Purchase and Sale — Chapter Summary
NIOS · Class 10 · Business Studies
Summary of Purchase and Sale for NIOS Class 10 Business Studies. Part of the NIOS Class 10 Business Studies syllabus.
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Overview
Purchase and sale are two basic business activities that always go together. Purchase means getting ownership of goods or property by paying money, and sale means transferring ownership from the seller to the buyer for a price. Business depends on these activities because goods and services must be
Key Concepts
Purchase is the transfer of ownership
Purchase is the transfer of ownership of goods or property to a person on payment of money. Sale is the transfer of ownership from one person to anoth
The seller transfers ownership of goods
The seller transfers ownership of goods or property, and the buyer receives ownership by paying money. The buyer may pay immediately or later, dependi
Marketing functions include activities that identify
Marketing functions include activities that identify needs, ensure satisfaction, make goods available, keep prices affordable, and create awareness. S
Goods may be purchased by inspection
Goods may be purchased by inspection, by sample or pattern, or by description or brand. Inspection means checking the goods directly. Sample is a spec
Hire purchase is a method
Hire purchase is a method of sale in which payment is made in instalments and the goods are treated as being on hire until all instalments are paid. O
Learning Objectives
- Define purchase and sale clearly.
- Understand the roles of buyer and seller in a transaction.
- Explain marketing functions and the place of selling within marketing.
- Describe modes of purchase such as inspection, sample or pattern, and description or brand.
- Explain methods of sale such as hire purchase, deferred instalment, approval, tender, auction, and wash sales.
Frequently Asked Questions
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Sources & Official References
Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.
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