Nature and Purpose of Business Test - 10

Employment typically involves fixed working hours, whereas in business, individuals may have more flexibility in their schedules.

A business (also known as an enterprise, a company or a firm) is an organizational entity involved in the provision of goods and services to consumers. Keeping busy in the activities earning profit.

A profession involves individuals offering specialized services based on their expertise, often requiring formal education and certification.

Economic activities are related to production, distribution, exchange and consumption of goods and services. Since Business, Profession and Employment are activities carried out to earn one's livelihood, they are all called Economic activities.

Transport and communication are essential for moving goods like tea, cotton, jute, and sugar from the production areas (Assam, Gujarat, Maharashtra, West Bengal, Orissa, U.P., Bihar) to the regions where they are needed for consumption.

Production involves the transformation of inputs (resources) into outputs (goods and services).

Business objectives are the stated, measurable targets of how to achieve business aims. Investment is one of the features of the business and not the objective.

Human causes are very important causes of business risks. These causes include dishonesty, carelessness and negligence of employs, riots, strikes, etc. Irrational approach of the management or the owners of the business is also a type of human failure which causes business risk.

Auxiliaries to trade or aids to trade also provide necessary support to trade. Such as transport, warehousing, banking and finance, and insurance. Trade, or commerce, involves the transfer of goods or services from one person or entity to another, often in exchange for money.

Wholesaling involves the distribution of goods in bulk to retailers or other businesses.