1. Identify the activity which is not an auxiliary to trade? (a) Banking (b) Warehousing (c) Insurance (d) Mining
2. Industries like sugar mill or oil refinery are put under which category- 1 (a) Primary (b) Secondary (c) Tertiary (d) None of the above
OR The industry concerned with using the material which have already been extracted at the primary stage is- (a) Primary (b) Tertiary (c) secondary (d) None of these
3. Which of the following is not a characteristic of business? (a) Production (b) Exchange or sale (c) Wages or salaries (d) Risk element
4. Which of the following is not a business activity? (a) Production of goods (b) Work in a factory for wages (c) Exchange of goods (d) Transportation
5. The liability of all the co-parceners except the………..is limited to their share in the business, and consequently their risk is well-defined and precise. (a) Karta (b) Partners (c) Members (d) Shareholders
6. ……………. is a type of business unit where a person is solely responsible for providing the capital. (a) Sole proprietorship (b) Joint Hindu family business (c) Partnership (d) Cooperative societies
7. The relation between persons who have agreed to share the profit of the business carried on by all or any one of them acting for all. (a) Sole proprietorship (b) Joint Hindu family business (c) Partnership (d) Cooperative societies
OR Members may come and members may go, but the company continues to exist. (a) Perpetual succession, (b) Formation (c) Separate legal entity (d) Artificial person
8. The concept of ‘Separate Legal Existence’ applies to (i) Sole proprietorship (ii) Partnership (iii) Joint stock company (iv) Cooperative society
Choose the correct option : (a) i and iii (b) ii and iii (c) ii and iv (d) iii and iv
9. LIC is an example of…. (a) Statutory Corporation (b) Public company (c) Government company (d) Departmental Undertaking
10. The government companies buy shares in name of (a) Prime Minister (b) President (c) Registrars of Company (d) Directors of Company
11. Public sector organisations may either be partly or wholly owned by the___________ government. (a) State (b) Central (c) Foreign (d) Central or state.
12. Which is the oldest and most traditional form of public sector enterprises? (a) Statutory Corporation (b) Public company (c) Government company (d) Departmental Undertaking
13. Without disclosing that he is suffering from TB, Mr. A gets himself insured against death for rupees 10 lakhs. He lives for another three-four years and dies due to TB. The insurance company comes to know about Mr. A’s illness only after his death. Now, under these circumstances the insurance company is not liable to pay anything to the dependents of Mr. A as the contract between the insurance company and Mr. A is void.
Identify the principle of insurance to which the above example related: (a) Utmost good faith (b) Insurable interest (c) Indemnity (d) Subrogation
14. Which of the following is not covered under general insurance? (a) Fire insurance (b) Theft insurance. (c) Life insurance (d) marine insurance
15. A bank, which occupies a central position in the monetary and banking system of the country and has a superior financial authority, is called? (a) Central Bank (b) Co-operative Bank (c) Commercial Bank (d) Exchange Bank
16. IRCTC’s portal for ticket booking is an example of which of the following categories of business? (a) B2B (b) B2C (c) C2C (d) Intra B
17. List any four major commercial cities of ancient India? OR Why is business considered an economic activity?
18. State the meaning of public private partnership. OR Why are global enterprises considered superior to other business organisations?
19. Nathu Lal prepares ‘sonpapri’ for customers during Diwali season every year. He prepared more ‘Sonpapari’ than he could sell this year. He employed women and children also arid paid them less salary manufacturing on the packages. This way he generated profit for himself.
(a) Do you think he is fulfilling all the objectives of business ? (b) If not which aspects of this objective are not being fulfilled ?
20. It is are enterprises which is organized, financed and controlled wholly by the centre 4 state Govt. and it is under the control of its head Mrs. Jeevan Raj (IAS). He is not taking any interest in its functioning of providing cheap clean water to a large section of the society as he is busy in the preparation of his son’s marriage coming after 3 months. As a result, important decisions are getting delayed resulting in the suffering of revenue and well being of public, as it required the consent of its head.
a) Which type of organization has been described in the above para ? b) What are the features of such organization in this case.
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