NIOS Class 12 Business Studies — Flashcards for Quick Revision

A: Economic activities are undertaken with the objective of earning money or livelihood, whereas non-economic activities are undertaken to derive self-satisfaction or personal fulfillment. For example: A

A: Profession is an economic activity requiring specialized knowledge, skills, and training in a particular field, with the primary objective of providing expert service. Key characteristics: (1) Require

A: Employment is an economic activity where a person (employee) works for another person or organization (employer) under a contract of service for predetermined wages or salary. The relationship is lega

A: Business Support Services are auxiliary activities that facilitate the smooth flow of goods from producer to consumer and support overall business functioning. They include banking, insurance, transpo

A: Banking refers to the business of accepting deposits from those with surplus funds and providing loans and advances to those needing funds. The two essential functions are: 1. ACCEPTING DEPOSITS: Ban

A: PUBLIC SECTOR BANKS: • Majority stake (>50%) held by Government of India or RBI • Examples: State Bank of India, Bank of Baroda, Bank of India, Syndicate Bank • Focus on social welfare and rural devel

A: Business Environment refers to the total surroundings and external factors that have a direct or indirect bearing on the functioning of a business enterprise. It is important because: 1. It helps ide

A: The six key features of Business Environment are: 1. **Sum Total of All Factors**: Includes all external factors affecting business, both micro (investors, competitors, customers) and macro (social,

A: **Definition**: Business Environment is the set of external forces, factors, and institutions that are beyond the control of the business and affect its functioning and decision-making. **Factors Inc