11th Class I.Com Part 1 Principles of Commerce English Medium Short Question with Answer Full Book Preparation

Question # 1

What is meant by un-commended human activities.

Ans 1: Un-commanded activities include all those activities, taking place in the body, where we have no control of our own, e.g., the palpitation of heart and the working stomach etc.

Question # 2

What is meant by limited liability of the shareholders in a jjoint stock company.

Ans 1: In joint stock company, the liability of the shareholders is limited to the extent of shares purchased by them. It menas the private property of shareholders cannot be used for the loss of company.

Question # 3

Define Partnership

Ans 1: The relation between persons who have agreed to share the profits of a business carried on by all or any one of them acting for all.

Question # 4

Define the broker.

Ans 1: A broker is an agent who represent a buyer or a seller in negotiating a purchase or sale without physically handing the goods involved. He is only converned with making bargains and contact between other parties.

Question # 5

Define Sleepin patner.

Ans 1: If any person invests his capital in the business and responsible for profit and loss but does not participate in the working of the business. he is called non -active or sleeping of domenat partner.

Question # 6

Define Routine letters.

Ans 1: The letters, which are written for routine matters like personal or domestic affairs, suggestions and advices, etc. called routine letters.

Question # 7

What is associate members.

Ans 1: The small and medium size industrial and commercial associations are named as associate memebrs. They themselves apply for the memebrship and pay comparatively less fee

Question # 8

What is the meant by Co operative store.

Ans 1: Co operative store are tehstores, runby consumers cooperative societies on the principle of self and mutual help They pruchase goods directly form manufactureiring and distribute them on retil baiss to its members and outsiders. They work on no profit basis and for the welfare of the memebers

Question # 9

Write names of the types of overseas shipping

Ans 1: i- Liner ii- Tramp iii- Tankers

Question # 10

Why the aeed of partnership business was felt.

Ans 1: i- Shortage of capital
Ans 2: ii- More burden of loss
Ans 3: iii- Failure of meanaging business affairs.

Question # 11

What is the kinds of offcial letters.

Ans 1: i- Offcial Letters ii- Memorandum or memo
Ans 2: iii- Demi official iv- Reminders v- Unofficial note vi- Endorsement
Ans 3: vii- Notification viii- Circulars ix- Press note x - Office order

Question # 12

Define Letter of credit.

Ans 1: Letter of credit is an instrument issued by the buyer's bank authorizing the seller to draw in accordanc with certain terms and conditions

Question # 13

Give the definition of sole tradership

Ans 1: Sole proprietorship is a type of business organization which one person owns and operates the business.

Question # 14

State the important points of the maufestesto I constitution of chamber of commerce and industry.

Ans 1: i- Name of chamber of commerce and industry.
Ans 2: ii- Address of registered office of chamber.
Ans 3: iii- Objectives of chamber
Ans 4: iv- Liabilities of the memebrs of chamber
Ans 5: v- Method of tribution for assets in case of winding up of chamber.

Question # 15

What is the importanc eof an official letter.

Ans 1: i- Written proof ii- Source of information iii- Settlement of disputes
Ans 2: iv- Appointment notice v- To deveop or maintain international relations
Ans 3: vi- Settlement of taxation matters.

Question # 16

State the methods of filing.

Ans 1: i- Wire filing ii- Alphabetical filing iii- Card Board filing
Ans 2: iv- Geographical filing v- Pilot filing vi- Numerical filing
Ans 3: vii- Areh filing viii- Chronologicla filing
Ans 4: ix- Shannon filing x- Subject filing xi- Pigeon -hole filing.

Question # 17

What are non economc activites and give their examples.

Ans 1: These activites are done for personal satiasfaction and not to earn profit or income e.g.
Ans 2: i- Religious activities.
Ans 3: ii- Reights of the parents and relatives
Ans 4: iii- Patriotism
Ans 5: iv- Social welfare.

Question # 18

Write down the name of important documents of company.

Ans 1: i- Memorndum of association
Ans 2: ii- Articles of association
Ans 3: iii- Prospectus

Question # 19

Define Personal letters and list out their kinds.

Ans 1: The letters which are sent or received for personal or domestic matters, called personal letters. Letters writen to relatives and friends etc. there are two types of personal letters.
Ans 2: i- Routine letters ii- Formal letters

Question # 20

Why is there total independence in sole proprietorship.

Ans 1: In sole propertorship, the contorl and supervision of the business remains in the hands of one person, Sole trader can do what ever he likes, because there is no interference of any other person in business matters.

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