Nature and Scope of Business — Flashcards
NIOS · Class 12 · Business Studies
21 flashcards for Nature and Scope of Business (NIOS Class 12 Business Studies) to test yourself on key terms and facts.
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What is the main difference between economic activities and non-economic activities?
Answer
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…
Define 'Profession' and list three key characteristics that distinguish it from other occupations.
Answer
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…
What is Employment? Explain the employer-employee relationship and the basis of remuneration.
Answer
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…
Define Business and explain why the regular nature of the activity is important in determining business.
Answer
Business is an economic activity involving regular production or purchase of goods and services for sale, transfer, and exchange with the objective of earning profit. Regularity is essential because a…
Compare Business, Profession, and Employment based on: qualification required, capital investment, nature of return, and risk involved.
Answer
QUALIFICATION: Business—None specifically required; Profession—Specialized knowledge and training mandatory; Employment—As per employer needs. CAPITAL: Business—Must invest; Profession—Some investment…
Why is profit essential in business? List five roles profit plays in sustaining and growing a business.
Answer
Profit is vital for business survival and growth. Five key roles: (1) SURVIVAL—Enables replacement of old, worn-out assets and maintains operational capacity; (2) FUTURE GROWTH—Extra profit funds expa…
What are the five categories of business objectives? Give one example for each.
Answer
The five categories of business objectives are: (1) ECONOMIC—Earning adequate profits, exploring new markets (Example: TCS expanding into new global markets); (2) SOCIAL—Providing quality goods at rea…
Define business risk and explain why it is an essential but unpredictable element of business operations.
Answer
Business risk means the chance or probability of loss due to uncertain future events beyond complete control. It is essential because business cannot be conducted without some risk exposure. Risks are…
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