This quiz works best with JavaScript enabled. Home > Cbse > Class 11 > Commerce > Business Studies > Class 11 Business Studies Chapter 1 Business, Trade And Commerce – Quiz 2 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 11 Business Studies Chapter 1 Business, Trade And Commerce Quiz 2 (60 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which of the following is NOT a type of industry? A) Secondary. B) Quaternary. C) Tertiary. D) Primary. Show Answer Correct Answer: B) Quaternary. 2. The service of commerce which provides protection to businessmen is known as A) Insurance. B) Banking. C) Trade. D) None of these. Show Answer Correct Answer: A) Insurance. 3. What is the role of commerce in business? A) To facilitate trade. B) To provide legal advice. C) To produce goods. D) To manage human resources. Show Answer Correct Answer: A) To facilitate trade. 4. Cattlebreeding farms, poultry farms, andfish hatchery come under which type of industries? A) Manufacturing industries. B) Genetic industries. C) Extractive industries. D) Secondary industries. Show Answer Correct Answer: B) Genetic industries. 5. Which is not included in economic activity? A) Profession. B) Trust. C) Business. D) Employment. Show Answer Correct Answer: B) Trust. 6. What is the primary role of a business plan? A) To outline financial projections. B) To define business goals. C) To attract investors. D) All of the above. Show Answer Correct Answer: D) All of the above. 7. Identify what will mr . raja face in day to day life, he is working in stock market A) Speculative risk. B) Pure risk. C) All the above. D) None of the above. Show Answer Correct Answer: A) Speculative risk. 8. What is the significance of the Silk Route in ancient trade? A) It was a major land route for spices. B) It connected India to Europe. C) It was a cultural exchange route. D) It was used for maritime trade. Show Answer Correct Answer: A) It was a major land route for spices. 9. What type of risk involves both the possibility of gain and loss? A) Pure risk. B) Operational risk. C) Speculative risk. D) Financial risk. Show Answer Correct Answer: C) Speculative risk. 10. Cotton is mostly produced in Maharashtra and Gujrat. However, it is required for consumption in other parts of the country. For this purpose ..... is very important. A) Insurance. B) Advertising. C) Banking. D) Transport and Communication. Show Answer Correct Answer: D) Transport and Communication. 11. Which of the following cannot be classified as an auxiliary to trade? A) Mining. B) Insurance. C) Transport. D) Warehousing. Show Answer Correct Answer: A) Mining. 12. I am an industry which provide support to other industries. Who am I? A) Primary Industry. B) Processing Industry. C) Tertiary Industry. D) Secondary Industry. Show Answer Correct Answer: C) Tertiary Industry. 13. This activity is basically to earn money A) Economic activity. B) Non economic activity. C) All the above. D) None of the above. Show Answer Correct Answer: A) Economic activity. 14. What is a significant cause of business risks? A) Employee satisfaction. B) Natural disasters. C) Technological advancements. D) Market stability. Show Answer Correct Answer: B) Natural disasters. 15. Which of the following is an example of a primary industry? A) Mining. B) Insurance. C) Banking. D) Textile manufacturing. Show Answer Correct Answer: A) Mining. 16. Assertion (A) Earning Livelihood is the main aim of Economic activities. Reason (R) It helps people in earning their bread and butter by performing several activities. A) A is incorrect, but R is correct. B) A is correct, but R is incorrect. C) Both A and R are true, but R is not the correct explanation of A. D) Both A and R are true. R is the correct explanation of A. Show Answer Correct Answer: D) Both A and R are true. R is the correct explanation of A. 17. ..... and ..... were important components of economic life of ancient people. A) Fishing and Animal husbandry. B) Farming and Crop production. C) Agriculture and domestication of animals. D) Mining and Fishing. Show Answer Correct Answer: C) Agriculture and domestication of animals. 18. Hundi made payable to orderfollowing a fixed term. A) Dhani-jog (Muddati). B) Jokhmi (Muddati). C) Firman-jog (Muddati). D) Dhani-jog (Darshani). Show Answer Correct Answer: C) Firman-jog (Muddati). 19. No specific qualifications and skills are required in ..... A) Business. B) Employment. C) Profession. D) Both A and B. Show Answer Correct Answer: A) Business. 20. In which activity, specialised knowledge is required? A) Business. B) Profession. C) Employment. D) All of the three. Show Answer Correct Answer: B) Profession. 