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

Question # 1

What is the role of planning in a good business.

Ans 1: Good planning plays an important role in the success of business. Planning means to decide what, how and when the work has to be performed. Profit of business also depends upon successful and effective planning.

Question # 2

Define the factor.

Ans 1: A factor is an agent who sells goods after taking them in his possession or under his control on behalf of his principal

Question # 3

What is the meant by un official note.

Ans 1: Whenever an officer wants to discuss an official matter with another officer he then sends the file after writing a not eon it. this note is called unofficial ntoe.

Question # 4

What is meant by nominal partner.

Ans 1: Nominal partner is a partner who neither invvest capital nor shares the profit or loss of the firm. He also does and participate in the managment of a firm. A firm only uses the name and good reputationof this partners.

Question # 5

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 # 6

State the liabilities of partners.

Ans 1: i- Joint Liability ii- Liability of a new partner
Ans 2: iii- Liability of retired partners iv- Liability of deceased partner
Ans 3: v- Liability of insolvenet partner

Question # 7

What is the menat by Official letter.

Ans 1: The letters written by governemnt and its offices or departments to each other or other people are called offcial letters.

Question # 8

What is menat by a manufacturer wholeslar.

Ans 1: These wholesalers manufacture goods and also distribute them to retailers. Thus they combine the functions of manufacturer and wholesaler By combining both the functions, they reduce these overhed expenses.

Question # 9

What is name of members of chamber.

Ans 1: Chamber member, Associate memebrs , group members , town association

Question # 10

What is receiving information

Ans 1: An office receives information through direct and indirect methods. Generally informationis received in the form of lettes. telephone callss, orders and invoices on the various activties of the organization.

Question # 11

State the kinds of middlemen.

Ans 1: i- Merchant midleman
Ans 2: 2- Agent middlemen

Question # 12

State the definition and kinds of trade.

Ans 1: Trade is an activity of buying and selling of goods for money or other goods.
Ans 2: Kinds: Home Trade: In home trade exchang of goods or business is conducted within the boundaries of a particualr county seller and buyer relate to a same country.
Ans 3: Foreign Trade: Trade or exchage of goods and services between two or more independent countries for their mutual advatages is described as foreign trade.

Question # 13

What is exporter wholesaler.

Ans 1: these wholesalers are engagedin exporting the goods of different manufactures.They estasblish trade links with foreign countries to export goods, which causes to increase the profit of both wholeasaler and producer.

Question # 14

List down the merits of mobile retailer.

Ans 1: i- No permanent shop ii- Small capital iii - Mobility
Ans 2: iv- Quantity of goods according to requirement
Ans 3: v- Seasonal busness vi - Availability of fresh items.

Question # 15

What is closed indent

Ans 1: If the price and quality of goods along with other factors are decided before the execution of order them it is called closed indent.

Question # 16

Define employment and give its types.

Ans 1: When a person provides his services to another person or any institution on the basis predetermined terms and conditions (fixed salary) is known as employment or service. This may be of three types:
1. Government Service.
2. Semi Government Service.
3. Private Service.

Question # 17

What is menat by partnership at will.

Ans 1: When no provision is made in partnership agreement for trhe duration of partnership then the partnership is caleld partnership at will . This partnership may continue till the mutual consent and trust prevail among partners.

Question # 18

What is the menat by certificate of origin.

Ans 1: When there is an agreement between the countries for exampting their goods from import duties or imposing less import duty then it is necessary for exporting or secure a certificate called Certificate of Origin.

Question # 19

Define share.

Ans 1: The total authorized capital of company is divided into small units and each unit is individually called "Share".

Question # 20

What are the characteristics of an offcial letter.

Ans 1: i- Correctness ii- Typicla style iii- Concisencess iv - Complete
Ans 2: v- Courtesy vi- Simplicity vii- Continuity viii- Paragraphs

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