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Business, Trade and Commerce Test 11

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Business, Trade and Commerce Test 11
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Sub rosa means ____________.
    Solution
    Sub rosa basically means something which is done in secret so both the options b and c are related to it .Therefore option D is the correct answer.
  • Question 2
    1 / -0
    Characteristics of a business organization ________.
    Solution
    • Level of the organization.
    • Great Teamwork.
    • High Employee Morale.
    • Offers Training Opportunities.
    • Strong Leadership.
    • Handles Poor Performance.
    • Understands Risks.
    • Adapts to Opportunities and Changes.
  • Question 3
    1 / -0
    The "law of diminishing returns" applies to _________________.
    Solution
    The "Law of diminishing returns" is a part of law of variable proportion which applies to the short run, but not the long run.
  • Question 4
    1 / -0
    The organized efforts of an enterprise to supply consumers with goods and services for a profit is known as _______.
    Solution
    A business is an organization where people work together. In a business, people work to make and sell products or services. Other people buy the products and services.

    A business can earn a profit for the products and services it offers. The word business comes from the word busy, and means doing things. 

    Every business requires some form of investment and enough customers to whom its output can be sold on a consistent basis in order to make a profit. 

    An example of a corporate business is Pepsi Co, while a mom-and-pop catering business is a private enterprise.
  • Question 5
    1 / -0
    In which economic system all the means of production are owned and controlled by private individuals for profit.
    Solution

    A system of economy in which all means of production are owned and controlled by private individuals for the purpose of profit is called capitalist economy. It is a decentralised form of economy where there is no government control.

  • Question 6
    1 / -0
    Find the odd statement out.
    Solution
    Economic laws are not hypothetical in nature, while many microeconomic models may involve many assumptions and tend to over simplify situations, the broad theories are still valid in the real world, it has been proven time and again with empirical data. 

    Normative economics deals with subjective economics, and are grounded in personal opinions rather than empirical facts. They tend to be prescriptive and regulatory in nature (ie, they contain advice on what should be done to solve a particular problem). 
  • Question 7
    1 / -0
    The trend component is easy to identify by using ___________.
    Solution
    A trend refers to a thing which persist for a long period of time. Moving averages is a tool of statistics. It helps to create a series of averages of different sub sets of the whole data. It is also an important tool to determine the trend component.
  • Question 8
    1 / -0
    Income of a businessman is called ________.
    Solution
    A business is an activity of making money by producing and buying and selling products. It is an entity which is established for earning profit which is the basic motive. Thus the income of the businessman is called profit.
  • Question 9
    1 / -0
    The decision to start an new business is taken when one perceives that forming a New business is:
    Solution
    The decision to start an new business is taken when one perceives that forming a new business is possible and desirable . Possibility defines that a business is possible to function in the market and desirable means that the services or the goods desired by the customers or the market trends . 
  • Question 10
    1 / -0
    Most important factor in forming a new business is ___________.
    Solution
    Financial management is the most important responsibilities of owners and business management. They must consider the potential consequences of their management decisions on profits, cash flow and on the financial conditions of the company. The activities of every aspect of business have an impact on the company's financial performance and must be evaluated and controlled by the business owner. 
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