21. India was witness approximately ..... of world total wealth between 1500 to 1750 AD. A) 20%. B) 25%. C) 10%. D) 35%. Show Answer Correct Answer: B) 25%. 22. Ruchi is a practicing Chartered Accountant. She has her C.A. Firm in Hyderabad, Telangana. She deals in providing Income Tax and GST-related services to her clients against very reasonable consultancy fees. She has her own professional coaching classes for C.A. Enrolled Students. Identify the types of economic activities performed by Ruchi as referred to in the above case. A) None of the above. B) Employment. C) Profession. D) Business. Show Answer Correct Answer: C) Profession. 23. Which of the broad categories of industries covers oil refineries and sugar mills? A) Secondary. B) Tertiary. C) None of these. D) Primary. Show Answer Correct Answer: A) Secondary. 24. Payable to a specific person, someone 'respectable'. Liabilityover who received payment. A) Firman-jog-Muddati. B) Dekhan-har-Darshani. C) Firman-jog-Darshani. D) Sah-jog-Darshani. Show Answer Correct Answer: D) Sah-jog-Darshani. 25. Poultary farms come under which type of industry? A) Extractive. B) Constructive. C) Manufacturing. D) Genetic. Show Answer Correct Answer: D) Genetic. 26. I mean sale, transfer or exchange of goods. I am an essential part of commerce. Who am I? A) Industry. B) Trade. C) Auxiliaries to Trade. D) Business. Show Answer Correct Answer: B) Trade. 27. Which of these cannot be classified as an auxiliary to trade A) Insurance. B) Transport. C) Warehousing. D) Mining. Show Answer Correct Answer: D) Mining. 28. Oil refinery is a example of A) Synthetical industry. B) Analytical industry. C) Processing industry. D) Assembling industry. Show Answer Correct Answer: B) Analytical industry. 29. Which one of the following is an economic activity in which specialized knowledge is required? A) Business. B) Profession. C) Employment. D) None of the above. Show Answer Correct Answer: B) Profession. 30. "Vasco da Gama" belong to which country? A) TURKEY. B) PORTUGUESE. C) GREEK. D) MEXICO. Show Answer Correct Answer: B) PORTUGUESE. 31. State which of the following is an economic activity: A) Person begging at a busy traffic intersection. B) Farmer growing rice for her own consumption. C) Services of a housewife doing household chores at home. D) A factory owner producing school bags for sale in the market. Show Answer Correct Answer: D) A factory owner producing school bags for sale in the market. 32. Which one of the following may not be a factor behind starting a business? A) Routine workload. B) Location of business. C) Finance. D) Size of firm. Show Answer Correct Answer: A) Routine workload. 33. "Wieden+Kennedy" is advertising agency which designed making India logo is belong to which country? A) SWITZERLAND. B) POLAND. C) INDIA. D) USA. Show Answer Correct Answer: D) USA. 34. What is the primary function of banking in business? A) To provide financial assistance. B) To manage human resources. C) To regulate trade. D) To produce goods. Show Answer Correct Answer: A) To provide financial assistance. 35. Reward orreturn of business is ..... A) Non of this. B) Salary or wages. C) Profit earned. D) Fee. Show Answer Correct Answer: C) Profit earned. 36. Which city was famous for 'Gold silk cloth'? A) Varanasi. B) Tamralipti. C) Mithila. D) Ujjain. Show Answer Correct Answer: A) Varanasi. 37. Which of the following is not an example of non-economic activity? A) Teaching. B) Sentiment. C) Sympathy. D) Patriotism. Show Answer Correct Answer: A) Teaching. 38. Which of the following does not represent the role of profit in business: A) Reward. B) Survival. C) Growth. D) Activity. Show Answer Correct Answer: D) Activity. 39. Leading trade centres of India were- A) Ujjain. B) Kanchi. C) Both A and B. D) Only A. Show Answer Correct Answer: C) Both A and B. 40. Which of the following is an auxiliary to trade? A) Retailing. B) Transport. C) Manufacturing. D) Production. Show Answer Correct Answer: B) Transport. 41. In the ancient times, the foreign traders had their headquarters in ..... city. A) Tamralipti. B) Madura. C) Kaveripatta. D) Broach. Show Answer Correct Answer: C) Kaveripatta. 42. Commerce includes A) Trade only. B) Retail Trade only. C) Trade+Manufacturing only. D) Trade+Transport+ Banking+ Insurance. Show Answer Correct Answer: D) Trade+Transport+ Banking+ Insurance. 43. In which year "Vascoda Gama" comes to India? A) 1498. B) 1500. C) 1248. D) 1489. Show Answer Correct Answer: A) 1498. 