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Purchase and Sale

NIOS · Class 10 · Business Studies

Quick revision notes for Purchase and Sale — NIOS Class 10 Business Studies. Key concepts, formulas, and definitions for last-minute revision.

73 questions36 flashcards5 concepts

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Key Topics to Revise

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1. Meaning of Purchase and Sale

  • Purchase and sale always go together. Whenever there is a sale, there is also a purchase.
  • In every sale and purchase, there are two parties: the seller and the buyer.
  • Purchase is the transfer of ownership of goods or property into the buyer's name on payment of money.
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2. Modes of Purchase

  • Goods may be purchased by inspection, by sample or pattern, or by description or brand.
  • Purchase by inspection means checking the goods personally before buying.
  • This method is common in retail buying.
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3. Methods of Sale

  • Methods of sale include hire purchase basis, deferred instalment plan, sale on approval basis, sale through tender, auction sale, and wash sales.
  • Hire purchase is used for durable and expensive items like car, motorcycle, TV, and machinery.
  • In hire purchase, ownership remains with the seller until all instalments are paid.
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4. Modes of Payment

  • Payment may be immediate or deferred.
  • Immediate payment means full payment is made in cash at the time of purchase.
  • A seller is not bound to accept payment by cheque unless there is an express or implied agreement to that effect.

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Full Notes

Key Concepts

Purchase is the transfer of ownershipThe seller transfers ownership of goodsMarketing functions include activities that identifyGoods may be purchased by inspectionHire purchase is a method

Frequently Asked Questions

What are the important topics in Purchase and Sale for NIOS Class 10 Business Studies?
Purchase and Sale covers several key topics that are frequently asked in NIOS Class 10 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
How to score full marks in Purchase and Sale — NIOS Class 10 Business Studies?
Understand the core concepts first, then work through the 73 practice questions available for this chapter. Revise formulas and definitions regularly, and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

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