Why is record keeping still necessary after adopting mobile payment in handicrafts?
Answer and explanation
Correct answer: To maintain a clear account of transactions, expenses and profit
Mobile payment records a transaction digitally, but a complete business record must also track sales, raw-material costs, wages, pending payments and profit. This helps a craftsperson review income and expenses and set appropriate prices. Remembering an app password is not the purpose of record keeping. Exam tip: When stating its benefits, mention sales, expenses and profit together.
Frequently asked questions
What is the correct answer to this question?
To maintain a clear account of transactions, expenses and profit
Why is this the correct answer?
Mobile payment records a transaction digitally, but a complete business record must also track sales, raw-material costs, wages, pending payments and profit. This helps a craftsperson review income and expenses and set appropriate prices. Remembering an app password is not the purpose of record keeping. Exam tip: When stating its benefits, mention sales, expenses and profit together.
Which subject and chapter does this question cover?
This is a Class 11 Home Science question. Chapter: Work, Livelihood and Career. Topic: Traditional occupations in India - Handicrafts.
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