Meaning and Importance Class 8 Extra Questions and Answers Notes
We have provided here Meaning and Importance Class 8 Extra Questions and Answers Notes by our Experienced Teacher. This Extra Questions and Answers Notes consists of MCQ Questions and Answers; Very Short Type Questions and Answer & Short Type Questions and Answers.
(MCQs):
1.) What are the two main objectives of business?
a) Profit and promotion
b) Economic objectives and social objectives
c) Expansion and competition
d) Marketing and sales
Answer: b)
2.) What is the primary aim of economic objectives in business?
a) Maximizing profit at any cost
b) Earning a reasonable profit to cover costs and lead a comfortable life
c) Achieving market dominance
d) Expanding the business globally
Answer: b)
3.) Which type of trade occurs within a country?
a) International trade
b) Home trade
c) Entrepot trade
d) Foreign trade
Answer: b)
4.) What do retailers do in the distribution of goods?
a) Extract raw materials
b) Sell goods in large quantities
c) Buy goods from consumers
d) Sell goods to consumers
Answer: d)
5.) What type of industry involves converting raw materials into finished products?
a) Primary industry
b) Genetic industry
c) Extractive industry
d) Secondary industry
Answer: d)
6.) Which financial institution provides finance to traders for the smooth conduct of business?
a) Insurance companies
b) Banks
c) Government agencies
d) Stock exchanges
Answer: b)
7.) How is the hindrance of place in business overcome?
a) Through financial services
b) Through insurance
c) Through transportation
d) Through advertising
Answer: c)
8.) What helps overcome the hindrance of loss in business due to damage or destruction?
a) Storage
b) Banking services
c) Insurance
d) Advertising
Answer: c)
9.) What is the purpose of advertising in business?
a) To create artificial scarcity
b) To increase prices
c) To deceive consumers
d) To provide knowledge about goods
Answer: d)
10.) Which term refers to unethical practices like adulteration, hoarding, and black marketing in business?
a) Business ethics
b) Competitive advantage
c) Fair trade
d) Malpractice
Answer: d)
One liners:
1.) What is the primary objective of business?
Answer: Profit
2.) What type of trade occurs between two countries?
Answer: Foreign trade
3.) What are small-scale industries also known as?
Answer: Cottage industries
4.) What is the hindrance that storage helps overcome in business?
Answer: Hindrance of time
5.) What do banks provide to traders for the smooth conduct of business?
Answer: Financial services
6.) What is the term for unethical practices like hoarding in business?
Answer: Malpractice
7.) What is the primary aim of economic objectives in business?
Answer: Reasonable profit
8.) What type of industries convert raw materials into finished products?
Answer: Secondary industries
9.) What is the primary objective of retail trade?
Answer: Selling to consumer
10.) What is the primary aim of genetic industries?
Answer: Reproduction of crops and animals
Short questions :
Question 1: What are the two main purposes of business and how do they differ?
Answer : The two main goals of business are financial goals and social goals. Financial goals focus on making a reasonable profit to cover expenses and allow business owners to live comfortably. Social goals, on the other hand, include participation in the development of the country, employment, paying a fair wage and supporting social welfare through, for example, the operation of schools and hospitals.
2: What are the three types of business and how are they different?
Answer: The three types of trade are domestic trade, foreign trade and enterprise trade. Domestic trade means buying and selling goods within the country. Foreign trade means the exchange of goods between two or more countries. Entrepot Trade buys goods from one country with the intention of selling them to another country. These transactions vary by geographic scope and parties.
3: What are the main characteristics of retailing and how do retailers participate in the distribution of goods?
Answer: Retailing refers to the sale of goods to consumers in the final stage of distribution. Retailers operate at consumer premises, purchase goods from wholesalers and provide a range of services such as warehousing, risk management, grading and credit facilities. Retailers play a crucial role in connecting the goods of producers and the needs of consumers, giving consumers access to a wide range of products.
4: How do wholesalers facilitate the distribution of goods and what services do they provide to retailers and manufacturers?
Answer: Wholesalers buy goods in bulk from manufacturers and deliver to retailers in smaller quantities. They assist the distribution process by delivering goods to retailers, providing credit facilities, advertising on behalf of retailers and sharing market trends. Wholesalers also provide warehouse space for goods and assist manufacturers by providing market insight and promotional support.
5: What is the importance of foreign trade and how does it meet the economic needs of nations?
Answer: Foreign trade involves the exchange of goods between different countries and plays a key role in meeting the economic needs of nations. This allows countries to access scarce resources and export surplus production. Imports meet domestic demand, while exports generate income and promote economic development. Foreign trade promotes international cooperation, increases economic growth and strengthens diplomatic relations between countries.
6: What are primary industries and how do they differ from secondary industries?
Answer: Primary industries are involved in the production of goods using natural resources, including agriculture, fisheries, mining and genetic industries such as horticulture and dairy farming. Secondary industries, on the other hand, are labor intensive and involve the conversion of raw materials or semi-finished products into finished products. These include manufacturing and construction industries such as steel production and road construction.
7: What role do cottage and small industries play in the economy and how do they differ from larger industries?
