grew into finance trade and commerce, and agriculture banks that gave farmers short- and long-term loans.

Q6. Explain the notion of business risk and any three sources of risks in light of this statement.

Answer: There is no way for a business to succeed without taking risks, as there is always the prospect of low earnings or even losses. In addition, changes in demand, technology, government legislation, and other factors place businesses at risk of profit unpredictability.

Uncertainties or unexpected developments in the business world can result in insufficient earnings or losses. The following are the three sources of company risk:

  • Natural causes: These are caused by natural disasters such as floods, earthquakes, and other natural disasters. These factors are beyond the control of most people, if not all.
  • Human causes: Unexpected occurrences produced by man, such as employee carelessness, power outages, employee or customer dishonesty, and so on, are among these reasons.
  • Economic causes: Economic reasons include changes and variations in the economy, such as uncertainty resulting from changes in technology and manufacturing methods, political upheavals, pricing fluctuations, and tax rates, among others.

Q7. Explain two business activities which auxiliaries to trade are.

Answer: The following are two examples of trade-related business activities:

  • Transport and Communication: Most things are made in specific regions. Tea is grown predominantly in Assam; cotton is grown mainly in Gujarat and Maharashtra; jute is grown primarily in West Bengal and Odisha; sugar is mainly grown in Uttar Pradesh, Bihar, and Maharashtra, and so on. On the other hand, these things are necessary for consumption in diverse parts of the country. The geographical barrier is broken down by transportation, whether by road, rail, or coastal ships. Raw materials are transported to manufacturing facilities, while finished commodities are transported from producers to consumers. Communication infrastructure is necessary in addition to transportation so that producers, traders, and consumers may communicate information. As a result, postal and phone services might be thought of as ancillary to economic activities.
  • Banking and Finance: Financial resources are required to carry out business activities, including the acquisition of assets, the purchase of raw materials, and other expenses. A bank can provide the finances needed for a business. Consequently, banking helps firms overcome their financial difficulties. Commercial banks lend money through overdraft and cash credit facilities, loans, and advances. On behalf of traders, banks manage check collecting, payment transfer to other locations, and bill discounting. In international trade, commercial banks help exporters in collecting money from importers. Commercial banks also help entrepreneurs raise funding from the public.

Q8. “Profit is not an objective, but a requirement of business”. Do you agree with this argument? Give justifications for your answers.

Answer: Profit is, without a doubt, a necessary component of every business. The following are the reasons: 

  • Growth: Profits are required for corporate development, diversification, and expansion. Such growth tactics cannot be implemented by a company with little or little profit.
  • Long-term survival: Only through making profit can a company thrive in the market in the long run. This is because the company requires money in all operations and domains. Finance is needed for everything from day-to-day spending to corporate development. As a result, if a company does not make a profit, it will be unable to pay its bills, develop, or survive in the market, eventually leading to its closure.
  • Fulfill social objectives: The company’s other aims can only be met if it makes a substantial profit. If a company does not make enough money, it will not be able to meet social demands or contribute to society.
  • Efficient performance: Profits serve as a motivator for both the owners and the staff. Greater earnings increase employee efficiency and productivity, resulting in higher quality performance.
  • Reputation: Good profit margins allow the company to pay its costs on time, such as salaries, wages, dividends, and rentals. As a result, all stakeholders and stockholders are happy and satisfied with the company, resulting in a strong reputation and goodwill in the market.
  • The reward for taking risks: A business takes many chances to keep operations running, and earnings are the payoff for taking those risks.
  • Innovation: Nature’s law of change is unavoidable. As a result, to keep up with the changing and demanding environment, an organisation must continually evolve and invent. However, innovation necessitates highly trained personnel, extensive research, and cutting-edge technology, all of which are only achievable if the company is profitable.

Q9. Define Business. Describe its essential characteristics.

Answer: ‘Business’ is derived from the term ‘busy.’ As a result, running a business necessitates a high activity level. In a more exact sense, the industry refers to an occupation where individuals regularly participate in activities related to acquiring, manufacturing, and selling products and services to make money. Production or acquisition of commodities for resale, as well as the exchange of goods or the supply of services to suit the needs of others, might all be part of the activity.

  • Production or procurement of goods and services: Before commodities may be sold to the public, businesses must either manufacture or purchase them. As a result, every business enterprise makes or acquires things from producers to resell to consumers or users. Consumable products, such as sugar, ghee, pens, notebooks, and so on, are examples of goods, as are capital goods, such as equipment, furniture, and so on. Services supplied to customers, corporations, and organisations include transportation, banking, energy, and other services.
  • Exchange or sale of goods and services: Whether directly or indirectly, business involves transferring or exchanging goods and services for a monetary value. If something is made for personal consumption rather than for sale, it cannot be considered a commercial activity. For example, cooking meals at home for the family is not a business but cooking meals at a restaurant and selling them to others is. As a result, the sale or exchange of products or services between the seller and the consumer is one of the most significant elements of a business.
  • Dealing with goods and services regularly: Trading commodities or services regularly is a necessary aspect of running a business. As a result, a single sale or purchase does not qualify as a business transaction. For example, if a person sells their household radio set for a profit, it is not considered a business activity. However, radio of sale sets regularly, whether in a store or from one’s house, is regarded as a commercial activity.
  • Earning profit: Profit generation is one of a company’s primary objectives. No business can survive for long without making a profit. As a result, companies try to maximise profits through increased sales volume or cost reduction.
  • Returns uncertain: Uncertainty of return refers to a lack of understanding about the quantity of money that a business will create over a specific time. To generate a profit, every business spends money on its operations. Therefore, it is impossible to estimate the amount of money that will be made. Furthermore, despite the company’s best efforts, there is always the possibility of losses.
  • Element of risk: Risk is the degree of uncertainty associated with a loss of exposure. A bad or unfavourable event triggers it. Risk considerations include changes in customer taste and fashion, manufacturing processes, workplace strikes or lockouts, increased market rivalry, fire, theft, accidents, natural disasters, and so on. Risks are often seen as an inherent component of doing business.

Q10. The insurance sector is referred to as the tertiary industry. Explain.

Answer: Insurance serves both the primary and secondary sectors as a support service.

The tertiary industry is the part of the economy that provides services to clients, and it includes a wide range of enterprises, including schools, financial institutions, and restaurants. The tertiary sector, or service industry/sector, is another name.

Q11. What are the various types of industries?

Answer. The following are the various kinds of industries:

  • Primary: All activities involving the extraction and production of natural resources, as well as the reproduction and growth of living beings, plants, and other living things, are included in this category.
  • Secondary: These are related to the utilisation of materials that have been extracted in their natural state. These companies employ these materials to make items for end customers or for further processing by other companies.
  • Tertiary: These oversee supporting primary and secondary industries and trade-related businesses.

Q12. How can a trader get rid of a person’s stumbling block?

Answer. The following are ways for a trader to get of a person’s hindrance:

  • Getting rid of a person’s obstacle by making goods available to clients via trade from producers.
  • Transportation removes a location’s barrier by delivering goods from their producing area to the marketplace for sale.
  • However, insurance eliminates the risk of goods being lost or damaged due to disasters, theft, or accidents, among other things.
  • Advertising eliminates the data barrier by keeping clients informed about the products and services available in the marketplace.

Q13. Define industry. Explain various types of industries giving examples.

Answer: The economic activities that result in converting resources into valuable items are referred to as an industry. Machines and technological abilities are employed in the production of a variety of things and the rearing of animals. There are three categories of industries:

Primary industry: These industries deal with items derived from natural resources. The primary goal of such sectors is to transform raw materials into consumable forms. Agriculture, hunting, mining, and fishing are examples of such businesses. Primary industries may be divided into two groups based on the actions done.

  • Extractive industries: These industries deal with items that need to be polished before they can be utilised in other fields. Mining and fishing are two examples.
  • Genetic industries: These businesses deal with breeding plants and animals and repurposing them.

Secondary industry: These industries deal with product manufacture, acquiring raw resources and converting them into things that may be further valued. These industries can be classified as follows:

  • Manufacturing industries: Here, basic materials such as petroleum and wax derived from mineral oil are turned into final goods that are readily usable.
  • Synthetic industries: These are essential components combined to create a new product. The cosmetics business is one example.
  • Processing industries: The raw material is treated and refined before being turned into a finished product. The paper and sugar industries are two examples.
  • Assembling industries: Assembling industries specialise in putting together numerous components to create the final product. Electronics, automobiles, and construction companies are just a few examples.

Tertiary industry: These industries act as intermediaries between primary and secondary industries. Baking and transportation are two examples of sectors that provide services to other industries.

Q14. What is commerce, and what role does it play in modern life?

Answer: The control of business among economic agents is referred to as commerce. It usually refers to exchanging goods, services, or other valuable objects between organisations or entities.

The following are the benefits of commerce:

  • Between producers and customers, commerce serves as a catalyst.
  • It creates chances for employment.
  • It promotes trade on a worldwide scale.
  • Assists in the development of new industries.
  • Helps in times of need, such as natural disasters such as earthquakes, floods, and droughts.

Q15. What factors are to be considered while starting a business? Explain.

