Samacheer Kalvi 11th Commerce Solutions Chapter 2 Objectives of Business

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Samacheer Kalvi 11th Commerce Solutions Chapter 2 Objectives of Business

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Samacheer Kalvi 11th Commerce Objectives of Business Textbook Exercise Questions and Answers

I. Choose the Correct Answer

Question 1.
The Primary objective of a business is …………………….
(a) Making Profit
(b) Not Making Profit
(c) Special skill
(d) None of the above
Answer:
(a) Making Profit

Question 2.
Occupation of a Doctor is …………………….
(a) Employment
(b) Business
(c) Profession
(d) Sole Proprietor
Answer:
(c) Profession

Question 3.
The following does not characterize business activity?
(a) Production of goods and services
(b) Presence of Risk
(c) Sale or exchange of goods and services
(d) Salary or wages
Answer:
(d) Salary or wages

Question 4.
Activities undertaken out of love and affection or with social service motive are termed as …………………….
(a) Economic activities
(b) Monetary activities
(c) Non Economic Activities
(d) Financial Activities
Answer:
(c) Non Economic Activities

II. Very Short Answer Questions

Question 1.
Define Economic Activities.
Answer:
Economic activities are those activities which are undertaken to earn money or financial gain for livelihood.

Question 2.
What do you mean by Business?
Answer:
Business refers to any human activity undertaken on a regular basis with the object to earn profit through production, distribution, sale or purchase of goods and services.

Question 3.
Define Profession.
Answer:
Professions are those occupations which involves rendering of personal services of a special and expert nature. A profession is something which is more than a job. It is a career for someone who is competent in their respective areas.

Question 4.
What do you mean by Employment?
Answer:
It refers to the occupation in which people work for others and get remuneration in the form of vvage.s or salaries.

III. Short Answer Questions

Question 1.
What do you mean by human activities? Explain.
Answer:
Human activity is an activity performed by a human being to meet his/her needs and wants or may be for personal satisfaction. Human activities can be categorized into economic and non – economic activities.

Question 2.
Write short notes on:

  1. Business
  2. Profession

Answer:
1.Business refers to any human activity undertaken on a regular basis with the object to earn profit through production, distribution, sale or purchase of goods and services.

2. Professions are those occupations which involves rendering of personal services of a special and expert nature. A profession is something which is more than a job. It is a career for someone who is competent in their respective areas.

Question 3.
Explain the concept of ‘Business’.
Answer:
Business refers to any human activity undertaken on a regular, basis with the object to earn profit through production, distribution, sale or purchase of goods and services. Business activities are connected with raising, producing or processing of goods. Industry creates form utility to goods by bringing materials into the form which is useful for intermediate consumption or final consumption by consumers.

Question 4.
Briefly state the human objectives of a business.
Answer:
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. The human objectives of business may thus include economic well – being of the employees, social and psychological satisfaction of employees and development of human resources.

IV. Long Answer Questions

Question 1.
Explain the characteristics of Business.
Answer:
1. Production or Procurement of Goods : Goods must be produced or procured in order to satisfy human wants.

2. Sale, Transfer or Exchange : There must be sale or exchange of goods or services. When a person weaves cloth for his personal consumption, it is not business because there is no transfer or sale.

3. Dealing in Goods and Services : Goods produced or procured may be consumer goods like cloth, pen, brush, bag etc., or producer-goods like plant and machinery. Services refer to activities like supply of electricity, gas or water, transportation, banking, insurance etc.

4. Regularity of Dealings : An isolated dealing in buying and selling does not constitute business. The transactions must be regular.

5. Profit Motive : An important feature of business is profit motive. Business is an economic activity by which human beings make their living.

6. Element of Risk : The profit that is expected in a business is always uncertain because it depends upon a number of factors beyond the control of the businessman.

Question 2.
Compare business with profession and employment.
Answer:
Samacheer Kalvi 11th Commerce Solutions Chapter 1 Historical Background of Commerce in the Sub-Continent img-1

Question 3.
Discuss any five objectives of business.
Answer:
1. Economic Objectives:
Economic objectives of business refer to the objective of earning profit and also other objectives that are necessary to be pursued to achieve the profit objective, which includes creation of customers, regular innovations and best possible use of available resources.

2. Social Objectives:
Social objective are those objectives of business, which are desired to be achieved for the benefit of the society. Since business operates in a society by utilizing its scarce resources, the society expects something in return for its welfare.

