Business and Commerce MCQ Questions and Solutions with Explanations

Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Section 7

1.
Business means ________.

A. Commerce

B. Industry and commerce

C. Trade and commerce

D. Selling and buying of goods

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2.
Which of the following is not an economic activity?

A. A doctor practicing

B. A lawyer practicing law

C. A professional cricketer playing cricket

D. A student playing cricket

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3.
Which of the following is an extractive industry?

A. Cattle breeding

B. Forest cultivation

C. Hunting

D. Flour mills

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4.
Which of the following is not a manufacturing industry?

A. Iron and steel works

B. Flour Mills

C. Fruit canning

D. Mining

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5.
A valid definition of a business purpose is to ______.

A. Create a customer

B. Maximize profits

C. Serve the society

D. Increase the wealth of the firm

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6.
Sole-trade organization is also called as ______.

A. Individual proprietorship

B. Partnership

C. Joint stock company

D. Co-operative society

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7.
Who is dormant partner?

A. One who takes no active part in business

B. A working partner

C. Partner for profits

D. Minor partner

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8.
In case of minor acting as a partner, his personal properties are ________.

A. Liable for the debts of the firm

B. Not liable for the debts of the firm

C. Partly liable for the debts of the firm

D. Only debts of the firm

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9.
When a partnership is dissolved?

A. In any case of death of any of the partner

B. By mutual consent

C. By insolvency of any of the partner

D. All of above

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10.
The liability of a sole proprietor is _______.

A. Limited to the extent of his capital invested in the business

B. Limited to the extent of the value of business assets

C. Limited to the extent of the value of business assets and his all private assets

D. Limited value of the business assets

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Business and Commerce MCQ Questions and Solutions with Explanations | Commerce

1. Business means ________.

Answer & Solution

2. Which of the following is not an economic activity?

Answer & Solution

3. Which of the following is an extractive industry?

Answer & Solution

4. Which of the following is not a manufacturing industry?

Answer & Solution

5. A valid definition of a business purpose is to ______.

Answer & Solution

6. Sole-trade organization is also called as ______.

Answer & Solution

7. Who is dormant partner?

Answer & Solution

8. In case of minor acting as a partner, his personal properties are ________.

Answer & Solution

9. When a partnership is dissolved?

Answer & Solution

10. The liability of a sole proprietor is _______.

Answer & Solution

Read More Section(Business and Commerce)

1.
Business means ________.

2.
Which of the following is not an economic activity?

3.
Which of the following is an extractive industry?

4.
Which of the following is not a manufacturing industry?

5.
A valid definition of a business purpose is to ______.

6.
Sole-trade organization is also called as ______.

7.
Who is dormant partner?

8.
In case of minor acting as a partner, his personal properties are ________.

9.
When a partnership is dissolved?

10.
The liability of a sole proprietor is _______.