ICSE Class 9 Commercial Studies Quiz

Define the term business.

• All economic activities concerned with production and exchange of goods and services for profit

• The process of creating goods and services for personal use

• The act of sharing resources without any monetary gain

• The study of natural resources and their conservation

Give two characteristics of business.

• Business is always non-profit and involves only services

• Business is limited to a specific geographical area and does not involve any risks

• Business is solely dependent on government regulations and policies

• Business involves exchange of goods and services for profit and requires investment of capital

Distinguish between industry and commerce.

• Industry is a non-profit sector while commerce is focused on profit-making

• Industry is regulated by international laws while commerce is regulated by local laws

• Industry is limited to manufacturing only while commerce includes services as well

• Industry involves the production of goods while commerce involves the exchange of goods and services

What is extractive industry?

• An industry that extracts energy from renewable sources

• An industry that specializes in extracting metals from recycled materials

• An industry that focuses on extracting information from data

• An industry that extracts minerals and natural resources from the earth

Define commerce.

• The process of creating goods and services for personal use

• The study of natural resources and their conservation

• All economic activities concerned with production and exchange of goods and services for profit

• The act of sharing resources without any monetary gain

What is the main objective of a business?

• To provide free services to the community

• To eliminate competition in the market

• To maximize profits for the owners

• To minimize the use of resources

Which type of business organization is owned and managed by a single individual?

• Partnership

• Joint Stock Company

• Sole Proprietorship

• Cooperative Society

What is the role of the finance and accounts department in a commercial organization?

• Managing human resources

• Handling production processes

• Dealing with financial transactions and record-keeping

• Overseeing marketing and sales activities