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ICO Results 2023-2024

School Result Student Result

1. Which of the following is a business activity?

(a) Going to a temple for prayers (b) Mother cooking for children.

(c) Trading in cars                               (d) A teacher teaching his child at home

Ans:  (c) Trading in cars                            

 

2. Transfer of interest by a Professional:

(a) Is Possible                                    (b) Is partially possible

(c) Is possible if the professional agrees

(d) Is not possible

Ans:       (d) Is not possible

 3. The industries which provide support services to other industries are known as:

(a) Primary Industries                    (b) Secondary Industries

(c) Commercial Industries            (d) Tertiary Industries

Ans:       (d) Tertiary Industries   

4. Which of the following cannot be classified as Auxilliaries to trade?

(a) Insurance                                     (b) Mining

(c) Warehousing                               (d) Advertising

Ans:       (b) Mining

5. Business risk is not likely to arise due to:

(a) Changes in government policy (b) Good management

(c) Employee dishonesty                 (d) Power failure

Ans:       (b) Good management

 6. Which of the following is not a justification for the business to earn a profit:

(a) It may lead to malpractices like exploitation of the consumer

(b) It is a source of income for business persons.

(c) It can be a source of finance for meeting expansion requirements

(d) It builds up the reputation of the business.

Ans:       (a) It may lead to malpractices like exploitation of the consumer

7. The reward for employment is:

(a)Profit                                               (b) Money

(c) Fees                                                                (d) Salary

Ans:       (d) Salary

 8. Choose the correct combination which matches the appropriate example for

the industries given below:

(a) Extractive-Poultry farm; Genetic-Farming

(b) Assembling-Computer; Genetic-Cement

(c) Processing-Sugar; Synthetical-Cement

(d) Extractive-Mining; Assembling-Sugar

Ans:       (c) Processing-Sugar; Synthetical-Cement           

9. One of the multiple objectives of the business states that the business should strive to introduce new ideas or methods in its work. Which of the following is being referred to:

(a) Market Standing                        (b) Productivity

(c) Innovation                                    (d) Social responsibility

Ans:       (c) Innovation                   

10. Rama wanted to start a business of supplying readymade garments. But she was wondering about how much profit or return on investment she would be able to earn. This situation reflects which characteristic of business:

(a) Uncertainty of Return             (b) Element of Risk

(c) Profit earning                              (d) Economic Activity

Ans:       (c) Profit earning                             

11. A Chartered Accountant is working as a consultant in a company and also doing private practice part time is involved in:

(a) Business and Profession        (b) Profession only

(c) Business and Employment      (d) Employment and Profession

Ans:       (d) Employment and Profession

   12. Which of the following statements supports the argument that “Profit maximization should not be the sole aim of the business”:

(a) A person dealing in stationary

                (b) Indicator of efficient working

(c) Unfair means such as hoarding and black-marketing etc.

              (d) Goodwill or reputation

Ans:       (a) A person dealing in stationary

13. Which one of the following can be categorized as Business?

(a) A person dealing in stationary

(b) A housewife cooking food for the family

(c) A person taking his children to school.

(d) A teacher helping his sister in her Home-work.

Ans:       (a) A person dealing in stationary

14. Which of the following is an example of Profession?

(a) A chartered accountant getting salary from a company.

(b) A car dealer selling cars.

(c) A company secretary engaged in private practice.

(d) A factory worker getting wages for his work.

Ans:       (c) A company secretary engaged in private practice.     

15. Which of the following is true for Business Risk?

(a) The Chance of fire, theft or strike are examples of Speculative risk.

(b)  Pure risk arises out of changes in market conditions.

(c) Speculative risk involve only a possibility of gain.

(d) Pure risk involves a possibility of loss or no loss.

Ans:       (c) Speculative risk involve only a possibility of gain.

    16. Which of the following is NOT an auxiliary to trade?

(a) Computer services                   (b) Insurance

(c) Warehousing                               (d) Advertising

Ans:       (a) Computer services                  

17. Which of the following is an economic activity?

(a) A teacher imparting education to his/her ward.

(b) A minister giving speech in parliament.

                (c) Mother cooking food for her children

(d) A CEO of a company taking a class of differently abled students

Ans:       (b) A minister giving speech in parliament.

  18. Which of the following is the correct difference between business and profession?

(a) The reward for business is professional fee while that of profession is

profit.

(b) Transfer of interest is possible in profession but not in business.

(c) Code of conduct is essential in profession, but not essential in business.

