All The Definition

Question 1

Define business

Answer 1

As per James stephenson economic activities perform for earning profits are termed as business

Question 2

Define commerce

Answer 2

As per James stephenson commerce is a sum total of those processes which are engaged in the removal of hindrance a person trade place transport and insurance and time ware housing in the exchange banking of commodities it is an organisation for the exchange of goods and services between the members of the industrial world

Question 3

Define Commercial organisation

Answer 3

As stated by Adams commercial organisation is any organisation which is involved in production trading of goods and services and is owned by an individual or group of people and has a profit motive

Question 4

Define sole proprietorship

Answer 4

As stated by James Lindi sole proprietorship is an informal type of business owned by one person

Question 5

Define partnership

Answer 5

As stated by Kimball and Kimball a partnership or firm as it is often called is a group of man who have join capitals or services for the prosecuting of some Enterprise

Question 6

Define joint stock company

Answer 6

According to professor Haney joint stock company is a voluntary Association of individuals for profit having a capital divided into Transferable shares the ownership of which in condition of membership

Question 7

Define joint stock company

Answer 7

According to professor Haney joint stock company is a voluntary Association of individuals for profit having a capital divided into Transferable shares you on a ship of which in condition of membership

Question 8

Define cooperative society

Answer 8

Are stated by the Indian Cooperative Society Act 1912 Cooperative organisation is a society which has it’s objectives for the promotion of economic interest of its members in accordance with Cooperative principles