Important Short Questions Of Commerce (I.Com. part 1)

Following are the most important short questions that are expected to be asked in the board exams:

• Explain the term profession.
• What is meant by economic activities?
• What is meant by business?
• What is meant by non economic or non productive activities?
• What is industry?
• Define import and export trade.
• What is trade?
• Write down types of industry.
• What are important parts of business?
• What are trade auxiliaries (aids to trade)?
• Define internal trade.
• What are the kinds of internal trade?
• What is meant by foreign trade?
• What is meant by Commerce?
• Define primary industry.
• Define wholesaler.
• Write four points about importance of communication in Pakistan.
• What is meant by secondary industry?
• Define retailer.
• What is meant by home trade?
• What is meant by genetic industry?
• What is the legal position of sole proprietorship?
• Write down four demerits of sole proprietorship.
• What is unlimited liability in case of sole proprietorship?
• Why is the life of sole proprietorship considered limited?
• Describe four advantages of sole proprietorship.
• Give four examples of sole proprietorship.
• What is meant by sole proprietorship?
• Define partnership.
• Write down four disadvantages of partnership.
• Narrate any three important points from the definition of partnership.
• Who is a junior partner?
• Define dissolution of partnership.
• Name four methods of dissolution of partnership.
• Write four features of partnership deed.
• Define registration of firm.
• Define sleeping partner.
• What is meant by minor partner?
• Define partnership at will.
• What is meant by Shirakat ul Wajooh?
• Why was the need of partnership business felt?
• State four duties of partners.
• What is meant by limited partnership?
• Define partnership deed.
• State advantages of registration of partnership.
• What is meant by nominal partner?
• Define senior partner.
• What is meant by directors of company?
• Define joint stock company.
• Define limited liability of a shareholder.
• Define debenture holder.
• What is meant by memorandum of association?
• What is meant by debenture?
• What is reserve capital of a company?
• What is meant by preference shares?
• Define articles of association?
• What is issuance of shares at premium?
• What is subscribed capital?
• What do you mean by issued capital?
• Define ordinary shares of company?
• What is meant by public limited company?
• What is interim dividend?
• What is meant by registered company?
• What is meant by statutory company?
• What is meant by private limited company?
• What is prospectus of a company?
• What is meant by formation of company?
• Define share.
• What is meant by Modarba?
• What is meant by holding company?
• What is meant by chartered company?
• What is meant by single member company?
• Define meeting.
• Write down types of meeting.
• Define types of meeting.
• Which people can not become the directors of company?
• What is meant by special resolution?
• Define statutory report of company.
• What is an ordinary resolution?
• Define statutory meeting.
• Name the methods of winding up of company.
• What is meant by cooperative society?
• What is the basic objective of formation of cooperative society.
• Write the names of four kinds of cooperative society.
• Write down four features of cooperative society.
• What is meant by invoice?
• What is meant by quotation letter?
• What is an inquiry letter?
• Write three advantages of home trade.
• Define trader.
• Define credit note.
• What is meant by per forma invoice?
• What is meant by departmental store?
• What is meant by chain store?
• Write four functions of retailer?
• What is meant by hawker?
• Write any three merits of hawker.
• What is meant by bill of entry?
• What is meant by bill of sight?
• Define letter of credit.
• What is meant by charter party?
• Define certificate of origin.
• What is meant by bill of exchange?
• What is bill of lading?
• What is ex ship price?
• Define clearing agent.
• What is the function of forwarding agent?
• Define factor.
• What is meant by middlemen?
• Write three properties of broker.
• What is meant by travelling agent?
• Define salesmanship.
• Write four merits of advertisement.
• Define advertisement.
• Explain few methods of advertisement.
• Write four features of a good salesman.
• What is meant by channels of distribution?
• List down channels of distribution.
• Does advertisement increase employment?
• Define business finance.
• What is meant by long term finance?
• Define Musharika.
• Define short term finance.
• Define insurance.
• Write down conditions of insurance.
• How many types of insurance are there?
• Define life assurance.
• Write four advantages of insurance.
• State in brief, the insurable interest.
• What is meant by air transport?
• Write down the names of types of transportation.
• Discuss shortly, the importance of transportation.
• What is meant by bonded warehouse?
• What is meant by private warehouse?
• Define warehousing.
• State the importance of warehousing.
• Define chamber of commerce and industry.
• Define office organization.
• Write down two features of an office.
• What is the function of an invoice machine?
• Define office.
• Write three advantages of computer.
• Define posting machine.
• Define cash register.
• Define duplicating machine.
• What is meant by vowel indexing?
• What is meant by horizontal filing system?
• Define indexing.
• Write two advantages of indexing.
• Differentiate between horizontal and vertical filing system.
• Define filing system.
• What is meant by business correspondence?
• What is meant by personal letters?
• What is meant by circular letter?
• Define order letter.
• What is meant by body of business letter?
• Write down kinds of letters?
• What is meant by official letter?
• Write down four kinds of business letters.
• Write any six parts of a business letter.
• Write three features of business letter.
• What is meant by endorsement?
• Write any four characteristics of an official letter.
• State the importance of an official letter.
• What are the kinds of official letters?