Question

If there is no regularity in dealings, an activity cannot be called business. Do you agree? Give reason in support of your answer.

Answer 1

Activity constitutes a business due to the necessity of consistent engagement. The underlying principles are:
1. Continuity: Regular operations foster sustained activity, facilitating expansion and customer loyalty.
2. Profit Generation: The objective of profit is achievable only through ongoing transactions.
3. Trust and Reputation: Consistent business conduct builds customer confidence and enhances market standing.

For instance, a daily retail operation qualifies as a business, whereas infrequent sales of personal items do not.