The business activities can be classified as: Industry: It refers to economic activities, which are connected with conversion of resources into useful goods. These include activities relating to producing or processing of goods as well as breeding and raising of animals.Among the major activities that are performed by an industry are production, processing and manufacturing. Industry involves production of goods and services whereas commerce is concerned with the distribution of goods and services. Free PDF download of NCERT Solutions for Class 11 Business Studies Chapter 1 Nature and Purpose of Business solved by Expert Teachers as per NCERT (CBSE) Book guidelines. Solved Question for You. Business is an extremely important activity for a country but it is not above the law. Worksheets are very critical for every student to practice his/ her concepts. The country’s legislation puts clauses on the functioning of the business to control its activities. Business activities may broadly be classified into two categories namely (A) Industry and (B) Commerce. Every economic activity has to be within the limits of the law. 1.5 CLASSIFICATION OF BUSINESS ACTIVITIES. Business activities are classified into two broad categories viz, industry and commerce industry is concerned with the production of goods. Industry is concerned with the production or processing of goods and materials. It provides general guidelines, not specific reporting instructions. The purpose of industry is to create form utility by converting raw materials into useful forms of finished products. In this lesson, you'll learn more about business activities, the various types, and how they're interconnected. See more. e.g., production of goods in 8 factory, distribution of goods by a wholesaler or retailer.. 2. Business activities may broadly be classified into two categories namely (A) Industry and (B) Commerce. Industry is concerned with the production or processing of goods and materials. It is further divided into three broad categories namely primary, secondary and tertiary. (iv) Commerce is a part of economics. Students, teachers and parents can download all CBSE educational material and extremely well prepared worksheets from this website. 1.5 CLASSIFICATION OF BUSINESS ACTIVITIES. All Chapter wise Questions with Solutions to help you to revise complete Syllabus and Score More marks in … It includes two activities viz trade and auxiliaries to trade. Various business activities may be classified into two broad categories — industry and commerce. The following is a list of common business activities and which tax classifications to use on the Excise Tax Return. CBSE Class 11 Business Studies - Classification of Business Activities. These are the Sources of Business Finance class 11 Notes Business Studies prepared by team of expert teachers. Business; Profession; Employment; 3. Goods s… 1. Economic Activities Activities which are under taken by people with the object of earning money are known as economic activities. The business has to be legal and lawful. Business and Profession: Business is a sum total of activities pursued with a purpose to produce and accumulate wealth. An industry may produce consumer goods or capital goods. Business activities encompass all types of actions meant to help a company earn profits. Business activities are any activity a business engages in for the primary purpose of making a profit, including operations, investing, and financing activities. The sectorwhere raw material gets converted into useful products is called industry. Commerce includes all those activities which are necessary for facilitating the exchange of goods and services. Worksheets have become an integral part of the education system. Classify definition, to arrange or organize by classes; order according to class. All Chapter wise Questions with Solutions to help you to revise complete Syllabus and Score More marks in … Download revision notes for Sources of Business Finance class 11 Notes Business Studies and score high in exams. 1. Economics is a study of human beings as consumers and producers and it has a much wider scope than commerce. Types of Economic Activities Economic activities can be divided into three categories. 11 Active Learning Activities for your Business Class Published on February 25, 2015 February 25, 2015 • 220 Likes • 54 Comments Free PDF download of NCERT Solutions for Class 11 Business Studies Chapter 2 Forms of Business Organisation solved by Expert Teachers as per NCERT (CBSE) Book guidelines. Ans: Chapter 1 of Class 11 Business Studies elaborates on Business, trade and commerce and briefly explains the meaning of these terms. Besides operations, marketing and finance activities, other types of business functions become important as a company grows. Other Business Activities. Business is a wider concept and includes industry too. Commerce is concerned with the buying, selling and distribution of commodities. 1. The revision notes help you revise the whole chapter in … Commerce includes all those activities which are necessary for facilitating the exchange of goods and services. With employees comes the need to manage a company's human resources. Industry involves production of goods and services whereas commerce is concerned with the distribution of goods and services. If you conduct multiple business activities, it may be necessary to report under more than one tax classification. Important activities under the … Activities related to production & processing as well as activities related to rearing & reproduction of animals or other living species are all included in the industry. Various business activities may be classified into two broad categories — industry and commerce.