Answer: The following are some considerations to make while starting a business:

  • Selection of the line of business: The first considerations an entrepreneur must make are the kind and type of business to pursue. They will undoubtedly want to explore the sector of business and industry that gives the most profit possibilities. In addition, market client needs, the entrepreneur’s technical expertise, and excitement for producing a specific product will influence the selection.
  • Size of the company: Another essential decision to make at the start of a firm is the company’s size or scope of activities. Some components favour a wide range of activities, while others want to keep it to a minimum. The enterprise will be started on a vast scale if the entrepreneur is certain that demand for the intended product will be substantial over time and that they can acquire the required finance. On the other hand, if market conditions are unknown and risks are considerable, a small business might be a preferable option.
  • Ownership structure choice: In terms of ownership, the company might be a single proprietorship, a partnership, or a joint-stock corporation. Each kind has its own set of benefits and drawbacks. Considerations such as the type of business, capital requirements, owner responsibility, profit split, legal formalities, company continuity, and interest transferability, among others, will decide the suitable form of ownership.
  • Location of the business: When founding a business, the company’s headquarters is a crucial factor to consider. Any miscalculation here might lead to high production expenses, inconvenient access to the proper manufacturing inputs, or a failure to give clients the most excellent possible service. Likewise, when picking a site, raw materials and labour availability, as well as electricity and services like banking, transportation, communication, and warehousing, are all essential factors to consider.
  • Obtaining funds: Financing is concerned with providing the required money for the start-up and continuance of a potential firm. Fixed assets like land, buildings, machinery, and equipment, as well as current assets like raw materials, books, debts, completed goods stock, and so on, require capital.
  • Physical facilities: When launching a business, the availability of physical infrastructures such as machinery and equipment, as well as a building and accompanying services, is crucial. This decision will be influenced by the kind and scope of the firm, the availability of capital, and the production process.
  • The layout of the plan: Once the necessity for physical facilities has been recognised; the entrepreneur should draft a layout plan explaining how they will organise them. Design refers to the physical arrangement of machinery and equipment needed to manufacture a product.
  • Dedicated workforce: Every company needs qualified and devoted employees to do various duties to turn physical and financial resources into desired outputs. Because no single entrepreneur can do it all, they must assess the demand for skilled and unskilled labour and administrative staff. There should also be plans for how employees will be taught and encouraged to perform at their best.
  • Tax preparation: Due to the country’s complex tax regulations, which touch almost every aspect of contemporary corporate operations, tax planning has become increasingly important in recent years. The tax responsibilities under various tax legislation and their influence on company actions must be evaluated by the business’s founder in advance.
  • The beginning of a new business: Following the decisions mentioned above, the entrepreneur may go on with the actual business launch, which includes mobilizing various resources, completing the legal procedures, starting the manufacturing process, and initiating a sales advertising campaign.

Q16. Explain any five objectives of the business.

Answer: The following are the business’s objectives:

  • Market standing refers to a company’s position in the market relative to its rivals. A company should improve its position by supplying consumers with competitive products and meeting their demands.
  • Innovation: Innovation is the introduction of new ideas or techniques into how something is done or generated. Product or service innovation and product and service supply chain innovation in various skills and activities are two forms of innovation in any company. No company can thrive in a competitive climate without innovation. As a result, innovation has become a top priority.
  • Productivity: To determine productivity, the value of output is compared to the value of inputs. It’s a measure used to assess efficiency. Every firm must aim for higher productivity by making the most effective use of available resources to secure long-term survival and profitability.
  • Financial and physical resources: Any company must have material resources, such as plants, machinery, and offices, and financial resources, such as capital, to create and sell goods and services to its customers. The business enterprise’s purpose should be to acquire these resources and put them to good use in line with their demands.
  • Profits: Businesses are operated to make a profit on the money invested. When we talk about profitability, we’re talking about profit as a percentage of invested capital. Every firm must produce a decent profit to secure its existence and growth.

Q17. A company’s primary goal cannot be only profit maximisation. Explain.

Answer: The primary goal of a business is to make money. Hence profit maximisation is the primary goal. However, because business exists in society and consumes society’s resources, it is not its sole goal.

As a result, it has various societal goals that could be pursued to protect the balance, as follows:

  • Supply of desired services and goods: Businesses must provide high-quality goods and services with the necessary certifications. Customer pleasure must be the goal.
  • Social and fair trade activities: Businesses must avoid black marketing, stockpiling, and lowering product quality or safety. Businesses must contribute to the betterment of society.
  • Job possibilities: Businesses must generate employment opportunities for society, particularly for the less fortunate.
  • Employee welfare: Businesses must promote employee growth and development, such as social and personal skill training and a pleasant working environment. Employees have a direct impact on productivity and profitability.
  • Social welfare: Businesses must use their revenues to benefit society by establishing schools, charitable hospitals, and other vital institutions for society’s progress.

Key Topics Covered in Class 11 Business Studies Chapter 1 Important Questions

Business Studies Class 11 Chapter 1 Important Questions covers the following key topics:

Classification of Activities

  • Economic activities: Economic activities are any actions that are carried out to make money or provide a means of subsistence. A manufacturing worker, for example, or a schoolteacher, for example. It is mainly divided into three categories: employment, business, and profession.
  • Non-economic activities: non-economic activities are those carried out for reasons other than profit, such as love, affection, sympathy, and so on—for instance, social work, religious activity, and so forth.

Role of Business in the Development of Economy

Since the beginning of time, people have been conducting business. As a result, there was a flow of products within and beyond the country, and the profits from such economic operations were utilised to fund more investments.

As an example, consider the following:

Hundi- It is a kind of trade employed in the past and consists of a contract that guarantees the payment of money, an unconditional promise or order, and the ability to swap it through proper discussion.

Patliputra, Peshawar, Taxila, Indraprastha, Mithila, Maduram, Surat, and other historic commercial centres emerged to import and export products.

A business is an economic activity carried out regularly and continuously to meet social demands while also earning profit by selling and acquiring products and services.

The following are the characteristics of business activities:

  • Regularity in dealings
  • An economic activity
  • Exchange of goods and services creating value
  • Profit earning
  • Procuring goods and services
  • Uncertainty of return
  • Taking risks

Profession  

A profession is any economic activity carried out by a person with specialised knowledge and abilities to benefit society.

Employment refers to any economic activity that involves doing labour for someone else in exchange for money.

Classification of Business activities

The following are the main categories of business activities:

It is primarily focused on the commercial production of products and services. It is then subdivided into the following groups: primary, secondary, and tertiary.

Primary industry: It encompasses all actions related to the extraction and production of natural resources and plant development. It is then subdivided into two sections:

  • Extractive industries: These businesses offer specific essential raw resources, which are generally natural items. Farming, mining, and other activities are included.
  • Genetic industries: These businesses specialise in breeding plants and animals for reproduction. Cattle breeding and poultry farming are two examples.

Secondary industry: These businesses are responsible for further processing the raw materials extracted in the primary sector to turn them into a completed product. Take, for example, iron ore mining.

It is then subdivided into two sections: manufacturing industries and the construction industry.

Manufacturing industry – These businesses process raw materials and create utilities to produce commodities. It’s further broken down into four sections:

  • Analytical industry: Analytical industries separate and bifurcate distinct components from the source material to create various by-products from the same element. Petrol, diesel, and other fuels, for example, are all generated from the same raw material: crude oil.
  • Synthetical industries: These businesses blend materials and components from several sources to create a new product. Consider the cement business.
  • Processing industry: The processing industry is concerned with the extraction and processing of resources and raw materials to generate semi-finished or completed goods. The sugar industry, for example, the paper industry, the textile industry, and so on.
  • Assembling industry: Assembling industries combine diverse components from many companies to create a new product. For example, various elements from many sectors are brought together to make and turn them into a television, computer, or automobile.

Construction industry – These businesses operate in the construction industry, which includes constructing dams, bridges, and buildings, among other things.

These businesses provide support services to primary and secondary sectors, allowing them to complete their tasks without interruption—for instance, in the banking, transportation, and communication industries.

All actions necessary for exchanging commodities and services are included in commerce. It also encompasses many activities that aid in eliminating obstacles like people, place, time, money, risk, and information that may arise during the exchange of products and services.

There are two sorts of activities in this category: trade and auxiliaries to trade.

Objectives of Business

  • Market standing
  • Earning profit
  • Productivity
  • Social responsibility
  • Physical and financial resources

Business risks

Business risk is the risk of insufficient profits or losses due to uncertainty or unexpected events.

Nature of Business risks:

  • Risk is a necessary component of every business. Therefore, it can only be decreased, not wholly abolished.
  • It emerges because of unavoidable uncertainties such as natural disasters such as earthquakes and floods.
  • The risk a company faces is determined by its type and size.
  • Every firm should follow the rule of ‘no risk, no reward.’ As a result, profit is the incentive for taking risks.

Causes of Business Risks

  • Natural causes: Natural disasters like floods and earthquakes are to blame. These factors are beyond the control of most people, if not all.
  • Human causes: unexpected occurrences produced by man, such as employee carelessness, power outages, employee or customer dishonesty, and so on, are among these reasons.
  • Other causes: Other reasons include anything that isn’t covered by the preceding categories, such as exchange rate changes and so on.

Factors for starting a business: 

  • Selection of the line of business
  • Size of the company
  • Choice of ownership structure
  • Location of the Business
  • Obtaining funds
  • Physical facilities
  • The layout of the plan
  • Dedicated workforce
  • Tax preparation
  • The beginning of a new business

The briefly described topics in the sections given above are covered in the Class 11 Business Studies Chapter 1 Important Questions. 

Benefits of Solving Business Trade and Commerce Class 11 Important Questions

Business Studies requires a lot of constant reading and revision. Class 11 teaches the fundamentals of the subject and prepares the base for Class 12. We advise students to access Important Questions Class 11 Business Studies Chapter 1. Students will acquire confidence by solving important questions from the chapter by routinely solving problems and looking over our solutions. 

