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Business Studies

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State with re...

Question

State with reasons whether the following statements are True' or' False' .
(a) Main elements of business activities are industry and trade.
(b) 'Industries' can be classified in five broad categories.
(c) A business activity may be carded out without any sale or exchange.
(d) Conversion of cotton into cloth is an example of a genetic industry.

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Solution

(a) False- Main elements of business are Trade and Auxiliaries to Trade
(b) False- Industries can be classified into three broad categories viz, Primary, Secondary and Tertiary
(c) False- A business activity can never happen without any sale or exchange of goods and services.
(d) False- Conversion of cotton into cloth is an example of a secondary industry.

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