Business and Commercial knowledge Quiz-1 – Punjab Meritorious School Preparation Portal

Welcome to your Business and Commercial knowledge Quiz-1 CBT TEST

Fill the Details mentioned below and Attempt the Test.

Name

School Name with City

Phone Number

The attribute of a profession does not include:

Rendering of specialized nature of services

Certificate of service from government

Self-imposed code of conduct

All of the above

Which of the following occupation requires rendering of services based upon specialised knowledge and membership of an accreditation and assessment body?

Employment

Profession

Business

Agriculture

Sustainable development/business imply:

Consistent economic performance

Attention to social problems

Harmony with nature

All of the above

Which of the following statements distinguishes business from entrepreneurship ?

Entrepreneurs are the business owners too

All business owners are entrepreneurs too

Entrepreneurs seek out new opportunities and pursue innovative business ideas

(a) And (b)

Which of the following statements does not comprise business activity ?

Sale of old furniture by a household for a profit

A carpenter making furniture for sale at a local market

Steel furniture industry

Domestic appliances industry

Trading implies buying for the purpose of selling. Applying this criterion, tell which of the following activities would not qualify as trading?

Purchase of goods in bulk quantity from the manufacturer and sale in smaller quantities to the retailers

Buying from the wholesaler and selling it to the consumers

Buying from the retailers for self-consumption

Purchase of raw materials from the suppliers for further processing in the factory

The occupation in which people work for others and get remunerated in return is known as:

Business

Employment

Profession

None of these

Which of the following statements characterises the best non-economic activities?

Non-economic activities do not require any investment of resources

These activities do not entail any operational costs

These activities are undertaken by ascetics

The underlying purpose of these activities is not earning of a livelihood but social, psychological or spiritual satisfaction.

Which of the following is not an economic objective of the firm?

Sales growth

Improvement in market share

Profits and return on investment

Conservation of natural resources

Consider the following table showing columns for the nature of economic occupation and the corresponding characterisation of income and then, choose the right solution option from the alternatives give below the table.

Economic Occupation		Income Characterisation
i	Employment	a.	Profit
Ii	Profession	b.	Wages & Salaries
Iii	Business	c.	Interest
Iv	Land/ Property Rental	d.	Rent
v	Lending	e.	Fees

i – a; ii – b; iii – c; iv – d; v – e

i – b; ii – c; iii – d; iv – e; v – a

i – b; ii – e; iii – a; iv – d; v – c

i – c; ii – d; iii – e; iv – a; v – b

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