Mentioned below are some benefits of solving Important Questions Class 11 Business Studies Chapter 1:

  • The questions covered in Important Questions Class 11 Business Studies Chapter 1 are based entirely on the chapter- Business, Trade, and Commerce.
  • These essential questions are prepared by following the exam writing pattern. Therefore, going through these will help students prepare for exams too.
  • Students can entirely rely upon these crucial questions as these are made following all the guidelines laid by CBSE and can help students for Chapter 1 Class 11 Business Studies important questions.

Extramarks provides comprehensive learning solutions for students from Class 1 to Class 12. We have abundant resources available on our website, along with essential questions and answers. Students can click on the links given below to access some of these resources:

  • NCERT books
  • CBSE syllabus
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  • CBSE extra questions

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Q.1 Rita had a match stick factory in Nepal which got destructed by the recent earthquake. Highlight the risk.

A. Natural Causes

B. Human Causes

C. Economic Causes

D. Other Causes

Marks: 1 Ans

Natural Causes

Q.2 _______________is the bustling emporium that was even visited by Chinese ships to acquire items such as frankincense and myrrh.

C. Bangalore

D. Hyderabad

Q.3 Woolsworth was the Australias most valuable retail brand. The learning from Woolworths’ collapse was clear no business was too big, too old, or too close to the hearts of the British public to fail. Woolsworth shut down made its staff wept and the nation mourned. People of the High Street say that retail chains come, and retail chains go, but Woolworth’s was different. How important do you think it is to anticipate the failures also

Marks: 3 Ans

There is some amount of risk involved in every business. These can be minimised but not eliminated altogether. There are some of the causes of business risk that are beyond the control of humans. Causes can be natural, human or economic. Anticipating and providing for such risks is important to stop businesses from failing and leading to shutdown.

Q.4 Fresh Bakery Ltd. produces bread and cakes for sale in its 25 retail shops located across Southern part. The bakery needs goods and services from primary, secondary and tertiary sectors to make the bread and cakes and to sell the goods to customers.

a. Explain the interdependence of primary, secondary and tertiary sectors by using two examples.

b. Give one example of business in the primary sector that Fresh Bakery Ltd. might trade with. (1 marks)

c. Give two examples of businesses in the tertiary sector that Fresh Bakery Ltd. might trade with. (2 marks)

Marks: 5 Ans

a) Interdependence of primary, secondary and tertiary sector means that the sectors of industry are dependent upon each other and cannot work in isolation or without each other.

  • Ingredients from the primary sector are used in the production of bread and cakes in the secondary sector.
  • Fresh Bakery will have to buy insurance from the tertiary sector for the premises and employees.
  • Fresh Bakery Ltd will have a bank account and a bank loan from the tertiary sector.
  • Fresh Bakery Ltd may use the services of an advertising agency from the tertiary sector to design an advertising campaign for the company.

b) Example of business in the primary sector that Fresh Bakery Ltd. might trade with could include:

Farmer who produces flour, eggs, butter, milk.

c) Two examples of businesses in the tertiary sector that Fresh Bakery Ltd might trade with could include:

  • Bank for finance and banking services (loan, financial advice)
  • Transport for carrying in bulk: sugar, icing sugar, baking powder, salt, etc.
  • An advertising agency for an advertising campaign.

Q.5 Mohan is a farmer who produces wheat to serve only his family. He does not generate any additional wheat for commercial sale purposes. To buy seeds and machinery, he has taken a loan from bank. Due to excessive rainfall, there was sever damage to wheat and it was all destroyed, which led to Mohan start working as a security guard for a business firm.

(i) In context to above case, state the economic activity that Mohan is engaged in.

(ii) Due to which cause of risk Mohan suffered damage

(iii) Can Mohan be considered as a businessman State your views in support of your answer.

Marks: 4 Ans

(i) In context to above case, state the economic activity that Mohan is engaged in is Employment.

Employment refers to the occupation in which people work for others and get remuneration or salary in return.

(ii) Due to natural cause of risk, Mohan suffered damage.

Natural causes of risk involve natural calamities resulting in heavy loss of life, property and income in business.

(iii) No, Mohan is not a businessman as he produces wheat for his family to eat and not for any commercial sale in the market.

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Cbse class 11 business studies important questions, chapter 2 - forms of business organisation.

case study of chapter 1 business class 11

Chapter 3 - Private, Public and Global Enterprises

Chapter 4 - business services, chapter 5 - emerging modes of business, chapter 6 - social responsibilities of business and business ethics, chapter 7 - formation of a company, chapter 8 - sources of business finance, chapter 9 - small business, chapter 10 - internal trade, chapter 11 - international business, faqs (frequently asked questions), 1. how to quickly grasp all the concepts of chapter 1 of class 11 business studies.

Constantly keeping in touch with the chapter is one way to understand the chapter. But referring to Extramarks Important Questions Class 11 Business Studies Chapter 1 is the easiest way to comprehend this chapter thoroughly.

2. Can you suggest how to get above 90% in class 11?

Revising regularly is the key to success. Going through Extramarks Important Questions Class 11 Business Studies Chapter 1 helps you comprehend the chapter entirely. Later you can make your notes or refer to notes made by subject matter experts  on the Extramarks website. This will ensure your percentage goes up significantly.

3. Is Chapter 1 of Business Studies for Class 11 simple?

As it is the first time the students are introduced to this subject, Chapter 1 of Class 11 Business Studies may appear challenging. However, to avoid trouble with Business Studies, they must pay more attention and put in extra effort to grasp it. Students will better understand the chapter through regular study and practice, and they will lay the groundwork for the Class 12 board examinations.

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NCERT Solutions For Class 11 Business Studies Chapter 1 Business Trade And Commerce

Class 11 business studies chapter 1 business trade and commerce.

NCERT Solutions For Class 11 Business Studies Chapter 1 Business Trade And Commerce, (Business Studies) exam are Students are taught thru NCERT books in some of state board and CBSE Schools.  As the chapter involves an end, there is an exercise provided to assist students prepare for evaluation.  Students need to clear up those exercises very well because the questions withinside the very last asked from those. 

Sometimes, students get stuck withinside the exercises and are not able to clear up all of the questions.  To assist students solve all of the questions and maintain their studies with out a doubt, we have provided step by step NCERT  Solutions for the students for all classes.  These answers will similarly help students in scoring better marks with the assist of properly illustrated Solutions as a way to similarly assist the students and answering the questions right.

NCERT Solutions For Class 11 Business Studies Chapter 1 Business, Trade And Commerce

Class 11 business studies chapter 1 business, trade and commerce.

Short Questions

1. List any five major commercial cities of ancient India?

Commercial cities of Ancient India are:

1. Pataliputra

3. Indraprastha

4. Mohenjodaro

2. What is Hundi?

Hundi is a financial instrument that was developed in Medieval India to carry out transactions related to trade and credit. It is an unconditional order in writing made by a person directing another to pay a certain sum of money to a person named in the order. It is capable of being changed through transfer by valid negotiation.

3. List the major exports and imports in ancient India.

Exports items of India are -spices, wheat, sugar, indigo, opium, cotton, parrot, sesame oil, live animals and animal products such as hides, skin, horns, furs, tortoise shells, sapphires, pearls, quartz, crystal, lapis, granites, lazuli, turquoise and copper etc.

Imports items consisted of horses, animal products, Chinese silk, flax and linen, wine, glass, gold, silver, tin, lead, copper, rubies, coral, amber, etc.

4. What were the different types of Hundi in use by traders in ancient times?

Types of hundi are:

1. Shah Jog Hundi: Payable to a respectable man

2. Jokhmi Hundi: It is a type of hundi which is applicable on goods transported by ship

3. Nam Jog Hundi: Payable to the named party or his order

4. Dhani Hundi: Payable to owner of hundi

5. Jawabi Hundi: A type of hundi that resembles a money order.

6. Darshani Hundi: Payable on sight

7. Miadi Hundi or Muddati Hundi: Hundi that is payable after a specified period of time.

5. What do you understand by maritime trade?

A kind of trade that involves transportation of goods through sea using ships as the primary medium is called maritime trade. There are specific regulations for this kind of trade as there is risk involved in transporting goods through sea.

6. State the different types of economic activities.

Various economic activities are:

1. Profession: These are activities that requires specialised skills and knowledge and people involved in this are known as professionals

2. Employment: It is the type of economic activity where people get paid for the service they provide and are known as employees.

3. Business: It is the economic activity that deals with trading of goods and services with a motive to earn profit.

7. Why business is considered an economic activity?

Business is said to be an economic activity as the sole purpose of starting a business is to earn livelihood and also make profit from the activity. Hence, it is considered to be an economic activity.

8. State the meaning of business.

Business is the occupation where people engage themselves in activities that are related to purchase or production and sale of goods and services with the sole purpose of earning profit, and therefore produce or sell goods and services that are in demand.

9. How would you classify business activities?

Business activity can be classified as:

1. Industry

2. Commerce

Industry: It involves activities that are concerned with processing of raw materials to shape it into final product. The role of an industry is to provide value to the raw material so that it can be consumed by the end users (consumers). Industries are classified as primary, secondary and tertiary based on the function they perform.

Commerce: It is mainly concerned with trading and the related activities. It includes the exchange of goods and services. Commerce deals with two types of activities: trade and auxiliaries to trade. When goods are bought and sold, it is referred to as trade and auxiliaries to trade involved activities that include banking, transportation, advertising, communication. Commerce provides the necessary link that needs to exist between producers and consumers.

10. What are the various types of industries?

Industries can be broadly categorized into three types:

1. Primary Industries: These type of industries focus on getting raw material and the examples are mining, fishing and farming.

