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Business, Trade and Commerce Test 12

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Business, Trade and Commerce Test 12
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Invariably to have good human relations a manager should _______________.
  • Question 2
    1 / -0
    The income of a profession is called ________.
    Solution
    Fee- a payment made to a professional person or to a professional or public body in exchange for advice or services
  • Question 3
    1 / -0
    As per Maslow's Hierarchy of needs theory, the need for fulfilment, for realizing one's own potential, and for fully one's talents capabilities are examples of ____________ needs.
    Solution
    Self-actualization needs are realized after satisfying all the other needs if we go in an hierarchical way. These needs make you realize your true potential and how you can develop yourself by actualizing the situation all round you through your potential.
  • Question 4
    1 / -0
    First mover advantage refer ___________________.
    Solution
    First mover advantage refers to the early identification of business opportunities. A first mover is a service or product that gains a competitive advantage by being the first to market. Because of first-mover advantage a company is able to establish strong brand recognition and customer loyalty before competitors.
    Thus, the correct answer is A.
  • Question 5
    1 / -0
    Economic choice and competitive behaviour are the result of ____________.
    Solution
    The problem of scarcity, stems from the basic idea that human wants and needs are unlimited, however the earth only contains a finite amount of resources that can be used to produces goods and services that will fulfill the unlimited wants and needs.  

    Since resources are scarce, the people are forced to make choices about what to produce, how to produce and for whom to produce. Thus there are alternative uses for economic resources and this fuels competition. 
  • Question 6
    1 / -0
    All professions are based on ____________.
  • Question 7
    1 / -0
    The skill that is required by all level of managers _____________.
  • Question 8
    1 / -0
    Which of the following occupations involve maximum risk?
    Solution
    Business involves maximum risk as it has some external and internal environment factors which are not in the control of business and creates various types of business risks. Employment, profession and teaching does not not involves as they get fixed remuneration.
  • Question 9
    1 / -0
    Which of the following statements best describe economic activities?
    Solution
    Economic activities are those activities which are undertaken to earn money and done to earn a living. For example a person selling vegetables in your locality is a type of an economic activity as he earn money by this activity.
  • Question 10
    1 / -0
    What is the second stage of socialisation process?
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