InterviewSolution
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InterviewSolution
This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your knowledge and support exam preparation. Choose a topic below to get started.
| 1. |
MVT Construction Pvt . Ltd . Deals in constructing building , bridges , roads and dams by using cement , steel , bricks and wood . There are 1000 employess in all working in this company . The managing director of the company , Mr . Shyamsunder , takes full care of the quality of work done. Recently , the company got a contract of constructing five big duildings , two bridges , one long road and one dam . The company has got a special division also , which owns one hundred trucks . these trucks are used for transpoting goods on hire . This division is working quite successfully under the supervision of the divisional manager . Radhika Dasi. Identify and state two types of industrial activities from the above para by quoting the lines . 3 marks |
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Answer» (i) " MVT Construction Pvt . Ltd deals in constructing building , bridges , roads and dams by using cement , steel, bricks and wood . " Secondary industries - These industries are concerned with using the materials extracted at the primary stage to produce goods for final consumption or for further processing by other industrials units. (ii) " The company has got a special division also , which owns one hundred trucks. " Tertiary or service industries - These industries provide services facilities . It includes transport, communication , banking , insurance , warehousing , advertising , etc. |
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| 2. |
Dr . Rajiv Mishra is working against the post of a senior doctor in a government hospital . He does not discriminate between the rich and poor while treating his patients medically . When he returns home from the hospital , he attends to the poor patients at home free of cost between 6 pm to 8 pm. Besides , he gives them the information about the employment opportunities . He advises many young people to go into the fields of advertising and transportation . They went into these fields and remarkably succeeded there. (i) What type of activites does Dr. Rajiv Mishra perform in the hospital and home ? (ii) Explain the auxiliaries to trade mentioned in the above para. |
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Answer» Working in a government hospital - An economic activity. Attending to the poor patients at home free of cost - A non - economic activity. (ii) (a) Transportation : Transport (road , rail or coastal shipping) facilitates movement of raw materials to the place of production , and the finished goods from factories to the place of consumption . Transportation makes for speed and efficiency in exchange . It is because of transportation that a producer can sell his goods in different parts of the world . It creates place utility. (b) Advertising : Advertising brings goods and services to the konwledge of prospective buyears. with the help of such knowledge , consumers can obtain better value for their money . Thus , advertising helps to promote the sale of products like electronic goods , automobiles , soaps and detergents , etc . by providing information about them. |
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| 3. |
Name the auxiliary to trade which removes the hindrance of time. |
| Answer» Warehousing or storage. | |
| 4. |
Commercial cities like Harappa and Mohenjodaro were founded in the third milliennium B.C. The civilisation had established commercial connections with Mesopotamia and traded in___________ coloured gemstones , beads , pearls , sea shells , terracotta pots , etc . fill in the blanks by any two items of trade. |
| Answer» gold , silver , copper (any two). | |
| 5. |
Choose the correct alternative :The service which helps in removing hindrance of konwledge. `{:(("i")"The sevice which helps in removing hindrance of knowledge.","A. Advertising"),(("ii")"The service which helps in removing hindrace of place.","B. Transport"),(("iii")"The service which helps in removing hindrance of time.","C. Insurance"),(("iv")"The service which helps in removing hindrance of risk.","D. Warehousing"):}`A. (i) - A , (ii) - B , (iii) - D (iv) -CB. (i) -C , (ii)- B , (iii) -D , (iv) -AC. (i) -A , (ii) -D , (iii) -B , (iv) -CD. (i) -C , (ii) -D , (iii) -B, (iv) -A |
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Answer» Correct Answer - a (i) - A , (ii) - B , (iii) - D (iv) -C |
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| 6. |
Is furniture making a manufacturing industry ? Why? |
| Answer» Yes, because manufacturing industries convert raw materials or semi - finished products into finished products (timber into furniture). | |
| 7. |
In ancient India , documents such as _____ and ______ were in use for carrying out transactions in which money passed from hand to hand. |