2. Secondary Industries: Such industries are mainly involved with manufacturing goods from raw materials and includes car, steel and electronics industry.

3. Tertiary Industries: These industries provide services and support to primary and secondary industries and with activities related to trade.

11. Explain any two business activities which are auxiliaries to trade.

Activities that facilitate exchange of goods and services are referred to as auxiliaries to trade. Two examples are:

1. Banking and Finance: Funds are necessary for acquiring assets, purchasing raw materials and also to meet other expenses. These funds can be obtained from a bank. Therefore, banking helps business activities to meet the required funds.

2. Advertising: It is an important component of marketing that involves promotion of products, and accurate promotion only help reach potential viewers that will result in sales.

12. What is the role of profit in business?

Profit is the only purpose for which business is done. Without profit a business will not sustain for long time. For a business to operate on a regular basis, a part of profit needs to be reinvested. It helps in growth of business. Role of profit in a business is that it is necessary for expansion of the business.

13. What is business risk? What is its nature?

Business risk, this term is referred to as the possibility of earning inadequate profits or losses due to unforeseen or unexpected circumstances. It can happen when demand for a particular product declines due to increased competition or change in customer preferences.

Nature of business risks are:

1. Profit related to risk: Profit is obtained as a reward for the risk taken in business.

2. Degree of risk taken depends upon the scale of operation of business

3. Risk is an essential part of any business.

4. Business risk arises due to uncertainties in business.

Long Questions answers

1. Discuss the development of indigenous banking system in Indian subcontinent.

Indigenous banking system played a prominent role in lending money and also in financing domestic and international trade with help of currency and later with the letter of credit. As the banking system developed, people began depositing precious metals with individuals who were known as Seths. Money became the means which manufacturers can use to produce more goods. Later, documents in the form of Hundi and Chitti were used for carrying out monetary transaction. In ancient India, for trade promotion, the intermediaries played a prominent role. The financial security offered by them helped in taking risks in foreign trade. The institutions such as of Jagat Seth also exercised great influence during the period of Mughals and later in the time of East India Company. The availability of loans and rise in credit transactions helped in growth of commercial establishments.

India enjoyed a great balance of trade with exports held the upper hand in comparison to imports. This system helped manufacturers, traders and merchants in getting funds for expansion and development. Industrial and Commercial banks evolved to become finance trade and commerce, agriculture banks which provided short and long term loans to finance those involved in agriculture activities.

2. Define business. Describe its important characteristics.

Characteristics of business are:

1. Business is considered to be an economic activity as the sole purpose of starting a business is for earning profit.

2. Business deals with procuring of raw materials and converting them into finished products and selling to consumers

3. Sustainability and the future growth of business is determined by the profit it is earning.

4. Business involves exchange of goods and service using a common medium i.e money.

5. Any business whether small or big will face business risks

6. There will be uncertainty of returns as the business may incur loss or gain profits

3. Compare business with profession and employment.

4. Define industry. Explain various types of industries giving examples.

Industry is referred to the economic activities that result in converting resources into useful goods. The use of machines and technical skills are involved which is used for producing variety of goods, breeding animals. There are three types of industries:

1. Primary Industries: These type of industries deal with products that are obtained from natural sources. The main purpose of such industries is to convert raw material into a form that can be consumable. Examples of such industries are farming, hunting, mining, fishing industries. Primary industries can be classified into two types based on the activities performed.

a. Extractive Industries: These industries deal with products that needs to be refined so that it can be used in some other industries. The examples are mining and fisheries.

b. Genetic Industries: These industries deal with breeding plants and animals and using them for further use.

2. Secondary Industries: These industries deal with manufacturing of products, they acquire raw materials and convert them into goods to which further value can be added. Such type of industries can be categorised as:

a. Manufacturing Industries: Here the raw materials gets converted into finished products to become readily usable such as petroleum, wax which is obtained from mineral oil etc.

b. Synthetic Industries: These combine raw materials to form a new product. Examples are cosmetic industry.

c. Processing Industries: Here the raw material is processed and purified in order to arrive at a final product. Examples are paper and sugar industries.

d. Assembling Industries: Combining various components in order to arrive at the final product is the speciality of assembling industries. Examples are electronics industry or automobile company or Construction Company.

3. Tertiary Industries: These industries serve as the facilitator of primary and secondary industries. These industries are mainly involved in providing service to the industries, Examples are baking, transportation.

5. Describe the activities relating to commerce.

There are two types of activities in commerce namely 1. Trade and 2. Auxiliaries to trade.

Buying and selling of goods is called trade whereas auxiliaries to trade involves activities such as banking, communication, transportation and advertising. Commerce enhances the link between consumers and producers.

1. Banking and Finance: It is one of the most important requirement to run any business. Without finance the free movement of goods is restricted. A banking arrangement helps in availability of credit to traders thus acting as an auxiliary to trade.

2. Warehousing: It refers to storing of goods till the time it is ready to be transported. Warehousing ensures proper storage and facilitates easy availability of goods.

3. Transportation: It helps producer in purchasing of goods and other necessary items from different places and also sell it in different areas. It helps in buying and selling of goods.

4. Advertising: Advertisements through various channels such as radio, TV helps in reaching the information to the audience and increase sale

5. Insurance: There will be risks in business and to cover against, you need to get insured.

6. Explain any five objectives of business

Business objectives can be discussed as follows:

1. Maximum Profit: The only motive of doing business is to earn profit. Growth prospects can be determined by the capacity to earn profits. The profit earned can be reinvested to earn higher growth.

2. Market Share: A business will have competition and by staying ahead of competitors a business develops a market share. Maximum market share can be captured by providing quality products at reasonable price.

3. Worker performance: A business will be performing at its best if the workers are motivated and satisfied. It requires a healthy working environment for the workers for making a great contribution.

4. Innovation: Innovation is the key to cutting down costs while improving performance, and by doing this a business can stay ahead of its competitors.

5. Social Responsibility: A business has certain responsibilities towards the society and these include removing poverty, unemployment and pollution etc. Fulfilling those responsibilities a business earns the goodwill.

7. Explain the concept of business risk and its causes.

Business risk, this term is referred to as the possibility of earning inadequate profits or losses due to unforeseen or unexpected circumstances. It can happen when demand for a particular product declines due to increased competition or change in customer preferences. It is very difficult to determine customer preferences as it is subject to change.

Business risk is of two types namely pure business risk and speculative business risk.

a. Pure Business Risk: In this type of risk, there is chance of losses or no loss whatsoever. Such risks can be associated with theft, various natural calamities and fire.

b. Speculative Business Risk: In this type of risk there is an equal chance of earning profit or incurring loss, such type of risk arises due to changes in government policy, competitor’s policy, price change or a change in consumer preferences.

Business risk is caused due to the following as discussed below:

1. Economic Causes: These types of business risk arises due to uncertainty surrounding the changes in policy of competitors, price change or changes in preference of consumer.

2. Natural causes: Natural calamities such as flood, earthquake and famine can cause extensive loss to a business. Such risks are beyond control.

3. Human causes: These are caused by negligence on part of humans like carelessness, riots, strikes are some examples.

4. Other causes: There are some events that are unpredictable such as political disturbances, interest and exchange rate fluctuations.

8. What factors are to be considered while starting a business? Explain.

It is common for a business to check all the aspects before starting the operations. Here are some of the important points to consider:

1. Line of Business: This helps in a determining the line of business as it will help boost confidence.

2. Scale of business: This determines the scale on which the business will be run.

3. Location: A location for setting up a business requires considering the following factors such as cheap labour, availability of raw material, good transportation facilities, sufficient power and infrastructural facilities.

4. Finance: Business is impacted in every step by finance, starting from purchasing raw materials to machinery and then the further investments needed for growth. Therefore, raising funds is necessary for business.

5. Efficiency of Workforce: A trained workforce is a pre-requisite to carry different business activities, therefore identifying skilled workforce is a must before starting a business.

6. Physical requirements of business: These include the tools, machinery and technology that increases the business efficiency. So it should be chosen as per the nature and scale of business.

Benefits of NCERT Solutions

NCERT’s Class 11 solution contains extremely important points, and for each chapter, each concept has been simplified to make it easier to remember and increase your chances of achieving excellent exam results. Exam Preparation References Here are some tips on how these solutions can help you prepare for the exam.

  • This helps students solve many of the problems in each chapter and encourages them to make their concepts more meaningful.
  • NCERT Solutions for Class 11 solutions encourage you to update your knowledge and refine your concepts so that you can get good results in the exam.
  • These solutions are the best exam materials, allowing you to learn more about your week and your strengths. To get good results in the exam, it is important to overcome your weaknesses.
  • Most of the questions in the exam are formulated in a similar way to NCERT textbooks. Therefore, students should review the solutions in each chapter in order to better understand the topic.
  • It is free of cost.

Tips & Strategies for Class 11 Exam Preparation

  • Plan your course and syllabus and make time for revision
  • Please refer to the NCERT solution available on the  cbsestudyguru  website to clarify your concepts every time you prepare for the exam.
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  • It is important to clear all your doubts before the exam with your teachers or Alex (an Al study Bot). 
  • When you read or study a chapter, write down algorithm formulas, theorems, etc., and review them quickly before the exam.
  • Practice an ample number of question papers to make your concepts stronger. 
  • Take rest and a proper meal.  Don’t stress too much. 

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  • Important Questions for CBSE Class 11 Business Studies (2023-24)

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CBSE Class 11 Business Studies Important Questions - Free PDF Download

Class 11 is the introduction of higher secondary education for the students. For commerce students, business study is an essential subject. They should read this subject sincerely for better higher education. Class 11 business studies syllabus contains vital topics. The students should read the syllabus including important questions for class 11 business studies. The chapter wise important questions are essential exam preparation tools, which will help in scoring good marks. In Class 11 , students are introduced to the commerce subjects, which they will have to study in their higher academic life.

