Business, Trade and Commmerce — Business Studies STD 11 Commerce — Question

Reema bought a new house recently and plans to shift in the near future. Therefore, she is selling off her old kitchen appliances at OLX and has also made some profit in the process.
In the context of the above case:
i. Will this transaction be constituted as a business activity? Why or why not?
ii. Mention the underlying characteristic of the business.

Differentiate between contract manufacturing and setting up wholly owned production subsidiary abroad.

Mr. Satish gets his house insured against fire of Rs. 20 Lakh with insurer A and for Rs. 10 Lakh with insurer B. A loss of Rs. 3 Lakh occurred.

(1) How much compensation can be claimed from A and B separately and Why ?

(2) Name the principle of Insurance in the above case.

Insurable interest is a fundamental principle of insurance. When should it be present in case of this is:

1. Life insurance policy.
2. Fire insurance policy.
3. Marine insurance policy.

What is the reason behind the existence of business?

Briefly explain the role of commerce in business.

Mention and define the documents which are used in internal trade.

Even though MoA is an important document of the company, yet is suffers from certain disadvantages. State those disadvantages.

Akriti, Sonam & Supreeti were friends who started a partnership business. They did not get their firm registered as it was optional. Soon, Sonam & Supreeti started having conflicts. Sonam wanted to approach a lawyer. If you were a lawyer than how would you guide her ?

Differentiate the following activities into Economic and Non-economic:
i. A property dealer is purchasing a house for himself.
ii. A doctor is giving his son a medical treatment.
iii. A person is selling tea on a railway station.
iv. A property dealer is buying a house for someone on commission.