Welcome to Learn At Ur Desk! In Telangana State, Intermediate Exams are going to start soon and if you landed on this post then you are looking for some Important Questions to prepare for your final exams. Well, you have landed in the right place! Today I’m going to give you some most Important Questions lists (IQ Lists) for your last revision before the final exams. The Important Questions List (IQ List) is to help you have an organized Revision before Exams. Please make sure these questions are just for last-minute revision and are based on the NEW syllabus recommended by the board. So, this list of questions only covers part of the syllabus to check the complete syllabus click here Below are TS Intermediate 2 nd year Commerce IQ List Prepared by Rumana Rukhsar (Updated for IPE March 2024) PART – I – Commerce Theory (50 Marks) Section – A (10 Marks questions) Q 1) What are the differences between the money market and the capital mark
INTRODUCTION
All economic activities are undertaken to derive
monetary benefits, of whatsoever nature, are termed as human occupations. Human
occupations or economic activities can be grouped into three broad categories;
such as profession, employment and business.
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DEFINITION OF BUSINESS
“Business is an institution organized and operated to provide goods and services to the society under the incentive of private gain.” -- B.O.Wheeler
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CHARACTERISTICS OF BUSINESS
The
broad characteristics of a business are as under:
1. Transfer
of ownership: Business
facilitates the transfer of ownership of goods from producers to consumers for
money or money’s worth.
2. Scope
of activities: Business includes
trade and aids to trade. Trade is that branch of commerce, which is concerned,
with the exchange of goods and services while aids to trade are
service-oriented.
3. Profit
motive: Profit is the
primary objective of any business activity. It is essential for the very
survival of business units.
4. Continuous
and recurring: The activities of
business enterprise are recurring in nature. One or two transactions do not
constitute a business.
5. Economic
institution: Business is an
economic institution. All business activities are guided by a desire to earn a profit.
6. Social
institution: Business cannot
ignore social needs as it is a part of society in the sense that it carried on
by the people (entrepreneurs), through the people (executives and workers) and
for the people (consumers).
7. Ethical and lawful: The purpose of business must be ethical and should be recognized by law.
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