Class 11 Business Studies comprises eleven chapters that cover important topics. These topics need the highest attention from the students to prepare. To assess their preparation level, they can download and solve the Class 11 Business Studies term 2 Important Questions with Solutions developed by the subject experts of Vedantu. Find the solutions to these questions and take a step ahead in your preparation.

CBSE Class 11 Business Studies Chapter-wise Important Questions 2023-24

Chapterwise important questions for cbse class 11 business studies.

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Class 11 Business Studies Syllabus

Central Board of Secondary Education (CBSE) has included business studies as a vital subject in the class 11 commerce curriculum. The syllabus of business studies includes introductory chapters of some vital topics. The students will get primary knowledge about some vital topics of business studies. The entire syllabus of business studies is divided into part A and part B. Part A is about business foundation knowledge, which contains 6 different units. Part B is about trading and financial knowledge contains 4 units. Each part of the syllabus carries equal division for the exam. The students should read both parts with equal sincerity. They should learn all the topics thoroughly for future convenience and good marks in the final exam. To score well in the exam, they should practice class 11 business studies important questions after completing the entire syllabus.

Class 11 Business Studies Part A

The first part of class 11 business studies includes 6 units about the foundation of the business. The units of part A are Business Evolution and Fundamentals, Different forms of Business Organizations, private, public and multinational business companies, service of business, Business emerging Modes, Business Ethics and Social Responsibility in Business. Here, we have discussed the units briefly.

1. Unit 1: Business Evolution And Fundamentals

The first unit has 8 chapters, which are commerce and trading history of India, definition, and characteristic of business, Profession and Employment concept of Business, Business Objective, Business Activity classification (commerce and industry), Industry Types in Business, the meaning of commerce-trade, Risk concept of Business. All these chapters are important for knowing the subject primarily.

2. Unit 2: Different Forms of Business Organizations

This unit contains 6 chapters about business organization. The chapters are the concept of a sole proprietorship, the concept of partnership, the concept of partnership, the concept of Hindu Undivided Family Business, concept of cooperative society, concept, and classification of company, stages of company Formation.

3. Unit 3: Private, Public, and Multinational Business Companies

The third unit of part business studies class 11 has two chapters. The chapters are the concept and difference of private and public sector, different forms of the public sector. This unit gives an idea of business sector types to the students.

4. Unit 4: Service of Business

This unit includes 3 different chapters about business services. The chapters of this unit are concepts of banking and account types, different forms of banking services and payments, concept and classification of Insurance. All these chapters include primary knowledge of different business services.

5. Unit 5: Business Emerging Modes

This unit has only one chapter about business emerging modes, which is E-business. In this chapter, the concept, features, benefits, and scopes of E-business are described in detail. The students should read this chapter as a vital topic for better knowledge of business studies.

6. Unit 6: Business Ethics And Social Responsibility In Business

The last unit of part A class 11 business studies includes 4 chapters. The chapters are the concept of social responsibility, case of social responsibility, different forms of business responsibility, the role of business in environment protection. The chapters of this unit inform about the ethics and responsibilities of business.

Class 11 Business Studies Part B

The second part of the class 11 business studies syllabus is about trading and financial knowledge business. This part contains four units about trading and financial knowledge. The units are Financial Source of Business, Enterprise, and small business, Internal trading, International Trading. All the units have many chapters. Here, we have discussed the units in a brief.

1. Unit 7: Financial Source of Business

The first unit of class 11 business studies part B has three chapters. The chapters are the concept of Finance in business, the concept of different business materials: owners’ funds, shares, receipts, the concept of borrowed funds. All three chapters give a rough idea of the financial sources and factors of the business.

2. Unit 8: Enterprise and Small Business

This unit has four different chapters about enterprise and small business. The chapters are concept and features of enterprise, classification of enterprise, the role of small business in India, Government schemes for enterprise and small business. The students should read these chapters for deep knowledge in business studies.

3. Unit 9: Internal Trading

This unit includes two chapters, which are the concept of internal trade and the concept of large-scale retailers. The first chapter defines the meaning and features of internal trading. In the second chapter, the students will learn about different stores on a large scale.

4. Unit 10: International Trading

The last unit of class 11 business studies part B has two chapters. In the first chapter, the students will learn the concept, features, and benefits of International Trading. The second chapter is the Definition and Objectives of the World Trade Organization (WTO). Both chapters are important for advancing knowledge in business studies.

Business Studies Class 11 Important Questions Chapter Wise

Class 11 business studies syllabus includes a huge number of chapters separated into different units. The students have to read all the chapters thoroughly to learn the topics correctly. They have to complete the entire syllabus and revise them within an academic year. That is why chapter wise important questions for class 11 business studies during revision. From the chapter wise important questions for class 11 business studies during revision. From the chapter wise important questions, the students will get a chapter insight as well as the question pattern. The chapter wise important questions will make the revision and exam preparation easier. Important questions for class 11 business studies are vital exam preparation tools.

Benefits of Important Questions for Class 11 Business Studies

The benefits of practicing chapter wise important questions are –

The students will get to know the question pattern.

The revision and exam preparation will be easier.

The students will achieve efficiency by practicing the questions repeatedly.

The students can practice the questions considering the time to increase time management capability.

Significance of CBSE Class 11 Business Studies term 2 Important Questions with Solutions

There are a total of 11 chapters in the Class 12 Business Studies syllabus. These chapters are based on important topics such as business, trade, commerce, modes of business, business services, company formation, international business, internal trade, etc.

The syllabus has been divided into two parts for the convenience of the students. To make the preparation of all the chapters on these two parts easier, students complete solving the exercises and then proceed to solve the important questions. These Important Questions for Class 11 Business Studies Board Exam have been framed by the top subject experts of Vedantu to cover the entire syllabus properly.

These questions come with proper solutions framed by the same experts to offer convenience in solving them. These solutions will aid the students to focus on the answering formats and how to use the concepts of this subject in a better way.

Hence, these important questions will enable students to test their preparation level and to find out how to solve fundamental questions to score more in the exams.

Advantages of CBSE Class 11 Business Studies Important Questions with Answers PDF

All 11 chapters have been approached individually to form separate files. These files can be found on the list here to download. Hence, you can add more convenience to your study sessions by accessing these files easily.

Resolve doubts on your own when you have the solutions for all these chapters here. These solutions will come in very handy when any query arises. You can answer those queries instantly and proceed with your preparation.

Focus on how the experts have used the simplest explanation of all the answers in the solutions. Learn from the formats and practice to answer all exam questions within the given time and score more.

Recall all the concepts and principles you have studied in these solutions easily and answer the questions accurately in an exam.

Solved Examples

1. Why is Insurance Known as the Tertiary Industry?

Solution: Insurance is a support service to the primary and secondary services. Tertiary industries are concerned with providing support services. The services are to primary and secondary industries as well as activities relating to trade, which provide service facilities. Therefore, insurance is known as the tertiary industry.

2. Categories the Following into Profession, Business, and Employment: Farmer, Clerk, Advocate, Hawker, Person Working in Repairing Shop, Doctor.

Farmer – Business

Clerk – Employment

Advocate – Profession

Hawker – Business

A person working in repairing shop – Employment

Doctor – Profession

3. Explain the Meaning of Unlimited Liability.

Solution: Unlimited liability refers to the indefinite extent of liability to pay a firm’s obligations, extending beyond the investments of the firm’s owners, partners, or shareholders to their assets. This extent of liability is supposed to be an unlimited liability company, which can be a sole proprietorship or general partnership.

4. A Special Act of Parliament Bought Which Public Sector Form Into Existence?

Solution: Statutory corporations are the special act of the parliament. The act defines its functions and powers, rules and regulations, and its relationship with departments of the government. They have the power of the government and a considerable amount of operating flexibility of private enterprises.

5. Define the Meaning of Banking.

Solution: A banking company is the one transacting the business of banking. It means accepting for investment and lending of deposits of money. The acceptance is from the repayable on demand, or the public, or otherwise and withdrawal by drafts, cheques, order, or otherwise. Basically, a bank accepts money repayable on demand, public, and also earns a profit by lending money.

6. Define Outsourcing.

Solution: Outsourcing is a long-term contracting out of the non-core and of late even some of the core activities. The captive or third-party specialists benefit from their experience, expertise, efficiency, and even investment.

7. Define the One Need for Social Responsibility.

Solution: A socially responsible company can create a company’s image and build its brand. By projecting a positive image, a company can make a name for not only being financially profitable but socially conscious as well.

8. What is the IEC Number?

Solution: ICE number refers to import export code number, which is obtained from the Directorate General Foreign Trade (DGFT) or Regional Import Export Licensing Authority. It is a prerequisite to obtaining an export license.

Download Class 11 Business Studies Important Questions with Answers PDF 2023-24

Get the free PDF versions of these questions for all the chapters. Focus on how you can make your preparation better by practising these questions. Learn to use the solutions and methods provided by the experts to grow your answering skills. Develop your concepts for Class 11 Business Studies and ace all the exams by becoming more confident.

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FAQs on Important Questions for CBSE Class 11 Business Studies (2023-24)

1. Explain 6 important factors that are to be considered for starting a business.

The 6 important factors that are to be considered for starting any business are as follows.

The Selection of Business Line: Select your business line wisely, that is, ensure the possibility of business growth and profitability when you select the nature and type of business.

