Chapter 5 - Emerging Modes of Business
Very Short Questions and Answers
CBSE Class 11 Business Studies
1-Mark Questions
Q1: Define e-Business.
Answer: e-Business refers to the process of performing Business activities electronically through the means of internet.
Q2: List the three strongest trends that are shaping our future business.
Answer:
(i) digitisation—the conversion of text, sound, images, video, and other content into digital content,
(ii) outsourcing, and,
(iii) inter-nationalisation and globalisation
Q3: What is e-Trading?
Answer: e-Trading involves securities trading, i.e. online buying & selling of shares and other financial instruments.
Q4: Define e-Commerce.
Answer: e-Commerce refers to a firm’s interactions with its customers and suppliers over the internet.
Q5: What is e-Procurement?
Answer: e-Procurement involves internet-based – sales between business firms forming digital marketplaces facilitating online trading between multiple buyers and sellers.
Q6: What is e – Bidding?
Answer: Most shopping sites have “Quote your price” option whereby you can bid for goods and services. This refers to the process of conducting auctions online.
Q7: What is meant by B2B Commerce?
Answer: B2B commerce refers to electronically conducted business transactions between business to business.
Q8: Define B2C commerce.
Answer: It refers to electronically conducted business transactions to customers.
Q9: Define C2C Commerce.
Answer: It refers to electronically conducted Business transactions between Consumer to Consumer.
Q10: What do you mean by Sweat Shopping?
Answer: Firms that outsource seek to reduce their costs and get the maximum benefit from the low –cost manpower. This is known as “Sweat Shopping”.
Q11: What is outsourcing or Business Process Outsourcing (BPO)?
Answer: Business process outsourcing, or BPO, is a business exercise wherein one agency or company hires some other company to perform a project (i.e., process) that the hiring organization requires for it's very own commercial enterprise to correctly function.
BPO services include payroll, human resources (HR), accounting and customer/call centre relations. BPO is also known as information technology-enabled services (ITES).
Q12: What are captive BPO units?
Answer: The outsourced - units over which the outsourcing firm has control.
Q13: Define KPO. How does it differ from conventional BPO?
Answer: KPO refers to obtaining high-end knowledge from outside the organisation in order to run the business successfully and in a cost-effective manner.
Unlike conventional BPO where the focus is on process expertise, in KPO the focus is on knowledge expertise.
Q14: Define online transaction.
Answer: Online transaction is a payment method in which the transfer of fund or money happens online over electronic fund transfer.
Q15: What is digital cash?
Answer: Digital Cash refers to electronic cash instead of actual money which exists only in cyberspace (also known as cyber currency).
☞See also:
Ch1: Nature and Purpose of Business (MCQs)
Ch1: Characteristics of Business
Ch1: Business vs Profession vs Employment
Ch1: Nature and Purpose of Business - Classification Of Commerce
Ch2: Forms of Business Organization
Ch2: Sole-Proprietorship (Study Notes)
Ch3: Private Public and Global Enterprises (Q & A)
Ch4: Business Services (Introduction)
Ch4: Banks and Functions Of Commercial Banks
Ch4: Insurance Services
Ch4: Communication Services
Ch10: International Business-I (NCERT Answers)
Business Studies Unit Test Paper 1 (2019-20)
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