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Business, Trade and Commerce Test 4

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Business, Trade and Commerce Test 4
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Centralised planning was first adopted in the economy of _____.
    Solution

    A process of centralised planning was introduced in Russia as the Russian economy had suffered losses in the civil war. There were targets set for five years to develop the economy. These were the five years long plans that boosted the economy and industrial growth in Russia.

  • Question 2
    1 / -0
    To buy a book from the market by giving money is called _____.
    Solution

    A supply method of issuing serviceable material in exchange for unserviceable material on an item-for-item basis is also called direct exchange. 

  • Question 3
    1 / -0
    Economic presence of the government in social realm is found under __________________.
    Solution
    The principle have been inspired by the Directive Principles given in the Constitution of Ireland and also by the principles of Gandhism; and relate to social justice, economic welfare, foreign policy, and legal and administrative matters.
  • Question 4
    1 / -0
    Which one of the following is an economic activity?
    Solution
    Any human activity which is performed in exchange for money or worth of that money is called an economic activity. In other words, economic activities are those efforts which are undertaken by human being to earn an income. Economic activities result in the production of goods and / or services. People work because they look forward to getting a return, i.e. getting an income for doing it. They then use this money to buy other goods and services to satisfy their wants and lead a good quality of life. So working at home and working outside to get an income makes the difference as they move out of home for income.
  • Question 5
    1 / -0
    Which one of the following is a non-economic activity?
    Solution

     Activities which are undertaken to satisfy social, religious cultural and sentimental requirements are called non-economic activities. A mother cooking for her family is the example of non-economic activities.

  • Question 6
    1 / -0
    Transfer of interest exists in the case of _______.
    Solution
    A member might want to transfer all his interests to another person if he wants to leave the business, or he can transfer some of his interests for financial purposes or personal reasons. All owners, or members, of a limited liability company have a percentage of ownership of the business, referred to as interest.
  • Question 7
    1 / -0
    Which one of the following may not be a factor behind starting a business?
    Solution
    Starting a business involves many factors such as availability of man power, raw material, location, finance, etc. Routine workload is not considered while starting a business. It is a factor that comes after the business is started. Hence, it is not a factor considered behind starting a business.
  • Question 8
    1 / -0
    Name the two broad categories of business activities.
    Solution
    Business activities basically mean those activities which are carried out for making profit. Industry activities are nothing but transforming raw materials into the finished goods. Commerce is nothing but the trade of goods and services. Business activities have two broad categories viz. industry and commerce. These two categories comprise of all the business activities.
  • Question 9
    1 / -0
    Commerce includes activities relating to trade and ___________ to trade.
    Solution
    Ancillaries to trade are those activities which facilitate smooth functioning of business. Insurance, transport, warehousing and advertising are regarded ancillaries to trade. Hence, we can say that commerce includes activities relating to trade and ancillaries to trade.
  • Question 10
    1 / -0
    Industrial Democracy means ___________________.
    Solution

    Industrial democracy is an arrangement which involves workers making decisions, sharing responsibility and authority in the workplace. Industrial relations or employment relations is the multidisciplinary academic field that studies the employment relationship; that is, the complex interrelations between employers and employees, labor/trade unions, employer organizations and the state.

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