The Size of the Business: Depending on the market demand and supply of your business products, select the size of your business. For high demands and fewer risk factors, select a large-scale business, and for high-risk factors select a small-scale business.

Choice of the Ownership Form: The type of ownership of your business depends on the line of business, capital requirements, legal formalities, the liability of owners, etc.

Location of the Business Firm: The location of the business firm depends upon the availability of labourers and raw materials.

Financing the Proposition: Financing the business proposition includes arranging the necessary capital for the business.

Physical Facilities: To start a business, it is important to check for the availability of machines, equipment, and other services.

Plant Layout: The layout of the business details has to be chalked out well in advance.

Competent Workforce: Arranging for a competent workforce is one of the basic necessities for starting a business. The growth of the business depends greatly on the workforce.

Tax Planning: Proper tax planning is necessary for every business, be it large-scale or small-scale.

Launching a Business Firm: With all the above factors taken care of, the business or the enterprise can be launched successfully.

2. What are the types of a service business?

There are three types of service businesses or enterprises, and they are as follows.

Micro Enterprises: The investment in the business equipment is within 10 lac rupees. 

Small Enterprises: The investment in the business equipment is between 10 lacs and 2 crores rupees.

Medium Enterprises: The investment in the business equipment is between 2 and 5 crore rupees.

3. Give two advantages of supermarkets.

The two advantages of supermarkets are as follows.

Sales are all carried out in cash or cards, leaving no chances of debts.

A wider variety of goods are available in the supermarkets, making it more likely for the buyers to end up making a purchase.

4. Are the important questions for CBSE Class 11 Business Studies beneficial for exam preparation?

Yes, the important questions for CBSE Class 11 Business Studies available on Vedantu are highly beneficial for exam preparation. Our in-house team of subject matter experts has curated and prepared these questions and solutions after making a detailed study of the entire syllabus of Class 11 Business Studies. The important questions from each chapter are arranged in a separate PDF file, for the convenience of students. You can download these files for free from Vedantu and refer to them for effective learning. These important questions also make an excellent study material for the Class 11 Business Studies examination. Therefore, download the PDF files and revise all the topics of Class 11 Business Studies by referring to these important questions and answers.

5. Where can I get the list of Important Questions of Class 11 Business Studies?

When looking for important questions for Class 11 Business Studies, the best place to be at is Vedantu’s e-platform. Students can find accurately chosen and explained questions that are important to prepare before their Class 11 Business Studies exams. The solutions for these questions have been carefully crafted by subject experts at Vedantu. The important questions and their solutions can be downloaded free of cost by students for offline access. You can also easily access them from Vedantu’s website. These solutions are available at free of cost on Vedantu(vedantu.com) and mobile app.

6. What are the chapters covered in Important Questions for Class 11 Business Studies?

Important Questions for CBSE Class 11 Business Studies provided by Vedantu cover the following chapters:

Chapter 1 - Business, Trade and Commerce

Chapter 2 - Forms of Business Organisation

Chapter 3 - Private, Public and Global Enterprises

Chapter 4 - Business Services

Chapter 5 - Emerging Modes of Business

Chapter 6 - Social Responsibilities of Business and Business Ethics

Chapter 7 - Formation of a Company

Chapter 8 - Sources of Business Finance

Chapter 9 - Small Business

Chapter 10 - Internal Trade

Chapter 11 - International Business

7. How many books are there for Class 11 Business Studies?

The Central Board of Secondary Education (CBSE) prescribed only one book for Class 11 Business Studies. This book has been published by NCERT and it is available in both English and Hindi mediums. There are a total of 10 chapters in this book divided into two parts. Part A contains six units that discuss knowledge about the business foundation and part B consists of the remaining four units that talk about financial and trading knowledge.

8. What are the most important chapters in Class 11 Business Studies?

The syllabus for Class 11 Business Studies contains a total of 10 chapters. Out of these, the most important chapters are Chapter 7 - Sources of Business Finance, Chapter 8 - Small Business, Chapter 9 - Internal Trade, and Chapter 10 - International Business. These are considered important since they contain higher weightage than all other chapters in the syllabus. Students can refer to Important Questions for CBSE Class 11 Business Studies for better preparation of these chapters.

9. What is meant by Banking?

As discussed in Class 11 Business Studies, banking is the term given to all activities related to business that involve accepting and safekeeping money owned by other entities for the purpose of lending or investment. The money that is deposited is also repayable on demand or otherwise, and withdrawable by cheque, order, draft, etc. It is an important service facilitating the economy by offering people an opportunity to save.

Important Questions for CBSE Class 11

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NCERT Solutions for Class 11 Business Studies Chapter 1

case study of chapter 1 business class 11

NCERT Solutions for Class 11 Business Studies Chapter 1 Business, Trade and Commerce. Answers of all short and long answers in proper explanation are given here on this webpage. Completely solved chapter end exercise and extra question answers are also included for practice. Important Questions for viva and practical are also given to revise this chapter.

Download Class 11 Business Studies Chapter 1 Study Material in Hindi and English

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11th Business Studies Chapter 1 Short Answer Questions

List any five major commercial cities of ancient india.

Five major commercial cities of ancient India are: Patliputra : Major centre of export of stones. Taxila : City of financial and commercial banks. Indraprastha : Commercial junction for roads. Mathura : Emporium of trade and commerce. Varanasi : Major centre for textile industry and gained fame for the gold silk cloth.

What is Hundi?

It is a document which is used for carrying out transactions in which money is passed from one hand to another hand. Hundi is a tool of exchange, which was well-known in the subcontinent. It involved a contract which: (i) licence or warrant the payment of money, the promise or order which is unconditional (ii) capable of change through transfer by valid negotiation.

List the major exports and imports in ancient India.

Major exports and imports in ancient India are as follows: Imports: Copper, lead, animal products, horses, gold silver, coral, glass, tin etc. Exports: Sugar, indigo, cotton, spices, opium, wheat, sesame oil, crystal, granites, copper etc.

What were the different types of Hundi in use by traders in ancient times?

The different types of Hundi used by traders are as follows:

  • Dhani-jog : This type of Hundi is payable to any person without putting any liability on the person who receives the payment.
  • Sah-jog : This is payable to a specific person, someone who is deemed as respectable while putting a liability on the person who receives the payment..
  • Firman-jog : This Hundi is payable on order.
  • Dekhan-har : This is payable to the presenter or the bearer.
  • Dhani-jog : This is payable to a person (called Dhani, who purchases it) without putting any liability over who receives the payment. However, the payment is done over a fixed time period.
  • Firman-jog : This type of Hundi is payable to order following a fixed term..
  • Jokhmi : This type of Hundi is drawn against dispatched goods. Herein, in case the goods are lost during the transit, then the drawer bears all the costs without putting any liability on the Drawee.

11th Business Studies Chapter 1 Important Questions

What do you understand by maritime trade.

Maritime trade or marine trade was an important branch of worldwide or global trade network. The Malabar Coast, on which Muzir is situated, has a fairly long history of International maritime trade going back to the era of the Roman Empire. Pepper was mainly valued in the Roman Empire and was known as Black Gold . For centuries, it remained the reason for opposition and conflict between various empires and trade powers to dictate the route for this trade. It was in the search for an alternate route to India for spices that led to the discovery of America by Columbus in the closing years of 15th century and also brought Vasco- da- Gama to the shores of Malabar in 1498.

State the different types of economic activities.

Economic activities involve production, distribution, exchange and consumption of services and goods to consumers. Our livelihoods depend on these activities. The different types of economic activities are as follows: Business : It refers to all those activities which involve production, purchase, sale and supply of goods and services on a regular basis. The main motive of any business is to earn maximum amount of profit. Profession : A profession is an occupation where individuals with an expertise or specialized knowledge and qualification provide specialised services in the relevant field to the masses to earn a living. Each profession is distinct from the other. Employment : People are hired to work regularly by different organisations. Salaries or wages are paid to employees in exchange for the working hours which they provide to a company.

Why business is considered an economic activity?

Any activity which has its main goal of earning profit is called an economic activity. However, there are certain other objectives which a business would like to attain along with earning profit such as increasing market share, improvement in productivity, employee satisfaction, consumer satisfaction, social objectives, but the core and basic objective of a business is to make profits. Therefore, it is called economic activity.

State the meaning of business.

Human beings, for earning a living, involve themselves in various economic activities. Business, an economic activity, is all about production, purchase, sale and supply of goods and services. The main motive behind engaging in a business is to earn adequate amount of profit. A businessman produces goods and services which are in demand so that he/she can earn maximum amount of profit.

How would you classify business activities?

Business activities are categorised as follows:

  • Industry : It refers to the economic activities that involve the constituent of production where raw materials undergo change and get converted to finished products. It results in utility as the raw materials are converted into useful finished products. It is also the group of firms that are producing the same type of goods. For example, the sugar industry comprises of all the firms producing sugar. Industries are again classified into three categories-primary, secondary and tertiary.
  • Commerce : After manufacturing and production, is the task of distributing goods. Activities that fall under the category of commerce involve helping directly or indirectly in the distribution of goods and services from the producers to the users or final consumers. Sometimes, goods that are high in demand , are produced at one place and need to be circulated and dispersed to consumers living at different places. In such situations, commerce or commercial activities take a lead in distributing and delivering the goods. Thus, the major commercial activities are transport, advertisement, packaging, warehousing, banking and communication. Hence, the gap between producers and consumers is removed by commerce. Commerce can then be further classified into¬ trade and auxiliaries to trade.

11th Business Studies Chapter 1 Important Questions Set 1

What are the various types of industries.

