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Distinguish between business profession an employment …

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Distinguish between business profession an employment on the basis of (1) qualifications (2) mode of establishment (3) return (4) risk and (5) code of conduct.

Posted by Raj Singh 4 years, 5 months ago

CBSE > Class 11 > Business Studies

1 answers

Naitik Pal 4 years, 5 months ago

BUSINESS QUALIFICATION - no minimum qualification is necessary MODE OF ESTABLISHMENT - entrepreneur's decision and other legal formalities if necessary RETURN - profit earned RISK - profit are uncertain and irregular therefore risk is present CODE OF CONDUCT - no code of conduct is prescribed PROFESSION QUALIFICATION - expectise and training in specific field is must MODE OF ESTABLISHMENT - membership of a professional body and certificate of practice RETURN - professional fees RISK - fees is generally certain and regular therefore some risk CODE OF CONDUCT - professional code of conduct is to be followed EMPLOYMENT QUALIFICATION - qualification and training as proscribed by the employer MODE OF ESTABLISHMENT - appointment letter and service agreement RETURN - salary or wages RISK - fixed and regular pay therefore no risk CODE OF CONDUCT - norms of behaviour laid down by the employer are to be followed

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