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Ask QuestionPosted by Boybe Cool 3 years, 3 months ago
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Posted by Anuj Pathak 3 years, 3 months ago
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Ishika Bhatia 3 years, 3 months ago
Posted by Jaskirat Singh 3 years, 3 months ago
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Sia ? 3 years, 3 months ago
Basis | Business | Profession | Employment |
Commencement | Business may commence with the decision of entrepreneur. | The profession may commence on completion of a degree course & by getting a certificate of practice. | Employment commences on joining duty by entering into a service agreement. |
Qualification | No minimum qualification required before starting a business. | Prescribed & professional qualification & training required. | Qualification depends on the nature of the job. |
Investment | Capital requirement depends on the scale of business. | Limited capital investment is required. | No capital investment is required. |
Risk | In business, there is always risk & uncertainty. | In the profession, there is little risk present. | In employment, there is no risk involved. |
Transfer of interest | Transfer of interest is possible with some formalities. | Transfer of interest is not possible. | Not possible to transfer the service contract. |
Main objective | The main objective of business is to earn a profit. | The main objective of a profession is to provide service. | The main objective of employment is to earn income in the form of salary by satisfying the employer. |
Code of conduct | There is no prescribed code of conduct for business. | Code of conduct is prescribed by the professional associations. | The terms & conditions of service contract are applicable to an employee. |
Nature of work involved | It involves production, purchase & sale or exchange of goods & services. | It involves the rendering of personalized services of specialized nature. | It involves performing the work as assigned by the employer. |
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Sia ? 3 years, 4 months ago
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Mahi Yadav 3 years, 4 months ago
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Parul Kushwaha 3 years, 4 months ago
Posted by Damak Chaudhary 3 years, 4 months ago
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Preeti Dabral 3 years, 4 months ago
No, selling of play station by Shyam is a single time transaction and it is nowhere given that he has the intention to continue this as a business activity so, it will not be considered as a business activity. To be a business activity, dealing with goods must be on a regular and recurring basis. The feature highlighted in the given example is ‘Dealing in goods and services on a Regular Basis’.
Simran Kaur 3 years, 4 months ago
Posted by Chandani Pokhariya 3 years, 4 months ago
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Kunwerjeet Singh 3 years, 4 months ago
Posted by Mayank Bharti 3 years, 4 months ago
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Sia ? 3 years, 4 months ago
- Government service.
- Education service.
- Health service.
- Entertainment service.
- Hotels and Restaurants.
- Retail. This conversation is already closed by Expert.
Posted by Gurtaj Singh 11Th Commerce 3 years, 4 months ago
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Posted by Prayag Gupta 3 years, 4 months ago
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Simran Kaur 3 years, 4 months ago
Rishabh Jain 3 years, 4 months ago
Posted by Saket Sharma 3 years, 4 months ago
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Sia ? 3 years, 4 months ago
<a href="https://mycbseguide.com/course/cbse-class-11-business-studies/1740/">https://mycbseguide.com/course/cbse-class-11-business-studies/1740/</a>
Posted by Shilpa Keshri 3 years, 4 months ago
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Preeti Dabral 3 years, 4 months ago
Various steps for the recovery of future or upcoming losses should be taken for risk minimization. Risk can't be eliminated as it is an essential part of every business and profit is the reward of risk bearing.
Posted by Jashandeep Singh 3 years, 4 months ago
- 1 answers
Sia ? 3 years, 4 months ago
Business enterprises face two types of risks namely, Speculative and pure risks Speculative risks may arise due to change in market conditions that are caused by fluctuations in demand and supply, price change and also based on changes in tastes of consumers. Favourable conditions may result in profits in business while unfavourable conditions may result in losses Pure risks include only the possibility of two conditions, loss or no loss. For example, the situations of theft, fire and strike. Their occurrence may result in loss or their non occurrence may result either in loss or gain
Sunil may give suggestions to Mr. Kapil that every business has certain degree of risks and it is highly dependent on volume of production, and may also advise him to start the business in small scale with small volume of production and can increase if the market for the products pick up in the market
Posted by Jashandeep Singh 3 years, 4 months ago
- 1 answers
Sia ? 3 years, 4 months ago
a) Karan running grocery shop is a business activity where the retailers or wholesalers gets the goods and services from the manufacturers to the consumers.
Priyanshu works as a finance manager in a reputed IT company is in charge of the financial activities of the company.
- b) The grocery shop should satisfy the needs of nearby local market.
- The daily activities of management includes purchasing, restocking, accounting and selling.
- Grocery shop offers low price to customers.
- They have to restock the perishable goods.
- Financial manager must ensure enough funds are available for business.
- He should achieve safety of investment and secure maximum profit.
- He should credit worthiness and good image of business.
- He should raise funds at lowest possible cost.
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Yachna Singhal 3 years, 3 months ago
3Thank You