(d) Larger capital is required in profession than business.

Ans:         (a)

19. Match the example of Industry (Column I) with its type (Column II):

Column I                                 Column II

(a) Fishing                              (i) Tertiary

(b) Advertising                     (ii) Assembling

(c) Poultry farming            (iii) Extractive

(d)Car manufacturing       (iv) Genetic Select from the following options:

(a) A-(iv); B-(iii); C-(ii); D-(i)          (b) A-(ii); B-(iv); C-(i); D-(iii)

(c) A-(i); B-(ii); C-(iv); D-(iii)          (d) A-(iii); B-(i); C-(iv); D-(ii)

Ans:       (d) A-(iii); B-(i); C-(iv); D-(ii)

20. Match the example of cause of Business risk (Column I)with the type of

cause (Column II):

Column I                              Column II

(a) Political disturbance (i) Human Cause

(b) Floods                            (ii) Economic Cause

(c) Competition                 (iii) Natural cause

(d)Strikes                            (iv) Other Cause Select from the following options:

(a) A-(iv); B-(ii); C-(i); D-(iii)          (b) A-(iii); B-(ii); C-(iv); D-(i)

(c) A-(iii); B-(iv); C-(ii); D-(i)          (d) A-(iv); B-(iii); C-(ii); D-(i)

Ans:       (d) A-(iv); B-(iii); C-(ii); D-(i)

   21. From the following identify which is not a characteristic of business?

(a) Production or procurement of goods and services

(b) An economic activity

(c) Profit Earning

(d) Certainty of return

Ans:       (d) Certainty of return

  22. Match the objective of business in column I with its example in column II:

Column-I                                             Column-II

              (1)Profit earning                 A. Buy Hallmark Jewellery

(ii)Market Standing                         B. Opening of a new branch

(iii) Growth                                         C. Offering product at competitive price

(iv) Quality Goods/Services         D. Selling premium goods at high prices

                Select from the following alternatives:

(a) (i)-C; (ii)-B; (iii)-D; (iv)-A          (b) (i)-B; (ii)-C; (iii)-D; (iv)-A

(c) (i)-A; (ii)-B; (iii)-C; (iv)-D          (d) (i)-D; (ii)-C; (iii)-B; (iv)-A

Ans:       (d) (i)-D; (ii)-C; (iii)-B; (iv)-A

23. A doctor working in a hospital also runs his private clinic. He/She is engaged in:

(a) Business only                              (b) Profession only

(c) Employment and Profession (d) Employment and Business

Ans:       (b) Profession only         

24. Which of the following is NOT true about ‘Business Risk’?

(a) Business risks arise due to uncertainties

(b) Some businesses do not carry any risk

(c) Degree of risk depends mainly upon the nature/size of the business

(d) Profit is the reward for risk taking

Ans:       (b) Some businesses do not carry any risk

25. Which of the following statements is true?

(a) ‘Poultry farming’ comes under genetic industry

(b) ‘Sugar’ comes under analytical industry

(c) ‘Cement’ comes under assembling industry

(d) All services come under Secondary Industries

Ans:       (a) ‘Poultry farming’ comes under genetic industry         

26. Which of the following is NOT an auxiliary to trade?

(a) Insurance                     (b) Internet

(c) Advertising                   (d) Entrepot trade

Ans:       (b) Internet

 27. An American firm, ‘Zebsik Enterprise’ purchased hand made decorative pieces from India, re-packaged and sold them in its own name to Japan. The above transactions represents:

(a) Export for Zebsik Enterprise, Import for India and Entrepot for Japan.

(b) Import for Zebsik Enterprise, Export for India and Entrepot for Japan.

(c) Entrepot for Zebsik Enterprise, Export for India and Import for Japan.

(d) Import for Zebsik Enterprise, Entrepot for India and Export for Japan.

Ans:       (c) Entrepot for Zebsik Enterprise, Export for India and Import for Japan.             