| Answer» Correct Answer - Hundi , Chitti. | |
| 8. |
As economic life progressed , metals began to supplement other commodities as money because of its ____and _____. |
| Answer» durability, Divisibility. | |
| 9. |
Fishing is what type of Industry ?A. Primary industryB. Secondary industryC. Commercial industryD. Tertiary industires |
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Answer» Correct Answer - a The primary sector of the economy is the sector of an economy making direct use of natural resources. This includes agriculture, forestry, fishing and mining. |
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| 10. |
Name the type of type of manufacturing industry wherein two or more ingredients are combined into one products. |
| Answer» Correct Answer - Synthetic industry. | |
| 11. |
Name the type of type of manufacturing industry wherein a finished product is produced through successive stages. |
| Answer» Processing industry. | |
| 12. |
Name the type of manufacturing industry in which one material is separated into several useful products. |
| Answer» Analytical industry. | |
| 13. |
Name the manufacturing industry in which TV sets or computers are produced. |
| Answer» Assembling industry. | |
| 14. |
Risk is an essential element of every business activity . True / False ? Give reason. |
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Answer» Correct Answer - 1 True : No business can avoid risk . However , risk can be minimized through insurance. |
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| 15. |
"Business is undertaken with the object of earning money " . Which characterstic of business is highlighted in this statement? |
| Answer» Business in an economic activity, as it is conducted with the primary objective of earning money, i.e. for an economic motive. | |
| 16. |
Name the category of industry which involves breeding or reproduction of plants and animals . |
| Answer» Correct Answer - Genetic industries. | |
| 17. |
Is dairying a genetic or an extractive industry ? Why? |
| Answer» Genetic industry, because it involves breeding or reproduction of animals. | |
| 18. |
The industries which provide support services to other industries are known asA. Primary inductriesB. Secondary industriesC. Commercial industriesD. Tertiary industires |
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Answer» Correct Answer - d The tertiary industry is the segment of the economy that provides services to its consumers, including a wide range of businesses such as financial institutions, schools and restaurants. It is also known as the tertiary sector or service industry/sector. |
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| 19. |
Ritika produces goods not for the purpose of sale but for personal consumption . Will it be a business activity ? Why ? |
| Answer» No , because it does not involve sale or exchange of goods and services between the seller and the buyer. | |
| 20. |
Trade berween two countries is known as internal trade . True/ False ? Give reason. |
| Answer» False :- Trade between two countries is called External Trade. | |
| 21. |
Punjabi and Multani merchants hardled business in the northern region , while the _________ managed the trade in the states of Gujarat and Rajasthan. |
| Answer» Correct Answer - Bhats. | |
| 22. |
"Business activities are undertaken under conditions of uncertainty" . Which characteristic of business is highlighted in this statement? |
| Answer» Element of risk.Efforts are made to forecast future events and plan the business strategies accordingly. And the factors that affect business are uncertain. | |
| 23. |
___________ involves movement of goods from one place to another. |
| Answer» Correct Answer - Transportation. | |
| 24. |
Match the following : `{:(("i")"The trade in which goods are bought from other countries.","A. Import trade"),(("ii")"The economic activities concerned with extraction , production, processing or fabrication of products.","B. Warehousing"),(("iii")"The trade in which goods are imported and exported to some other country.","C. Entrepot trade"),(("iv")"The branch of commerce which removes the hindrance of time.","D. Industry"):}` |
| Answer» (i) -A , (ii) - D , (iii) - C (iv) -B. | |
| 25. |
__________. Is concerned with holding goods in stock for sale in future |
| Answer» Correct Answer - Warehousing. | |
| 26. |
______________ facilitate buying and selling of goods and services. |
| Answer» Auxiliaries to trade. | |
| 27. |
________and ________ banks later evolved to finance trade and commerce and agricultural banks to provide both short - and long - term loans to finance agriculturists. |
| Answer» Commercial , Industrial. | |
| 28. |
___________ was another source of income generation . It had to be paid for passengers , goods , cattle and carts. |
| Answer» Correct Answer - The ferry tax. | |
| 29. |
