Business Environment Test

Result

Business Environment Test - 22

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Weekly Quiz Competition

Question 1
1 / -0

Which of the following is not an example of social environment?

A
Composition of family

B
Literacy rate

C
Money supply in the economy

D
Technology

Solution

The social environment includes composition of family, number of households, literacy rate of a certain population, money supply in the economy and per capita income of a family.
Question 2
1 / -0

A society's basic values, lifestyles, culture, preferences are all parts of its _____ environment.

A
cultural-economic

B
physical environment

C
natural

D
socio-cultural

Solution

A society's basic values, lifestyles, culture, preferences are all parts of its socio-cultural environment.
Question 3
1 / -0

What does the acronym STEEP mean?

A
Sociological, Technological, Economical, Environmental and Political

B
Suppliers, Technology conditions, Ecology and physical environment, Political and legal

C
Employees and Political legal

D
Shareholders

Solution

STEEP is an acronym that means STEEP is an acronym for Social, Technological, Economic, Environmental, and Political. Marketers and analysts use a STEEP analysis to identify outside factors that can significantly impact an organization. Often, business decisions are made too quickly. The STEEP analysis looks at external factors that influence trends, allowing you to analyze the past and predict the future.
Hence, option (A) is the correct answer.
Question 4
1 / -0

When a state owned enterprise is given in private hands, it is known as _____.

A
Liberalisation

B
Globalisation

C
Privatisation

D
Transformation

Solution

The transfer of ownership, property or business from the Government to the private sector is termed as privatization. The government ceases to be the owner of the entity. Privatisation is considered to bring more efficiency and objectivity to the company.
Question 5
1 / -0

Which of the following is not an economic policy?

A
Industrial policy

B
Fiscal Policy

C
Exim Policy

D
Technological Policy

Solution

The economic environment constitutes economic conditions, economic policies and the economic system that are important external factors of business. Economic policies are fiscal policies, Industrial policies, taxation policy, exchange rates, EXIM policy but not technological policy.
Question 6
1 / -0

Which of the following factor is not included in micro-environment?

A
Customers

B
Employees

C
Suppliers

D
Technology

Solution

Micro-environment means the internal environment of the organisation. It contains the elements such as customers, employees, suppliers , shareholders.etc.
Question 7
1 / -0

Business environment consists of which element?

A
Internal

B
External

C
Both (a) and (b)

D
None of these

Solution

The term 'business environment' means the sum total of all individuals, institutions, and other forces that are outside the control of a business enterprise but that may affect its performance. A business environment consists of the internal environment within a company or an organization and the external environment, which are the external environmental factors affecting the business.
Hence, option (C) is the correct answer.
Question 8
1 / -0

State whether the statement is true or false.
Macro-environment is concerned with major issues and upcoming changes in the environment.

A
True

B
False

C
Partly True

D
Partly False

Solution

Macro-environment is concerned with major issues and upcoming changes in the environment as the macro-environment affects the functioning of the business much more than the micro-environment.
Hence, the following statement is true.
Question 9
1 / -0

State whether the given statement is true or false-
The economic environment of business in India is changing at a fast rate mainly due to economic policies.

A
True

B
False

C
Partly True

D
Partly False

Solution

The economic environment of business in India is changing at a fast rate mainly due to economic policies- this is a false statement. The economic environment of a business consists of various factors such as gross domestic product, income level, profit-earning rate, productivity, and employment rate, the monetary and fiscal policy of the government, etc. The economic environment factors have an immediate and direct impact on business organizations. Hence, the following above statement is False.
Question 10
1 / -0

Liberalization in India did not result in _______.

A
a high growth rate

B
a healthy and flourishing stock market

C
easy availability of goods at competitive prices

D
low foreign exchange reserves

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Re-Attempt Weekly Quiz Competition

Business Environment Test - 22

Result

Business Environment Test - 22

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SHARING IS CARING

Question 1

Composition of family

Literacy rate

Money supply in the economy

Technology

Solution

Question 2

cultural-economic

physical environment

natural

socio-cultural

Solution

Question 3

Sociological, Technological, Economical, Environmental and Political

Suppliers, Technology conditions, Ecology and physical environment, Political and legal

Employees and Political legal

Shareholders

Solution

Question 4

Liberalisation

Globalisation

Privatisation

Transformation

Solution

Question 5

Industrial policy

Fiscal Policy

Exim Policy

Technological Policy

Solution

Question 6

Customers

Employees

Suppliers

Technology

Solution

Question 7

Internal

External

Both (a) and (b)

None of these

Solution

Question 8

True

False

Partly True

Partly False

Solution

Question 9

True

False

Partly True

Partly False

Solution

Question 10

a high growth rate

a healthy and flourishing stock market

easy availability of goods at competitive prices

low foreign exchange reserves

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