3. Organizational Objectives:
The organizational objectives denote those objectives an organization intends to accomplish during the course of its existence in the economy like expansion and modernization, supply of quality goods to consumers, customers’ satisfaction, etc.

4. Human Objectives:
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.

The human objectives of business may thus include economic well – being of the employees, social and psychological satisfaction of employees and development of human resources.

5. National Objectives:
Being an important part of the country, every business must have the objective of fulfilling national goals and aspirations.

Question 4.
Distinguish between economic and non – economic activity.
Answer:
Samacheer Kalvi 11th Commerce Solutions Chapter 1 Historical Background of Commerce in the Sub-Continent img-2

Samacheer Kalvi 12th Commerce Objectives of Business Additional Questions and Answers

I. Choose the Correct Answer:

Question 1.
Activities undertaken with the object of earning money are called ……………..
a) Economic Activities
b) Non-Economic Activities
c) Business Activities
d) Financial Activities
Answer:
a) Economic Activities

Question 2.
Activities undertaken with the object of earning money are called …………….. activities.
(a) Economic
(b) Non – economic
(c) Financial
(d) Money
Answer:
(a) Economic

Question 3.
Activities undertaken to satisfy social and psychological needs are called ……………
a) Economic Activities
b) Non-Economic Activities
c) Marketing Activities
d) Selling Activities
Answer:
b) Non-Economic Activities

Question 4.
A Systematic body of knowledge is the basic requirement of ……………..
a) Employment
b) Job
c) Business
d) Profession
Answer:
d) Profession

Question 5.
The primary objective of a business is ……………
a) Making Profit
b) Not Making Profit
c) Special skill
d) None of the above
Answer:
a) Making Profit

Question 6.
Occupation of a Doctor is …………..
a) Employment
b) Business
c) Profession
d) Sole proprietor
Answer:
d) Sole proprietor

Question 7.
The following does not characterize business activity …………………….
a) Production of goods and services
b) Presence of Risk
c) Sale or exchange of goods and services
d) Salary or wages
Answer:
c) Sale or exchange of goods and services

II. Very Short Answer Questions

Question 1.
What do you mean by Non-Economic Activities?
Answer:
Activities undertaken to satisfy social and psychological needs are called non-economic activities. E.g: Cooking food for the family. Doing meditation, Celebrating festivals.

Question 2.
How many types of occupations are there?
Answer:

  1. Employment
  2. Profession
  3. Business

Question 3.
What is the National objective of a business?
Answer:
The goal of the country may be to provide employment opportunities to its citizen, earn revenue for its exchequer, become self¬sufficient in the production of goods and services, promote social justice, etc. Business activities should be conducted keeping these goals of the country in mind, which is known as the national objective of the business.

Question 4.
What is Public Enterprises?
Answer:
An enterprise is said to be a public enterprise where it is owned, managed, and controlled by the Government or any of its agencies or both.

Question 5.
What do you mean by small-scale business?
Answer:
The units which require less capital, employ a small number of workers, and produce the goods on small scale is known as Small Scale business.
E.g: Extraction of edible oil from seeds like groundnut, sesame, etc.

III. Short Answer Questions

Question 1.
Give three examples of Economic Activities.
Answer:

  1. Production of goods by the manufacturer
  2. Distribution of goods by a wholesaler
  3. Selling by retailers

Question 2.
Explain the Types of Economic Activities.
Answer:
Economic activities are undertaken to earn money. Generally, people engage themselves in such activities on a regular basis and are said to be engaged in their occupation. Occupations may be classified into three categories based on the following:
Employment, Profession, Business

Employment:
It refers to the occupation in which people work for others and get remuneration in the form of wages or salaries. The one who is employed by others are called employees and the one who employs others is called employer. Managers, Clerks, Bank officials, Factory workers, etc., are examples of employees.

Profession:
Professions are those occupations that involve rendering of personal services of a special and expert nature. A profession is something which is more than a job. It is a career for someone who is competent in their respective areas. It includes professional activities which are subject to guidelines or codes of conduct laid down by professional bodies. Those engaged in a profession are called professionals and they earn income by charging professional fees.

Business:
Business refers to any human activity undertaken on a regular basis with the object to earn profit through production, distribution, purchase, and sale of goods and services.

For Own Thinking 

Question 1.
Do you know that there are white-collar, blue-collar, pink-collar jobs? Collect the information and discuss.
Answer:
Examples:

  1. White-collar jobs – managerial positions
  2. Blue-collar jobs – skilled or unskilled working class, mechanics
  3. Pink collar jobs- nursing, teaching, etc.

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