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

Question # 1

Why is the single owner so much satisfiedwith his business affairs.

Ans 1: As all the business activities are accomplished under athe supervision of sole, owner so he feels personal satsifaction that the business is runnig smmothly

Question # 2

Define consumer.

Ans 1: A person or group of persons or an institution pruchases a particualr commodity to consume is known as consumer. His aim is a to satisfy his desires and not a resale for making profit.

Question # 3

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 # 4

Write the necessary parts of business letters.

Ans 1: i- Heading ii- Date iii- Inside address iv- Salutation
Ans 2: v- Body of letter vi- Complementary close vii- Signature.

Question # 5

Who is minor partner.

Ans 1: Minor partner means a partner whose age is less than 18 years. A minor partner may become a partner of the business with the consent of all the other partners.

Question # 6

State the procedure or steps of exporting goods.

Ans 1: 1- Obtaing and acceptance of indent.
Ans 2: 2- Procuring the goods. 3- Registration and import license
Ans 3: 4- Preparation of documents 5- Packing and shipment.
Ans 4: 6- Insurance of goods 7- Dispaching the documents
Ans 5: 8- Securing payment.

Question # 7

What is the important media of advertisment.

Ans 1: i- News paper ii- Magazines iii- Journals iv- Radio
Ans 2: v- Televison vi- Cinema vii- Neon signs viii- Hoardings
Ans 3: ix- Postes x- sation display

Question # 8

State teh merits of water transport.

Ans 1: i- Natural waterways
Ans 2: ii- Cheapest means iii- Useful for bulky items
Ans 3: iv- Insurance facility

Question # 9

What are teh fuctions of an office.

Ans 1: i- Receiving information ii- Recording information
Ans 2: iii- Arranging informations iv- Transmitting information
Ans 3: v- Filing vi- Supplying office requisites

Question # 10

Define foreign trade.

Ans 1: Trade or exchange of goods and services between two or more independent counties is called foreign international trade.

Question # 11

State any five properties of the partnership business

Ans 1: 1- Un limited
Ans 2: 2- No separate legal entity
Ans 3: 3- Mutual cooperation
Ans 4: 4- Partner as agent
Ans 5: 5- Divison of profit or loss

Question # 12

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 # 13

What is issueance of shares at premium.

Ans 1: Issuance of shares at premium menas that the shares are being issued at a higher price than the face value fo shares.

Question # 14

Which people cannot become the directors of company.

Ans 1: i- A minor.
Ans 2: ii- Person of unsound mind.
Ans 3: iii- A person convicted by a court of law for an offence involving moral turpitude.
Ans 4: iv- A person who does not give wirtten declaration of becoming direector
Ans 5: v- A person who is not a memebr of the company

Question # 15

Define dividend.

Ans 1: Divident is a distribution of earning made to shareholders by the company in proportion to the memebr of shares owned.

Question # 16

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 # 17

How is the profit distributed in sole propeietorship.

Ans 1: In sole tradership, the single owner bears full risk fo business , therefore he gets total benefit of the business as well as also bears full loss.

Question # 18

Explain the preference shares of a joint stock company.

Ans 1: These are teh shares whose holders have preferntial rights in respecft of the payment of dividend and repayment of capital in the event of winding up.

Question # 19

State some conditions of fire insurance.

Ans 1: i- In fire insurance the insurer promises the insured to indemnity the loss due to fire.
Ans 2: ii- The risk covered by the contract is due to fire on andy course which maby be the approximate came of damage.
Ans 3: iii- Fire insurance contract is renewed year after year.

Question # 20

What is resolution and give its kinds.

Ans 1: The formal expression of opinion or desire of any meeting or assembly obtained by the majority votes of memebrs is called " Resolution" . There are two parts of resoultion, first aprt explains the causes of resoulation where as second part explains the decided matters of the meeting.