Worksheet on Chapter 1 Business, Trade and Commerce | Class 11 Business Studies | Important Questions from Chapter - 1 , Business, Trade and Commerce

Try these questions from Chapter 1 of Class 11 Business Studies 

1. Name the types of economic activities.
2. Name the type of economic activity in which the person works for others and gets paid in return. 
3. Name the type of economic activity in which specialised skill or knowledge is required to serve the society.
4. Can a single transaction of purchase or sale be termed as a business? Give reason for your answer. 
5. What is the reward that a businessman gets for taking risk?
6. Name the types of risks. 
7. Give any two examples of pure risks.
8. Give any two examples of speculative risks.
9. Name the type of industry that provide support services to other industries.
10. Under which type of industry does mining comes?
11. How can you classify business activities?
12. List the types of trade.
13. Name the type of external trade in which goods are imported for the purpose of exporting them.
14. How does commerce helps in removing the hindrance of place?
15. How does commerce helps in removing the hindrance of time?

Assertion and Reasoning Based Questions from Chapter 1 of Class 11 Business Studies :

In each of the questions given below, there are two statements marked as Assertion (A) and Reason (R). Mark your answer as per the codes provided below:

a. Both A and R are true and R is the correct explanation of A.

b. Both A and R are true but R is not the correct explanation of A.

c. A is true but R is false.

d. A is false but R is true.

e. Both A and R are false.

1. Assertion: Business and profession are synonymous.

Reason: Both business and profession are economic activities. 

2. Assertion: A mother cooking for her son is an example of non economic activity.

Reason: Non economic activities are performed without the motive of earning money. 

3. Assertion: Business should not focus on pursuing its social responsibilities.

Reason: Profit is the sole objective of any business.

4. Assertion: Loss by fire is an example of pure risk.

Reason: Pure risks involve possibility of gain as well loss. 

5. Assertion: Productivity is a measure of efficiency.

Reason: Productivity means creating something new. 

6. Assertion: Fishing and farming are examples of secondary industries.

Reason: Secondary industries use materials which have been extracted by primary industries.

7. Assertion: Commerce is an important component of business activities.

Reason: Commerce is concerned with conversion of resources into finished goods.