Class 11 Business Studies - Chapter Business, Trade and Commerce NCERT Solutions | Compare business with profession and emp
Compare business with profession and employment.
Business: It implies business or the state of being buys. Business means an enterprise engaged in the production and distribution of goods for sale in the market or rendering of services for a price.
Profession: Profession is an occupation involving the provision of personal services of a specialized and expert nature.
Employment: It involves working under contract of employment for or under someone known as the employer in return for wages or salary.
| Basis | Business | Profession | Employment |
|---|---|---|---|
| Mode of Establishment | Promotes take decision, registration and other formalities as prescribed by law. | Membership of a professional body or certificate. | Service contact or letter of appointment. |
| Nature of Work | Goods and services provided to the public. | Personalized. | Performing work assigned by employer. |
| Qualification | No minimum qualification is essential. | Specialized knowledge. | As per service requirement. |
| Basic Motive | Earning profits by satisfying needs of society. | Rendering services. | Earning salary or wage by serving the employer. |
| Capital | Capital investment required as per size of the firm. | United capital required. | No capital required. |
| Reward | Profits. | Professional fee. | Salary or wages. |
| Risk | Profits are uncertain and irregular. | Fees are regular and were negative. | No risk. |
| Transfer of Interest | Transfer of interest is possible with some formalities. | Not possible. | Not transferable. |
More Questions From Class 11 Business Studies - Chapter Business, Trade and Commerce
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Popular Questions of Class 11 Business Studies
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Define services and goods.
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State any three differences between e-business and traditional business.
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1. The structure in which there is separation of ownership and management is called
(a) Sole proprietorship (b) Partnership
(c) Company (d) All business organisations2. The karta in Joint Hindu family business has
(a) Limited liability (b) Unlimited liability
(c) No liability for debts (d) Joint liability3. In a cooperative society the principle followed is
(a) One share one vote (b) One man one vote
(c) No vote (d) Multiple votes4. The board of directors of a joint stock company is elected by
(a) General public (b) Government bodies
(c) Shareholders (d) Employees5. Profits do not have to be shared. This statement refers to
(a) Partnership (b) Joint Hindu family business
(c) Sole proprietorship (d) Company6. The capital of a company is divided into number of parts each one of which are called
(a) Dividend (b) Profit
(c) Interest (d) Share7. The Head of the joint Hindu family business is called
(a) Proprietor (b) Director
(c) Karta (d) Manager8. Provision of residential accommodation to the members at reasonable rates is the objective of
(a) Producer’s cooperative (b) Consumer’s cooperative
(c) Housing cooperative (d) Credit cooperative9. A partner whose association with the firm is unknown to the general public is called
(a) Active partner (b) Sleeping partner
(c) Nominal partner (d) Secret partner - Q:-
1. A government company is any company in which the paid up capital held by the government is not less than
(a) 49 per cent (b) 51 per cent
(c) 50 per cent (d) 25 per cent2. Centralised control in MNC’s implies control exercised by
(a) Branches (b) Subsidiaries
(c) Headquarters (d) Parliament3. PSE’s are organisations owned by
(a) Joint Hindu family (b) Government
(c) Foreign Companies (d) Private entrepreneurs4. Reconstruction of sick public sector units is taken up by
(a) MOFA (b) MoU
(c) BIFR (d) NRF5. Disinvestments of PSE’s implies
(a) Sale of equity shares to (b) Closing down private sector/public operations
(c) Investing in new areas (d) Buying shares PSE’s6. The equity-based joint venture does not include
(a) Cooperative development (b) Company
(c) Partnership (d) Limited liability partnership - Q:-
What is meant by Social Responsibility in Business?
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Recently Viewed Questions of Class 11 Business Studies
- Q:-
What is meant by Social Responsibility in Business?
- Q:-
1. A government company is any company in which the paid up capital held by the government is not less than
(a) 49 per cent (b) 51 per cent
(c) 50 per cent (d) 25 per cent2. Centralised control in MNC’s implies control exercised by
(a) Branches (b) Subsidiaries
(c) Headquarters (d) Parliament3. PSE’s are organisations owned by
(a) Joint Hindu family (b) Government
(c) Foreign Companies (d) Private entrepreneurs4. Reconstruction of sick public sector units is taken up by
(a) MOFA (b) MoU
(c) BIFR (d) NRF5. Disinvestments of PSE’s implies
(a) Sale of equity shares to (b) Closing down private sector/public operations
(c) Investing in new areas (d) Buying shares PSE’s6. The equity-based joint venture does not include
(a) Cooperative development (b) Company
(c) Partnership (d) Limited liability partnership - Q:-
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Explain warehousing and its functions.
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Explain in detail the warehousing services.
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Evaluate the need for outsourcing and discuss its limitations.
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