Tag: basis of classification of business activities

Questions Related to basis of classification of business activities

The income of a profession is called ________.

organisation of commerce and management introduction to commerce and business characteristics of vocational activities basis of classification of business activities classification of business

  1. wage

  2. salary

  3. fee

  4. profit

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Correct Option: C
Explanation:

Fee- a payment made to a professional person or to a professional or public body in exchange for advice or services

Capital rationing is applied in a situation where ________________________.

organisation of commerce and management introduction to commerce and business characteristics of vocational activities basis of classification of business activities classification of business

  1. It is difficult to bring in required amount of capital

  2. Financial institutions are doubtful or not sure of the viability of the project

  3. A large number of investment proposals compete for limited funds

  4. The dividend is converted into capital for completion of a new project

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Correct Option: C

If stock turnover ratio is $4$ times and the collection period is $30$ days, the operating cycle would be _________.

organisation of commerce and management introduction to commerce and business characteristics of vocational activities basis of classification of business activities classification of business

  1. 30 days

  2. 60 days

  3. 90 days

  4. 120 days

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Correct Option: A

The profession of a secretary is one of the oldest professions in the world.

organisation of commerce and management introduction to commerce and business characteristics of vocational activities basis of classification of business activities classification of business

  1. True

  2. False

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Correct Option: A
Explanation:

The profession of a secretary is one of the oldest profession in the world. In ancient times important persons like Kings, Emperors, Businessmen etc. appoint the secretary to carry out their routine work like letter writing and keeping records of important events, matters etc. In addition to this certain confidential duties also were assigned to him.

(i) The term secretary is derived from the Latin word `Secretarius' which means a confidential writer. 
(ii) In the old Roman empire a secretary was called `Scribae' which means professional letter writer. 
(iii) In ancient Indian literature and historical documents the words like 'Amatya!, `Sachiva' and 'Chitnis' were used for a secretary. 
(iv) In ancient times, important persons like kings, emperors, businessmen, etc. appointed Vazirs to carry out their routine work like letter writing and keeping records of important events, matters and confidential matters. 
(v) It is as old as the human civilization. 
(vi) Thus, the profession of a secretary is one of the oldest professions in the world. 

A __________ secretary is the oldest type of secretary.

organisation of commerce and management introduction to commerce and business characteristics of vocational activities basis of classification of business activities classification of business

  1. Company

  2. Personal

  3. Government

  4. Private

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Correct Option: B
Explanation:

A personal secretary is the oldest type of secretary as old as human civilization

A person who does writing work for his boss is a ____________.

organisation of commerce and management introduction to commerce and business characteristics of vocational activities basis of classification of business activities classification of business

  1. secretary

  2. board of directors

  3. managing committee

  4. none of these

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Correct Option: A
Explanation:

The term secretary means a person who writes secret on behalf of his superior or for his/her boss.

The time limit beyond which if goods are not returned, the capital goods sent for job work shall be treated as supply

organisation of commerce and management introduction to commerce and business characteristics of vocational activities basis of classification of business activities classification of business

  1. One year

  2. Five years

  3. Three Years

  4. Seven years

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Correct Option: C