Business, Trade and Commerce Test 9

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Business, Trade and Commerce Test 9

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Weekly Quiz Competition

Question 1
1 / -0

The economy where the market forces are not allowed to work and where state regulate the economy is called _____________

A
controlled economy

B
mixed economy

C
capitalistic economy

D
market economy
Question 2
1 / -0

The sole purpose of business organization is to ________.

A
conduct business

B
earn profit

C
establish relationship between men and material

D
all of the above

Solution

Business organisation is nothing but carrying out various economic activities with the help of persons who come together to achieve a common objective. The main purpose of the business organisation is to earn profit.
Question 3
1 / -0

Arrange the process of developing effective business plans of starting new venture in proper order-
(i) Identification and evaluation of opportunity
(ii) Determination of required resources
(iii) Development of business plans
(iv) Management of the resulting enterprise

A
(i), (ii), (iii), (iv)

B
(iv), (i), (ii), (iii)

C
(i), (iii), (ii), (iv)

D
(i), (iv), (iii), (ii)

Solution

The process of developing effective business plans of starting new venture in the proper order is:
1. Identification and evaluation of opportunity.
2. Development of business plans
3. Determination of business plan
4.Management of resulting enterprise
Question 4
1 / -0

Which one of the following may NOT be a factor behind starting a business?

A
Routine workload

B
Size of the firm

C
Finance

D
Location of the business

Solution

Routine workload is not a factor which affects setting up of a business..
While a business cannot start without deciding the size of it ,its sources of finance or even its location. Therefore option A is the correct answer.
Question 5
1 / -0

Which of these is an economic activity?

A
A father teaching his son at home instead of sending to any coaching centre.

B
A hair dresser doing hair cut on payment.

C
A housewife mending her family cloth on her own.

D
A singer giving a show on his wedding anniversary.

Solution

A hair dresser doing hair cut on payment is an economic activity as by rendering the service to the customer ,the hair dresser earns some money which is added to the national income of the economy as income.
Question 6
1 / -0

_________ is not a large scale industry.

A
IT industry

B
Telecom

C
Sugar industry

D
Fashion Technology

Solution

Large scale industries refers to those industries which require huge capital, heavy equipments, large number of skilled labour. Fashion technology do not need all of these. Hence, it is not a large scale industry.
Question 7
1 / -0

These are the factors which influence the location of business __________.

A
labour

B
communication

C
suppliers

D
all of the above
Solution
Before you start a business, the location is important to point of concern. You should have a clear picture of what you have and what you want to have in the future. There are factors that influence the location of a business:
1. Labour
2. Communication
3. Suppliers
4. Competition, etc.
Hence, option D is correct.
Question 8
1 / -0

Which statement is wrong about a business plan?

A
Preparing business plan is a forward looking activity

B
Preparing business plan is useful only for big organisation

C
Business plan assist in periodical review of actual-results

D
Past data is useful in preparing business plan

Solution

As soon as a company initiates development strategy and planning activities, the time is right to start thinking about the creation of a business plan. Developing a business plan is an intense and time-consuming process and yet can have many significant benefits both for small as well as large enterprises.
Hence, option B is correct.
Question 9
1 / -0

Which of the following can be treated as characteristics of business organization?

A
All business enterprise engages in operation on a continuous basis.

B
Business undertakings are not exposed to any risk or uncertaintly.

C
A business firms are owned by one individual and not by a group of individuals jointly.

D
All of the above

Solution

A business organization is an entity formed for the purpose of carrying on commercial business, it is also an on-going process as the management starts the formation of the company and ends when the company dissolves. A business organization sets objectives for the management which is followed by planning for achieving those objectives. It is a continuous process that keeps ongoing.
Thus the correct answer is A.
Question 10
1 / -0

___ is essential for any business concern.

A
Unlimited liabilities

B
Stability

C
Interrupted existence

D
No risk

Solution

The continuity of existence and stability are the essential factors for any business concern. The company form of the organisation is the only form having perpetual existence. The sole trader and partnership form of the organisations do not have a permanent life. They might be closed due to death or retirement of the members on any day.

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Re-Attempt Weekly Quiz Competition

Business, Trade and Commerce Test 9

Result

Business, Trade and Commerce Test 9

Score

-

Rank

-

SHARING IS CARING

Question 1

controlled economy

mixed economy

capitalistic economy

market economy

Question 2

conduct business

earn profit

establish relationship between men and material

all of the above

Solution

Question 3

(i), (ii), (iii), (iv)

(iv), (i), (ii), (iii)

(i), (iii), (ii), (iv)

(i), (iv), (iii), (ii)

Solution

Question 4

Routine workload

Size of the firm

Finance

Location of the business

Solution

Question 5

A father teaching his son at home instead of sending to any coaching centre.

A hair dresser doing hair cut on payment.

A housewife mending her family cloth on her own.

A singer giving a show on his wedding anniversary.

Solution

Question 6

IT industry

Telecom

Sugar industry

Fashion Technology

Solution

Question 7

labour

communication

suppliers

all of the above

Solution

Question 8

Preparing business plan is a forward looking activity

Preparing business plan is useful only for big organisation

Business plan assist in periodical review of actual-results

Past data is useful in preparing business plan

Solution

Question 9

All business enterprise engages in operation on a continuous basis.

Business undertakings are not exposed to any risk or uncertaintly.

A business firms are owned by one individual and not by a group of individuals jointly.

All of the above

Solution

Question 10

Unlimited liabilities

Stability

Interrupted existence

No risk

Solution

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