Different types of industries are as follows: 1. Primary industries: These include all those activities which are concerned with the extraction and production of natural resources. 2. Secondary industries: These are concerned with using the materials which have already been extracted at the primary stage. 3. Tertiary industries: These are concerned with providing support services to primary and secondary industries as well as activities relating to trade. These industries provide service facilities.

Explain any two business activities which are auxiliaries to trade.

Two business activities which are auxiliary to trade are explained below: 1. Transport and communication: Transport resolves the problem of movement of goods from the place of production of goods to the place where these are demanded in different parts of the country. The hindrance of place is eliminated by transport- road, rail or coastal shipping. Along with transport, communication is helps in exchange of information between producers, consumers and traders. 2. Advertising: Advertising is one of the most important methods of promoting the sale of products, particularly

What is the role of profit in business?

Profits play a vital role in any business. Earning of profits is essential for any business because of the following reasons given below: (a) Means of Livelihood: It is the most important source of income and provides livelihood for the businessman. Everyone has to satisfy his basic needs of food and shelter. (b) Rewards for taking risks: Profit is as reward earned by taking risk associated with the business. The profit element keeps the zeal alive in a business. (c) Funds for Growth: Profit is the source of finance for expansion and diversification of business activities. A business should not be restricted; rather it should be expanded whenever possible. (d) Symbolic of efficiency and efficacy: Profits symbolize that management is efficient and business is operating in a healthy manner. (e) Enhancement in goodwill: Profit help in building the reputation or goodwill of the business firms. With profit increasing over time, a business enterprise gains reputation in the market.

What is business risk? What is its nature?

Business Risk refers to the possible situation of inadequate profits or losses occurring due to uncertainties or unexpected events in the business. For example, the demand for a particular product may decline due to change customer mindset, tastes or preferences. Fall in demand will result in lesser sales and thereby lesser profits. These are of two types-speculative and pure. Nature of Business Risks

  • Natural calamities, change in demand and prices, change in technology etc. are some of the examples of uncertainty which create risks.
  • Business risk is unavoidable. Risk can be minimised but cannot be eliminated.
  • Degree of risk depends mainly upon the nature and size of business: For small scale business it is less and for large scale business it is more.
  • An entrepreneur takes risks and in consideration he gets rewarded with profit. Greater the risk higher is the chance of profit.

11th Business Studies Chapter 1 Long Answer Questions

Discuss the development of indigenous banking system in indian subcontinent..

Indigenous banking system is a banking system that was developed in the ancient times wherein individuals or private firms (also known as indigenous bankers) performed different functions like accepting deposits, lending money by way of currency or letter of credit etc. As the economic life progressed, metals began to complement other merchandise as money because of its sturdiness and divisibility. Money served as a medium of exchange and the introduction of metallic money and its use accelerated the economic activities. Documents such as Hundi and Chitti were in use for carrying out trade transactions in which money passed from hand to hand. Hundi was an instrument of exchange, which was prominent in the subcontinent. It involved a contract which(i) warrant the payment of money, the promise or order which is unconditional (ii) capable of change through transfer by valid negotiation. Indigenous banking system played an important role in lending money and financing domestic and foreign trade with currency and letter of credit. With the expansion of banking, people started depositing the precious metals with lending individuals carrying out banking as bankers or Seths, and money became an instrument for supplying the manufacturers with a means of producing more goods. Agriculture and the domestication of animals were important mechanism of the economic life of ancient people. Due to the favourable climatic conditions, they were able to grow two or sometimes three crops in a year. In addition to this, by doing weaving of cotton, dyeing fabrics, making clay pots, utensils, and handicrafts, sculpting, cottage industries, masonry, manufacturing, transports (i.e., carts, boats and ships), they were able to produce surplus and save for further investment. Workshops (Karkhana) were well-known for there skilled artisans who worked and converted raw materials into finished goods which were high in demand. Family-based apprenticeship system was in practice and was duly followed within the family in acquiring trade-specific skills. The artisans, craftsmen and skilled labourers of different kinds learnt and developed skills and knowledge, which were passed on from generation to generation.

Define Business. Describe characteristics of business.

Human beings, in order to earn a living were involved in various economic activities. Business, being an economic activity, is all about production, purchase, sale and supply of goods and services. The principle motive behind engaging in a business is to earn adequate amount of profit. A businessman produces goods and services which are in demand so that he/she can earn maximum amount of profit. The characteristics of business are as follows: 1. Economic activity: Business is conducted by entrepreneurs to earn an adequate amount of profit and not to fulfil psychological needs. Thus, we can conclude that it is an economic activity. 2. Production or procurement of goods and services: Business involves procurement of raw materials and semi-finished goods and services. It either manufactures the goods or acquires them from producers and then sells to the final consumers at higher prices. 3. Profit earning: Profit is the main purpose of business. A business can continue and grow only if it is earning a good amount of profit. If the profit motive is missing in a business, then it cannot be considered a business activity. 4. Sale or exchange of goods and services: Business involves the sale or exchange of goods and services between the seller and buyer (producer and consumer) for value. Thus, production of goods for self-consumption will not be considered business, but if production of goods is for sale in the market, then it will be called business. 5. Dealings in goods and services regularly: Business involves an exchange of goods and services done on a regular basis. One single transaction of sale does not constitute a business. Business transactions regularly are a must for the business to survive. 6. Risk element: Business risk may be defined as the possibility of incidence of losses or insufficient profits because of various unexpected events which cannot be controlled by business. Every type of business faces risk although the degree of risk may be different from business to business. A business risk can be reduced but cannot be eliminated. 7. Uncertainty of return: Uncertainty of return means lack of knowledge regarding the returns on investment. That is, a businessman does not know the amount of profit which he is going to earn in the future.

11th Business Studies Chapter 1 Important Questions Set 2

Define industry. explain with examples the various types of industries..

4 Following are the various types of industries: Primary industry : Under these industries, activities related to extraction and production of natural resources and reproduction and development of living species are involved. Farming, mining, lumbering, hunting, fishing operations, breeding farms and poultry farms are examples of primary industries. These industries are classified into extractive industries and genetic industries. Extractive industries : Products are extracted (taken out) from the natural resources such as soil and water. Then the manufacturing industries convert the products of these industries into useful goods or finished products. Examples: Farming, mining, lumbering, hunting and fishing operations Genetic industries : They include breeding and reproduction of plants and animals. Examples: Cattle breeding farms, poultry farms, fishing hatcheries Secondary industries : The final products of primary industries are processed and changed to final goods by secondary industries. Iron mining belongs to the primary industries, whereas manufacturing of steel comes under secondary industries. Secondary industries are further classified as manufacturing industries and construction industries. Manufacturing industries : These industries convert raw materials or semi-finished products into finished products. For example, sugarcane is converted to sugar. These industries are divided into the following categories. 1. Analytical industry: A raw material is analysed and separated into different products. Example: Oil refinery. 2. Synthetic industry: Different raw materials are combined to produce a new product. Examples: Cement industry, cosmetic industry. 3. Processing industry: This industry involves successive stages in order to produce the product. Examples: Sugar industry, paper industry. 4. Assembling industry: different parts are assembled to make a new product. Examples: Television, car, washing machine, computer. Construction industries : These industries are engaged in construction of buildings, dams, roads and bridges. These industries require engineering and architectural skills. Tertiary industries : These industries are the service providers for the primary and secondary industries and for trade-related activities. Examples: Transport, banking, insurance, warehousing, advertising

Describe the activities relating to commerce.

Activities that are related to commerce are¬ -trade and auxiliaries to trade. Trade means buying and selling of goods and services. It is only through trade that goods are made available to the consumers from manufacturers end. Trade can be classified into two types: Internal trade : When the trade occurs within the geographical boundaries of the country (within the country), it is called internal/home/domestic trade. It is further classified into wholesale and retail trade. i. Wholesale trade: It deals with buying and selling of goods on a large scale. ii. Retail trade: It deals with buying and selling of goods in smaller quantities. External trade : When trade occurs beyond the geographical boundaries of the country between people and organisations (with other countries), it is called external trade. External trade can be classified into import, export and entrepôt. i. Import trade: Goods purchased from foreign countries come under import trade. ii. Export trade: Goods sold to foreign countries fall under export trade. iii. Entrepôt trade: Importing goods for exporting them to the other country again is termed entrepôt trade.

Auxiliaries to trade : It refers to those activities which support the activities of trade. These activities are also called services as they eliminate various obstacles which take place while the goods are being produced and distributed. The following are the auxiliaries to trade. Transport and Communication : Production and consumption of goods take place at different places. Thus, it is essential to move goods from the place of production to the place of consumption. Transport facilitates this movement and transfers raw materials to the place of production. In addition to transport facility, communication is required so that information can be exchanged between producers, traders and consumers. Banking and Finance : A business cannot be get going unless it has funds and investments available for its expenses like purchasing raw materials and meeting day-to-day expenses. It can obtain funds from banks and financial institutions by taking loans, and thus, banks overcome the business’ problem of funds. Banks help businessmen in both internal and external trade. Insurance : Every business involves different types of risks such as risk of loss due to fire, theft and damage and risk of accident. To be safe from such risks, a business can opt for insurance. Insurance provides protection from all kinds of risks and in return charges fees (which is called premium). Warehousing : Production and consumption of goods does not take place simultaneously. There is a time gap between them. Hence, some place is needed for storing the goods before supplying them to the ultimate consumers. Advertising : It is a tool for promoting a product. Promotion of the product increases its sales. It is a way of letting the customers know about the features of a product to convince them to buy it.

Explain any five objectives of business.