Answer: Cottage and small scale industries are an integral part of the economy. Cottage industries are usually household-based and produce goods for local markets, while Small Scale Industries operate on a slightly larger scale, providing employment and using modern technology. Unlike larger industries, these industries create jobs, contribute to the local economy, and serve both local and foreign markets.
8: What services are called “business assistance” and how do they help overcome business obstacles?
Answer: “Business aids” are services that help overcome barriers to doing business. These include transportation aimed at removing site barriers; financial services of banks, removal of financial barriers; Insurance services to overcome loss barriers; warehouses to avoid time; and promotional services to remove information barriers. These services ensure the smooth flow of goods and information in the business process.
9: Why are business ethics important in the business world and what unethical practices should be avoided?
Answer: Business ethics are essential to maintain integrity and trust in the business world. Unethical practices such as counterfeiting, price gouging, use of fake procedures, hacking and black marketing harm consumers and society. Business ethics encourage fair and honest business practices, prevent exploitation and promote a more open and responsible business environment.
10: How can business ethics be encouraged and promoted among business owners and organizations?
Answer: Business ethics can be encouraged through training, education and awareness programs. Trade associations and government regulations can also promote ethical practices by setting standards and monitoring compliance. In addition, consumers and stakeholders can influence ethical behavior by supporting companies that demonstrate ethical values and avoiding unethical practices.
Long answer type:
1: What are the two main purposes of business and how do they differ between economic and social aspects?
Answer: Business has two main purposes: economic and social. The financial goal is to make a reasonable profit that covers the expenses of the business and allows the businessman to live a comfortable life. This goal focuses on delivering goods and services to consumers, adapting to changing market demands and using new production techniques. In contrast, social goals include the role of business as a promoter of national development. This includes providing job opportunities through fair wages, promoting economic growth through taxes and levies, and supporting social welfare through initiatives such as schools, hospitals and public gardens. Financial goals focus on profitability, while social goals focus on the broader impact of business on society and the country as a whole.
2: What are the three main types of business and how do they differ in scope and function?
Answer: Trading is a core part of business and can be divided into three main types:
1.) Internal trade: Internal trade means trade that takes place within one country. It involves the buying and selling of goods and services to consumers within the country. Domestic trade is conducted through retailers and wholesalers.
2.) Foreign Trade: Foreign trade involves the exchange of goods and services between different countries. It consists of two main parts: import and export. Importing means buying goods from other countries for domestic use, while exporting means selling domestic goods to other countries for consumption.
3.) Entrepot trade: Entrepot trade is a special form of trade where goods are bought in one country with the intention of selling them to other countries. It usually involves an intermediary who facilitates the transfer of goods between countries. Singapore and some Middle Eastern countries are notable examples of commercial centers. These types of transactions vary in geographic scope and complexity of cross-border transactions.
3: What are primary and secondary industries and how do they affect economic activity?
Answer: Primary and secondary industries are two main categories of economic activity:
Primary industries: Primary industries focus on the recovery of natural resources and the production of raw materials. This category includes activities such as agriculture, fishing, dairy farming, mining and forestry. The primary industry can be further divided into the genetic industry (related to the reproduction of crops and animals) and the mining industry (related to the recycling of raw materials).
Secondary industries: Secondary industries involve the transformation of raw materials or semi-finished products into finished products. These industries are often characterized by manufacturing processes and include activities such as steel production, sugar refining, and automobile production.
Primary industries provide the necessary raw materials to secondary industries, which in turn increase the value of these materials by refining them and making products suitable for the consumer. Together, these industries play a key role in economic development and job creation.
4: What is Aid for Trade and how do they overcome barriers to marketing goods?
Answer: Aid for trade, also known as aid for trade, are services and mechanisms that help overcome barriers to the marketing of goods. They include:
– Transport: Helps overcome the location barrier by facilitating the movement of goods from producers to consumers through various modes of transport such as road, rail, water and air transport.
– Banks. Help overcome financial barriers by providing traders with financial services such as loans and credits, enabling smooth business operations.
– Insurance companies: Remove loss barriers by providing insurance to protect goods against damage, loss or destruction during transportation or storage.
– Warehouses: Help overcome time constraints by providing storage and preservation solutions that keep goods available to consumers when needed.
– Promotional services: removing barriers to knowledge by providing consumers with information about products, their features and availability through marketing and advertising campaigns.
These common commercial aids ensure the efficient flow of goods from producers to consumers, minimizing obstacles and interruptions in the distribution process.
Question 5: What is the importance of business ethics and why is it necessary to maintain trust and honesty in business?
Answer: Business ethics play a central role in maintaining trust and fairness in business. It ensures that companies operate with integrity and adhere to moral and social responsibility. Business ethics help prevent unethical practices such as counterfeiting, price gouging, hoarding and fraud that can harm consumers and society.
Adherence to ethical standards is critical to maintaining a positive reputation, fostering customer loyalty and meeting legal requirements. Ethical companies are more likely to gain the trust of consumers, investors and the community, leading to long-term success.
Government regulations and initiatives such as fair trade, quality standards (such as ISI and AGMARK marks) and consumer protection legislation aim to promote ethical business practices. After all, business ethics is not only a legal requirement but also a moral requirement to ensure fairness, transparency and accountability in the market.