Classification of Business Activities — Flashcards
ICSE · Class 11 · Commerce
45 flashcards for Classification of Business Activities (ICSE Class 11 Commerce) to test yourself on key terms and facts. Sample: "What is business?"
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What is business?
Answer
Business is an economic activity conducted on a regular basis to earn profit through the production and sale of goods and services. It includes manufacturing, trading, transportation, insurance, wareh…
Define business according to James Stephenson.
Answer
"Economic activities performed for earning profits are termed as business." This definition highlights profit, economic activity, and the earning motive as the main features of business.
Why is regularity important in business?
Answer
Business requires continuous and regular dealings. A one-time or isolated transaction is not business because business involves repeated exchange of goods or services for value.
Is a one-time sale of a personal watch a business activity? Why or why not?
Answer
No. An isolated transaction does not count as business because business needs regular and continuous dealings. A one-time sale of a personal item is not a regular profit-making activity.
What are the main characteristics of business?
Answer
The main characteristics are: economic activity, dealings in goods and services, regularity of dealings, profit motive, element of risk and uncertainty, creation of utility, sale or exchange, wide sco…
Why is profit motive essential in business?
Answer
Profit motive is the main objective of business and helps maintain continuity. Without profit motive, an activity is not treated as business. At the same time, service motive is also important for the…
What does it mean to say that business is both an art and a science?
Answer
Business is an art because it needs skill, experience, and personal judgement. It is a science because it also follows certain principles and laws. So business combines practical skill with systematic…
What is industry?
Answer
Industry is a branch of commerce concerned with the production of wealth. It includes raising, producing, processing, or fabricating goods and services. It creates form utility by converting raw mater…
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