(d) 4. It becomes a legal entity with perceptual succession on such date. Answer: Commerce refers to all , those activities which are concerned with the transfer of goods and services from the producers to the consumers. (iii) Warehousing (i v) Transport Removing the hindrance of person and that means lack of information to producer about consumer and to consumer about the producer. This is an unfair trade practice. Question 6. Answer: Following factors are considered while starting a new business: I. Insurance: It provides a cover against the loss of goods, in the process of transit, storage, theft, fire and other natural calamities. Report a Violation, The Reconciliation of Economic and Social Objectives | Business. Objectives guide and govern the actions and behaviour of businessmen. Being an important part of the country, every business must have the objective of fulfilling national goals and aspirations. Answer: Business: An economic activity involving the production and sale of goods and services undertaken with a motive of earning profit by satisfying human needs in society is called business. Profits are necessary for: (c) 10. 1. Dealing in goods and services on a regular basis: One time dealing in goods or services cannot be termed as a business. Unexpected events can break a business without contingency plans. This problem can be solved by storing the goods in warehouses. He/ She is also expected to provide equal opportunities to all the employees to work and progress. Capital Subscription A public company can raise the required funds from the public means of Issue of shares and debentures. Discuss its importance in the business world. Answer: It is incorrect to assume there can be only one objective of a business. (a) Expansion (b) Survival Survival: The essential objectives of any industry is survival. The business objective is a goal, i.e. Explain with examples the various types of industries. Justify your answer, mentioning the nature and causes of business risk. Formation of Company There are two stages in the formation of private company, promotion and incorporation. “Earning of profits is the main objective of a business and other objectives are there to aid it only.” Do you agree? Now customize the name of a clipboard to store your clips. (ii) Feasibility Studies The promoters undertake detailed feasibility studies to investigate all aspects of the business they intend to start. Profession includes those activities, which are requiring special knowledge and skill to be applied by individuals in their occupation to earn fees. And this requires multiple objectives.” Thus, the management of a business must set objectives, in every ‘key area’ that influences its survival and growth. An overview of these activities is given below: Question 5. Membership of a professional body and certificate of practice is required. Multiple Choice Questions Why does business need multiple objectives? 6. Define the Profession. Explain the characteristics of the business. (v) Self-sufficiency and Export Promotion: To help the country to become self-reliant, business units have the added responsibility of restricting import of goods. You can change your ad preferences anytime. Banking and Finance: Business needs funds for acquiring assets, purchasing raw materials and meeting other expenses. Answer: Characteristics of business are as follows: Question 2. Performance & security by Cloudflare, Please complete the security check to access. (iv) Well-being of Socially and Economically Backward People: Business units being inseparable parts of society should help backward classes and also people those are physically and mentally challenged. Human objectives refer to the objectives aimed at the well-being as well as fulfillment of expectations of employees as also of people who are disabled, handicapped and deprived of proper education and training. Answers: 1. Question 1. (c) Mining (d) Banking

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