Objectives are the end product of a business towards which all the business activities are directed. Although the main objective of every business is to earn maximum amount of profit, with growing competition and multiplicity, manifold objectives have been put in place. All the efforts of a business are inclined to achieve those objectives. Keeping the prime objective in mind, a business strives to achieve the following objectives:

  • Market standing : It means the position of the firm in a market. A firm can hold a strong position in the market by providing a good quality product to its customers and offering product-related benefits.
  • Innovation : It means the development or invention of new ideas, techniques and methods to meet the new and upcoming demands of the flourishing business and competitive market. It is one of the important objectives as no business can survive in the market without innovation or new ideas.
  • Productivity : It is calculated by making a comparison between the output and input. Competence and efficiencyare measured through productivity. To survive and grow, it is essential for the organisation to be productive.
  • Maximum profit : Profit is the excess of revenue over cost. The purpose of every business is to earn adequate amount of profit. A business can sustain and grow only if it is earning a good amount of profit.
  • Physical and financial resources : Physical resources such as plants, machines, furniture and office and financial resources ( funds) are required by every business organisation to run the organisation.

11th Business Studies Chapter 1 Important Questions Set 3

Explain the concept of business risk and its causes..

Business risk may be defined in terms of the possibility of occurrence of losses or insufficient profits because of various unexpected events which cannot be controlled by business. For example, customer preferences for a certain product declines after a certain period because of some competitors’ policies or change in taste; in such cases, it is extremely difficult for a businessperson to correctly anticipate consumer preferences, as a result of which he or she always faces the risk of unforeseen fluctuations in demand. This results in the business going for a loss because of the fall in demand. Two types of business risks are speculative risk and pure risk. Speculative risk : Risks taken on the basis of forecasts and guesses can be termed speculative risk. It involves an equal possibility of earning gains or incurring losses. It arises because of change in market conditions like changes in government policies and fluctuation in demand and supply. Pure risk : Risks which cannot be predicted precisely is pure risk. A firm can incur only losses or incur no loss at all. Pure risk can be the risk associated with theft, fire and various natural calamities. Causes of business risk : Natural causes : The one thing which humans have no control over is nature. So, when unforeseen natural calamities occur, it causes heavy and irreplaceable losses to life, property and income. Economic causes : Price fluctuations and change in government policies, preferences, taste and demand of consumers are some of the economic causes which will cause the downfall of a business. Human causes: One of the common causes of business loss is humans. For example, dishonest behaviour of employees, carelessness of employees and strikes. Other causes : Political disturbances, exchange-rate and interest-rate fluctuations, budget amendments, physical or technical disabilities and mechanical failures can be some other causes which may result in a business risk.

What factors to be considered while starting a business? Explain.

Factors to be considered while starting a business: 1. Selecting a business line: The basic decision which needs to be taken at the start is choosing a line of business. This decision is dependent on many factors such as demand of consumers, interest area of entrepreneur and profit margin in the production of a particular product. Besides these, technical knowledge which an entrepreneur has for the production of a particular product influences the selection of a line of business. 2. Size of the business: The size of the business, i.e. whether to operate on a large scale or small scale, is also one of the important decisions to be considered while starting a business. A business can be operated on a large scale if the entrepreneur is confident regarding the demand for the product and the capital can be easily arranged. On the contrary, operations will be started on a small scale if the risk is high; there is difficulty in arranging large amount of capital and market conditions are unstable. 3. Location: The choice regarding the place of starting a business depends on the following factors. a) Availability of raw materials and labour b) Power supply c) Services such as banking, transport, communication and warehousing 4. Venturing into a business started at a wrong location will result in high cost of production, inconvenience in getting the right kind of raw materials and low demand. 5. Financial requirement: Finance is required at every stage of a business from the start point of business and purchase of fixed assets to continuous investment in the business. In this regard, a proper financial analysis helps determine the required capital amount, capital sources and the best ways to use capital. 6. Tax planning: Tax laws influence the profit margin and working of the business. Hence, it becomes essential for the business to do tax planning well in advance. 7. Physical facilities: Before starting a business, physical facilities such as machines, equipment, building and other important physical resources should be carefully considered. This is because physical resources add to the efficiency of a business. This decision is based on the nature, size and production process of the business as well as the availability of funds.

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MCQ Questions for Class 11 Business Studies Chapter 1 Nature and Purpose of Business with Answers

MCQ Questions for Class 11 Business Studies Chapter 1 Nature and Purpose of Business with Answers

We have compiled NCERT MCQ Questions for Class 11 Business Studies Chapter 1 Nature and Purpose of Business with Answers Pdf free download. MCQ Questions for Class 11 Business Studies with Answers were prepared according to the latest question paper pattern. Practicing these Nature and Purpose of Business Class 11 Business Studies MCQs Questions with Answers really effective to improve your basics and learn all the key concepts.

Nature and Purpose of Business Class 11 MCQs Questions with Answers

Choose the correct answer

Question 1. Which of the following does not characterise business activity : (a) Production of goods and services (b) Presence of risk (c) Sale or Exchange of goods and services (d) Salary or wages.

Answer: (d) Salary or wages.

Nature and Purpose of Business with Answers

Question 2. The industries which provide support services to other industries are known as : (a) Primary industries (b) Secondary industries (c) Commercial industries (d) Tertiary industries.

Answer: (d) Tertiary industries.

Nature and Purpose of Business with Questions and Answers

Question 3. Which of the following cannot be classified as an objective of business : (a) Investment (b) Productivity (c) Innovation (d) Profit Earning.

Answer: (a) Investment

Question 4. Business risk is not likely to arise due to : (a) Change in govt, policy (b) Good management (c) Employee dishonesty (d) Power failure.

Answer: (b) Good management

Question 5. Specialized knowledge and skill is needed in : (a) Employment (b) Non-Economic activity (c) Profession (d) None of these.

Answer: (c) Profession

Question 6. The rework of risk is : (a) Success (b) Failure (c) Profit (d) Loss

Answer: (c) Profit

Question 7. It is not included in code of conduct: (a) Rules (b) Dishonesty (c) Integrity (d) Morality

Answer: (b) Dishonesty

Question 8. Which has the large scope : (a) Trade (b) Commerce (c) Industry (d) Business

Answer: (b) Commerce

Question 9. Which of the following cannot be classified as an auxiliary to trade : (a) Mining (b) Insurance (c) Warehousing (d) Transport.

Answer: (a) Mining

Question 10. Which of the broad categories of industries covers oil refinery and sugar mills : (a) Primary (b) Secondary (c) Tertiary (d) None of these.

Answer: (b) Secondary

Question 11. The occupation in which people work for others and get remunerated in return is known as : (a) Business (b) Employment (c) Profession (d) None of them.

Answer: (b) Employment

Question 12. Free Guidance by a teacher to his son is : (a) An economic activity (b) Profession (c) Employment (d) A non-economic activity.

Answer: (d) A non-economic activity.

Question 13. Capital is not an essential element in : (a) Employment (b) Profession (c) Business (d) None of these

Answer: (a) Employment

Question 14. Economic activity = ……….. + ………. : (a) Business + Profession (b) Profession + Employment (c) Business + Employment (d) Business + Profession + Employment

Answer: (d) Business + Profession + Employment

Question 15. Business is : (a) Art (b) Science (c) Both (a) and (b) (d) None of these

Answer: (c) Both (a) and (b)

True or false

1. Human activities directed towards acquisition of wealth are called economic activities.

Answer: True

2. All business risk are controllable.

Answer: Flase

3. Risk element is compulsory for business.

4. Commerce is an indifferent part of business.

5. Doctors treats her mother is a economic activity.

6. Business needs economic activities at regular interval.

7. Teacher teaches his son at home is a economic activity.

Answer: False

15. Postal Department is a part of Tertiary Sector.

16. Activities performed for self-satisfaction and to fulfil social obligations are known as economic activities.

17. Activities based on specialized knowledge, training and experience is called profession.

18. Only economic activities are included in business.

19. Non-Economic activities are those which gives mental satisfaction.

20. The main reason of risk in business is uncertainty of business.

21. Creating new customer is a important objective of business.

22. Employment needs capital.

Fill in the blanks :

1. Business is a …….. activities.

Answer: Economic

2. There are some ……. of business towards society.

Answer: Moral duties

3. A human activities of business which is related with sale or purchase of goods is for earning …….

Answer: Wealth

4. The risk element in business is called ……..

Answer: Business risk

5. For getting services on the basis of contract from men or Institution is called ……….

Answer: Service

6. Business is …… both.

Answer: Art and science

7. Business is undertaking within the boundries of a country is called ……

Answer: Internal Trade.

8. External Trade are of …….. types.

9. Parameter of profession is …..

Answer: Earning profit

10. Commerce, Industries and ……. are the elements of business.

Answer: Trade

11. Profit is the reward of …….

Answer: Risk

12. ………. activities measured in monetary terms.

13. The economic activities on the basis of special knowledge, training and experiences are called ………

Answer: Profession.

14. Profession needs ……… skill.

Answer: Specific.

15. In business all the ……… services of men are included.

Answer: Economic activities

16. Business gives inspiration of ……..

Answer: Skill

17. ……. is a base of industry.

Answer: Commerce

18. Services are provided for ……….

Answer: Payment

19. ….. is transferable.

Answer: Business.

We hope the given NCERT MCQ Questions for Class 11 Business Studies Chapter 1 Nature and Purpose of Business with Answers Pdf free download will definitely yield fruitful results. If you have any queries related to CBSE Class 11 Business Studies Nature and Purpose of Business MCQs Multiple Choice Questions with Answers, drop your questions below and will get back to you in no time.

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