Question

Answer the following is Yes or No:
(a) A business activity can be carried out without sale or exchange.
(b) Business involves the creation of utilities.
(c) A business activity may be without a profit motive.
(d) Risk is an essential element of every business activity.
(e) Earning profit is the sole objective of business.
(f) Business is an economic activity.
(g) Profession involves greater risk than business.

Answer 1

a) No, a business activity cannot be carried out without sale or exchange.

b) Yes , business involves creation of utilities.

c) YES , a business activity may be without a profit motive. KNOWN AS SOCIAL ENTERPRISE

d) Yes, risk is an essential element of every business activity.

e) YES, there are many other objectives of business other than earning profit.

f) Yes, business is an economic activity because of flow of income

g) YES, profession doesn't involves risk.