Q.State any four features of business.

Business shares a fixed set of recognisable features wherever it is carried on, and only four of these are asked for here.

Business, wherever it is carried on, shows a common set of features. Any four may be stated and briefly explained:

1. Economic activity -- business is undertaken for a livelihood and is measured in monetary terms, not as a personal or charitable act.
2. Production or exchange of goods and services -- a business either creates goods/services or moves them from the producer to the person who needs them.
3. Continuity and regularity -- a single, isolated transaction, however profitable, is not by itself treated as business; the activity must be repeated.
4. Profit motive with uncertainty of return -- profit is normally the main driving objective, but because the return lies in the future, it can never be guaranteed and always carries an element of risk.

(Other valid features a student may substitute: two parties to every exchange -- a buyer and a seller; creation of utility -- form, place, time, and possession; and a social obligation towards customers, employees, and the community.)

Listing features without any explanation loses marks in an examination answer -- each feature named should carry one line of explanation, not just the label.