'If a person sells his/ her domestic radio set even at a profit, it will not be considered a business activity.'
Which feature of business is highlighted in the above example?
Answer & explanation
Correct answer: option 2
The correct answer is option 2- Dealings in goods and services on a regular basis.
Business involves dealings in goods or services on a regular basis. One single transaction of sale or purchase, therefore, does not constitute business. Thus, for example, if a person sells his/ her domestic radio set even at a profit, it will not be considered a business activity. But if he/she sells radio sets regularly either through a shop or from his/her residence, it will be regarded as a business activity.