Commercial Applications
A hospital that provides free services to the needy but charges nominal fees from others is classified as a non-profit organisation.
- True
- False
Commercial Orgs Intro
2 Likes
Answer
True
Reason — A hospital that provides free services to the needy and charges only nominal fees from others is a non-profit (charitable) organisation. As the textbook notes, non-profit organisations "may charge nominal or reasonable prices for their services in order to raise funds" while still pursuing their main motive of service rather than profit.
Answered By
3 Likes
Related Questions
Which of the following correctly represents the interdependence of industry, commerce, and trade?
- Commerce is independent of industry, while trade depends on industry.
- Industry creates goods, commerce distributes them, and trade facilitates their exchange.
- Trade relies on commerce, but industry operates independently.
- Industry creates form utility, while trade creates time utility and commerce creates possession utility.
Statement I: A non-profit organisation providing free educational services generates income by selling goods.
Statement II: Non-profit organisations focus on serving society rather than earning profits.
- Both I and II are correct
- Both I and II are wrong
- Only I is correct
- Only II is correct
A farmer grows organic vegetables and supplies them to local markets. To increase profits, the farmer sets up a cold storage unit to store surplus vegetables during the off-season and sells them when prices are higher. Which type of industry does the farmer's activity represent?
- Extractive Industry
- Genetic Industry
- Manufacturing Industry
- Construction Industry
Give two characteristics of business.