NIOS Class 10 Business Studies — Flashcards for Quick Revision

A: Business is an occupation in which goods and services are produced and sold in return for money. It is carried out regularly with the prime objective of earning profit.

A: Regularity is essential because a single sale or a one-time transaction is not enough to call an activity business. Business means repeated production, buying or selling with the aim of profit.

A: Business has six main characteristics: it deals in goods and services, involves sale or exchange, is done regularly, requires investment, aims at profit, and involves risk and uncertainty of income.

A: Business activities are broadly classified into Industry and Commerce. Industry is concerned with the production of goods and materials, while commerce is mainly concerned with their distribution.

A: Business is any enterprise which makes, distributes, or provides any article or service that other members of the community need and are able and willing to pay for. It includes activities done to ear

A: Industry is the part of business activity concerned with raising, producing, processing, or manufacturing products. It forms the production side of business activity and supplies goods to the market.

A: Sole proprietorship is a business form in which a single person owns, manages, and controls all the activities of the business. The owner is called a sole proprietor or sole trader. All profit and los

A: It is called a single-ownership business form because only one person owns the business and takes all major decisions. The same person provides capital, controls operations, and bears the risk.

A: The main characteristics are: ease of formation, single ownership, no sharing of profit and loss, one man's capital, one-man control, and unlimited liability.