1. All
business activities can be classified into ……………. broad categories.
(a) Two
(b) Three
(c) Four
(d) Five
Answer:
(a) Two
2. Where
is the mechanical appliances and technical skills used?
(a) Industry
(b) Commerce
(c) Business
(d) Trade
Answer:
(a) Industry
3. Horticulture
is an example for …………….
(a) Primary industry
(b) Secondary industry
(c) Tertiary industry
(d) Local industry
Answer:
(a) Primary industry
4. …………….
industry assembles different component parts to make a new product, as in the
case of television, car, computer, etc.
(a) Assembling
(b) Processing
(c) Analytical
(d) Construction
Answer:
(a) Assembling
5. Professional
or specialized skills and high technology are used to provide ……………. type of
services.
(a) Personalized
(b) Public
(c) Distributive
(d) Quaternary
Answer:
(d) Quaternary
6. Banking,
factoring, accounting and insurance come under ……………. type of service.
(a) Mechanical
(b) Financial
(c) Personal
(d) Quinary
Answer:
(b) Financial
7. Commerce
represents ……………. side of goods and services.
(a) Demand
(b) Profit
(c) Supply
(d) Cost
Answer:
(a) Demand
8. Special
arrangement must be made for of goods to prevent loss or damage.
(a) Transportation
(b) Pricing
(c) Storage
(d) Advertising
Answer:
(c) Storage
II.
Very Short Answer questions
1. What
is Extractive industry?
Answer:
Extractive
industries extract or draw out products from natural sources. Extractive
industries supply some basic raw materials that are mostly products of
geographical or natural environment.
2. What is Primary industry?
Answer:
Primary
industry is concerned with production of goods with the help of nature. It is a
nature – oriented industry, which requires very little human effort.
3. What is Secondary industry?
Answer:
Secondary
Industries are concerned with using the materials which have already been
extracted at the primary stage. These industries process such materials to
produce goods for final consumption or for further processing by other
industrial units.
4. What
is tertiary industry?
Answer:
They
do not produce goods. These industries produce utility services and sell them
at a profit. They help trade, industry and commerce. This term also includes
auxiliaries to trade like banking, insurance, warehouse, advertisement etc.
5. What
are the auxiliaries to trade?
Answer:
Transportation
Banking
and Finance
Insurance
Warehousing
Advertising
III.
Short Answer questions
1. Write
any three categories of manufacturing industries.
Answer:
Analytical
Industry which analyses and separates different elements from the same
materials, as in the case of oil refinery.
Synthetic
Industry which combines various ingredients into a new product, as in the case
of cement.
Processing
Industry which involves successive stages for manufacturing finished products,
as in the case of sugar and paper.
2.
State the kinds of Industries.
3.
Write a note on:
1. Transportation
Selling
all the goods produced at or near the production place is not possible. Hence,
goods are to be sent to different places where they are demanded. The medium
which moves men and materials from one place to another is called transport.
2. Banking
Now-a
days we cannot think of business without bank. To start the business or to run
it smoothly we require money. Banks supply money. Business activities cannot be
undertaken unless funds are available for acquiring assets, purchasing raw materials
and meeting other expenses. Necessary funds can be obtained from bank.
3. Insurance
Business
involves various types of risks. Factory building, machinery, furniture etc,
must be protected against fire, theft and other risks. Materials and goods held
in stock or in transit are subject to the risk of loss or damage. Insurance
provides protection in all such cases. On payment of a nominal premium, the
amount of loss or damage and compensation for injury if any, can be recovered
from the insurance company.
IV.
LONG ANSWER QUESTION.
1. Explain Tertiary industry and explain the classification of tertiary industry.
Tertiary industries or Service industries
They do not produce goods. These industries produce utility
services and sell them at a profit. They help trade, industry and commerce.
This term also includes auxiliaries to trade like banking, insurance, warehouse,
advertisement etc.
Classification of Tertiary industries
i. Personalised service: Individuals and private institutions
selling their services to others. E.g. plumber, servant maid, etc.
ii. Public Service: Government hospitals, schools, police,
Government offices, etc. provide services to the people on behalf of the
Government without profit motive.
iii. Distributive Service: Transportation, warehousing,
logistics, salesmanship, etc. come under this type of service.
iv. Financial Service: Banking, factoring, accounting, and
insurance, etc. are grouped under this type of service.
v. Quaternary Service: Professional or specialized skills
and high technology are used to provide this type of service.
E.g. Software development, Auditing, Research and
Development, etc.