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Principles of Commerce ICOM Part 01 Top 500 + MCQS Download Pdf
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Chapter # 01

Concept of Business

Encircle the most appropriate answer from the following options :


1.The.basic objective of business is:

  1. Exchange
  2. Service to the society
  3. Earning Profit
  4. None of these

2. Human activities consist of following activities:

  1. Un-commended
  2. Commanded
  3. Commanded and uncommanded
  4. None of these

3. Economic activities mean:

  1. Business
  2. Business and profession
  3. Business, profession and employment
  4. None of the above

4. The objective of non-economic activities is to:

  1. Serve the society
  2. Earn profit
  3. Serve the society beside spiritual satisfaction
  4. Earning the fame\

5. The businessman is:

  1. Å trader
  2. A producer
  3. A distributor
  4. A trader, producer and distributor

6. A business takes into account the following activities:

  1. Non-economic
  2. Economic
  3. None of these
  4. Both

7. For the sale of goods, a businessman depends upon:

  1. The employees
  2. The relatives
  3. The demand of customers
  4. None of these

8. Economic activity which gives:

  1. Predetermined income
  2. Fixed income
  3. Both (a) and (b)
  4. None of these

9. What does a business organization mean:

  1. Sole tradership
  2. Partnership
  3. Joint stock company
  4. All the above

10.Income from business is called:

  1. Profit
  2. Interest
  3. Satisfaction
  4. Utility

11.1f any person gets income on the basis of knowledge and skill then it

  1. Business
  2. Employment
  3. Profession
  4. Trade

12.A person involved in different economic activities for the purpose of profit is called•

  1. Business man
  2. Trader
  3. Industrialist
  4. None of these

13.A person who deals in ready made items is:

  1. Manufacturer
  2. Worker
  3. Trader
  4. Distributor