44. Assertion (A)-Business is considered as an economic activity.Reasoning (R)-Any activity is called an economic activity when it is done with a view of earning money and the motive of business is to earn profit primarily. A) Both Assertion (A) and Reasoning (R) is true. B) Assertion (A) is true but Reasoning (R) is not true. C) Assertion (A) is not true but Reasoning (R) is true. D) Both Assertion (A) is and Reasoning (R) is not true. Show Answer Correct Answer: A) Both Assertion (A) and Reasoning (R) is true. 45. What does business means to you? A) To earn money by peoples demands for goods and services. B) To earn money. C) For production and sale of goods and services. D) All the given options. Show Answer Correct Answer: D) All the given options. 46. Name the two broad categories of business activities. A) Trade and commerce. B) Trade and industry. C) Industry and commerce. D) None of these. Show Answer Correct Answer: C) Industry and commerce. 47. Soaps are included under which type of industry? A) Synthetic. B) Analytical. C) Processing. D) Assembly Line. Show Answer Correct Answer: A) Synthetic. 48. Assertion (A)-Profit play a vital role in any business.Reasoning (R)-Earning of profit is essential for any business because of the many reasons like means of livelihood, rewards of risk-taking and for the purpose of growth. A) Both Assertion (A) and Reasoning (R) is true. B) Assertion (A) is true but Reasoning (R) is not true. C) Assertion (A) is not true but Reasoning (R) is true. D) Both Assertion (A) and Reasoning (R) is not true. Show Answer Correct Answer: A) Both Assertion (A) and Reasoning (R) is true. 49. Which is not a Nature of Business Risks? A) Business risks arise due touncertainties. B) Risk is an essential part of every business. C) Degree of risk not depends mainlyupon the nature and size ofbusiness. D) Profit is the reward for risktaking. Show Answer Correct Answer: C) Degree of risk not depends mainlyupon the nature and size ofbusiness. 50. Banking is ..... A) Primary Industry. B) Secondary Industry. C) Tertiary Industry. D) None of these. Show Answer Correct Answer: C) Tertiary Industry. 51. Which city was famous for "stones" in ancient India? A) Peshawar. B) Broach. C) Indraprastha. D) Pataliputra. E) Taxila. Show Answer Correct Answer: D) Pataliputra. 52. Commerce includes activities relating to trade and ..... A) Supporting. B) Subsidiaries. C) Auxiliaries to trade. D) None of these. Show Answer Correct Answer: C) Auxiliaries to trade. 53. Auxiliaries of trade = A) Transport and communication. B) Transport and communication + Banking and Finance. C) Transport and communication + Banking and Finance + Insurance + Trade + Share Markets. D) Transport and communication + Banking and Finance + Insurance + Warehousing + Advertising. Show Answer Correct Answer: D) Transport and communication + Banking and Finance + Insurance + Warehousing + Advertising. 54. Taking out fish from.river is the example of A) Extractive industry. B) Genetic industry. C) All the above. D) None of the above. Show Answer Correct Answer: A) Extractive industry. 55. No capital is required in ..... A) Business. B) Profession. C) Employment. D) None of these. Show Answer Correct Answer: C) Employment. 56. Which of the following creates 'form Utility'? A) Trade. B) Business. C) Commerce. D) Industry. Show Answer Correct Answer: D) Industry. 57. The famous traveler "Megasthenes" was belong to which of the following country? A) ROME. B) GERMANY. C) FRANCE. D) GREEK. Show Answer Correct Answer: D) GREEK. 58. Which of the following is a type of auxiliary to trade? A) Wholesale. B) Retail. C) Transport. D) Manufacturing. Show Answer Correct Answer: C) Transport. 59. The industries which provide support services to other industries are known as A) (iv) Tertiary industries. B) (ii) Secondary industries. C) (iii) Commercial industries. D) (i) Primary industries. Show Answer Correct Answer: A) (iv) Tertiary industries. 60. Transfer of interest exists in the case of A) Profession. B) Employment. C) Business. D) None of these. Show Answer Correct Answer: C) Business. ← PreviousNext →Related QuizzesCommerce QuizzesClass 11 QuizzesClass 11 Business Studies Chapter 1 Business, Trade And Commerce Quiz 1Class 11 Business Studies Chapter 1 Business, Trade And Commerce Quiz 3Class 11 Business Studies Chapter 10 International Business QuizClass 11 Business Studies Chapter 2 Forms Of Business Organisation QuizClass 11 Business Studies Chapter 3 Private, Public And Global Enterprises QuizClass 11 Business Studies Chapter 4 Business Services QuizClass 11 Business Studies Chapter 5 Emerging Modes Of Business QuizClass 11 Business Studies Chapter 6 Social Responsibilities Of Business And Business Ethics Quiz 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books