The First Five Year Plan was implemented in 1952 . Due importance was given to the establishment of ________.A. modern industriesB. modern technological and scientific institutesC. space and nuclear programmesD. All of these |
| Answer» Correct Answer - All of these. | |
| 30. |
All the four children of Mr . Madan Mohan Lal are doctors . Shyam is a skin specialist . Krishna is a heart specialist , Radhika is a chil specialist and Gauri is a physician . Dr . Shyam joined a multispeciality private hospital . Dr Krishna established his own nursing home . Dr . Radhika works in a government hospital adn also treats the poor people free of cost in a charitable dispensary . Dr . Gauri opened a medical store wherein she sells genuine medicines , getting the minimum profit margin. (a) State , giving reasons , wherein they are engaged in economic or non - economic activities . (b) Also explain in which form of the economic activities and non - economic activities they have been engaged. |
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Answer» All the four children of Mr . Madan Mohan Lal - Shyam , Krishna , Radhika and Gauri have been engaged in economic activities . How wever , Dr . Radhika is also engaged in a non - economic activity of social welfare since she treates the poor people free of cost in a chariable dispensary. Dr . Shyam , who has joined a multi - speciality private hospital , is in empolyoment . similarly , Dr. Radhika ,who works in a government hospital , is also in empoloyment. Dr . krishna , who has established his own nursing home ,is in profession. Dr. Gauri , who has opend a medical store is in business. |
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| 31. |
Which of the broad categories of industries covers oil refinery and suger mills?A. PrimaryB. SecondaryC. TertiaryD. None of them |
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Answer» Correct Answer - b Industry that converts the raw materials provided by primary industry into commodities and products for the consumer; manufacturing industry. |
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| 32. |
The occupation in which people work for others and get remunerated in return is known as __________.A. BusinessB. EmploymentC. ProfessionD. None of them |
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Answer» Correct Answer - b In employment a person is hired for a wage, salary, fee or payment to perform work for an employer. |
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| 33. |
On the Coromandel Coast , Pulicat was a major port in the 17th century. _________ were the principal export from Publicat to Southeasr Asia. |
| Answer» Correct Answer - Textiles. | |
| 34. |
Why is mining called a primary industry? |
| Answer» Bcause it is connected with extraction of natural resources. | |
| 35. |
A person repairs scooters on roadside . How will you descirbe this activity? |
| Answer» Business activity.Because he doing his work on regular basis for generating profits. | |
| 36. |
Pepper was particularly valued in the Roman Empire and was known as________. |
| Answer» Correct Answer - Black Gold. | |
| 37. |
The economic activity in which specialised knowledge in required is _________.A. BusinessB. EmploymentC. ProfessionD. None of them |
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Answer» Correct Answer - c A profession is an occupation founded upon specialized educational training, the purpose of which is to supply disinterested objective counsel and service to others, for a direct and definite compensation. |
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| 38. |
Which of the following is an economic activity?A. A housewife cooking food for her family.B. A person selling cold water on the payment.C. A young boy driving his motorycle in the city.D. An old man offering prayers in a temple. |
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Answer» Correct Answer - b Economic activity is the activity of making, providing, purchasing, or selling goods or services. |
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| 39. |
Profit is the reward for bearing risks . True/ False ? Give reason. |
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Answer» Correct Answer - 1 True : Greater the risk in a business , higher is the chances of profit. |
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| 40. |
A housewife sells old newspapers for Rs. 100 . Is it a business activity ? Why? |
| Answer» No , it is not a busness activity because business involves dealings in goods or services on a regular or daily basis. | |
| 41. |
If a person sells his / her domestic T.V set at a profit , will it be considered as a business ? Why? |
| Answer» No , selling a domestic T.V set at a profit will not be considered a business activity because business involves dealings in goods or services on a regular or daily basis . One single transaction of sale or purchase does not constitute business. | |