28. Which type of industry is Packaging?

(a) Processing Industry                  (b) Tertiary Industry

(c) Assembling Industry                 (d) Primary Industry

Ans        (b) Tertiary Industry

   29. Sudden rise in the cost of operation is a cause related to which type of business risk?

(a) Natural Cause                             (b) Human Cause

(c) Economic Cause                         (d) Technological Cause

Ans:       (c) Economic Cause                        

30. Which of the following is an example of business risk due to economic cause?

(a) Earthquake                                  (b) Recession in country

(c) Strike in the factory                  (d) Mechanical defects in equipments

Ans:       (b) Recession in country

31. The Bollywood industry is engaged in:

(a) Business/Economic activity (b) Primary sector

(c) Secondary sector                   (d) Tertiary sector

Ans:       (c) Secondary sector      

32. Commerce removes the hindrance of place through which of the following activities:

(a) Warehousing                              (b) Transportation

(c) Advertising                                   (d) Insurance

Ans        (b) Transportation

33. An Indian company buys mobile phones from a firm in Finland and sells them to another firm in Mongolia. What type of trading activity is it:

(a) Export                                            (b) Import

(c) Entrepot                                        (d) Wholesale

Ans:       (c) Entrepot                       

34. ‘RIOTS’ is which type of cause of Business Risk:

(a) Human Cause                             (b) Natural Cause

(c) Economic Cause                         (d) Physical Cause

Ans:       (a) Human Cause            

35. To produce and distribute essential goods at a reasonable price is a/an objective of business.

(a) Social objective                          (b) National objective

(c) Personal objective                    (d) Economic objective

Ans:       (a) Social objective         

36. Factories, retailing, transportation, aviation, hospitality and advertising all are examples of:

(a) Non-economic activities         (b) Business activities

(c) Auxiliaries to trade                    (d) Manufacturing industries

Ans:       (b) Business activities

37. Terrorist attack in September 2001 led to adverse effects on USA businesses especially hotel and airline industry. To which type of cause can we associate the above instance to the businesses?

(a) Natural cause                              (b) Human Cause

(c) Political cause                              (d) None of the above

Ans:       (b) Human Cause            

38. Aid to trade includes:

(a) Banking                         (b) Manufacturing

(c) Buying                            (d) Selling

Ans:       (a) Banking        

39. The Park Palace, a famous customized tailoring shop in London decided to open its chain in India. It tied up with Saloona, India and opened The Park Saloona in Delhi. They trained the staff about the latest techniques and were given diploma for the same. Their main aim was to provide customized tailoring to people working incorporate.

Which type of economic activity can be adjudged for The Park Saloona from above?

(a) Business                        (b) Profession

(c) Employment                                (d) None of the above

Ans:       (a) Business       

40. What removes Hindrance of Information in relation to Commerce?

(a) Transportation                           (b) Trade

(c) Industry                                         (d) None of the above

Ans:       (d) None of the above  

41. ‘Innovation’,as an objective of Business, falls in following category:

(a) Economic objectives                                (b) Social objectives

(c) Technological objectives        (d) Growth objectives

Ans:       (a) Economic objectives               

42. “Importing for the purpose of Exporting” is termed as:

(a) International Commerce        (b) Foreign Collaboration

(c) Entrepot                                        (d) Whole sale Trade

Ans:       (c) Entrepot       

43. Which of the following statements is correct in relation to Economic Objectives of Business:

(a) Earning Profits must be the main priority by all possible ways.

(b) Growth will follow in case business has ensured its survival in competitive market.

(c) Profit earning is necessary to ensure survival of business in competitive market.

(d) Survival must be ensured first, then business should aim at profit making followed by growth.

Ans:       (d) Survival must be ensured first, then business should aim at profit making followed by growth.

44. Match the phrases in Column A with those in Column B:

Column A                                            Column B

(i) Primary objective of profession           (a) Special skill

(ii) Occupation of a Chartered v                 (b) Profession

(iii) Primary objective of business             (c) Making profit

(iv) Essential requirement for a profession(d) Providing service Choose the correct option:

(a) (i)-(a); (ii)-(a); (iii)-(d); (iv)-(c)

(b) (i)-(a); (ii)-(d); (iii)-(c); (iv)-(b)

(c) (i)-(d); (ii)-(b); (iii)-(a); (iv)-(c)

(d) (i)-(d); (ii)-(b); (iii)-(c); (iv)-(a)

Ans:       (d) (i)-(d); (ii)-(b); (iii)-(c); (iv)-(a)

 45. Which of the following statements is incorrect about Business Risk?

(a) Business risk is uncertain

(b) Business risk is an essential element of Business

(c) The degree of business risk varies with nature and size of business

(d) The business risk can be eliminated completely

Ans:      (d) The business risk can be eliminated completely

 46. ABC Company was charged with evasion of tax and asked to pay fine, which led to heavy losses for the company. Which characteristic of business is being referred here?

(a) Uncertainly of return

(b) Element of Risk

(c) Profit Earning

(d) Production or procurement of goods and services

Ans:       (b) Element of Risk