Business Environment Test

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Business Environment Test - 26

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Weekly Quiz Competition

Question 1
1 / -0

Business environment is
(I) Dynamic in nature
(II) Largely uncertain
Select the correct answer from the options given below.

A
Both (I) and (II)

B
(I) only

C
Neither (I) nor (II)

D
(II) only

Solution

Business environment can be defined as the forces and institutions with which the businessman has to deal with to achieve its objectives. In general words, business environment is the surroundings in which the business exists. Business environment is: (I) Dynamic in nature
(II) Largely uncertain.
Question 2
1 / -0

Liberalization does not includes______________.

A
Abolishing industrial licensing requirement in most of the industries

B
Freedom in deciding the scale of business activities

C
Restriction in fixing prices of goods and services

D
Simplifying the procedure for imports and exports

Solution

Liberalization does not includes restrictions in fixing prices of goods and services.Liberalization includes simplified policies to attract foreign capital and technology to India. Liberalization refers to the process of eliminating unnecessary controls and restrictions on the smooth functioning of business enterprise.

Question 3

1 / -0

Match the following:

List I	List II
(P) Process of eliminating unnecessary controls for smooth functioning of business enterprises	1. Globalization
(Q) Transfer of ownership of an enterprise from the public sector to the private sector	2. Liberalization
(R) Cross border transactions in goods and services and international capital flows	3. Privatization
	4. Demonetization

(P)3 (Q)2 (R)1

(P)1 (Q)2 (R)4

(P)2 (Q)1 (R)3

(P)2 (Q)3 (R)1

Solution

Liberalization: Abolishing industrial licencing requirement. It is a process of eliminating unnecessary controls, for smooth functioning of business enterprises.
Privatization refers to the transfer of assets or service functions from public to private ownership or control. It means the withdrawal of the state from an industry or sector - partially or fully.
Globalization refers to integration of world into one huge market by removing the trade barriers among countries. It is a cross border transactions in goods and services and international capital flows.

Question 4
1 / -0

The _____of an organization comprises of all entities that exists outside its boundaries, but have significant influence over its growth and survival.

A
Internal environment

B
Inner environment

C
Economic environment

D
External environment
Solution
- The external environment of an organization comprises of all the factors that exist outside an organisation which have significant influence on its growth and survival.
- An organization has little or no control over its external environment and hence it needs to constantly monitor and adapt to these external changes, a proactive or reactive response leads to significantly change in outcome.
Question 5
1 / -0

Which of the following can be classified as "internal forces"?

A
Economic forces

B
Changes in employee attitudes, feelings and aspirations

C
Political foces

D
All of the above

Solution

Changes in employee attitudes, feelings and aspirations can be classified as "internal forces" since internal forces arise within the organization. Employees form a part of the internal forces of the business environment.
Question 6
1 / -0

Organization is an open system and is influenced by change in its ________.

A
Internal environment

B
External environment

C
Outside environment only

D
Internal as well as external environment

Solution

The organization is an open system and is influenced by the change in its internal as well as external environment. A business has absolute control in the internal environment, whereas, it has no control over the external environment. It is therefore required by businesses to modify their internal environment on the basis of pressures from external.
Hence, option (D) is the correct answer.
Question 7
1 / -0

Which of the following is NOT included in liberalization?

A
Reduction in tax matters

B
Abolition of licensing

C
Simplification of policies

D
Imposition of tariff barriers

Solution

Imposition of tariff barriers is not included in liberalization. Liberalization refers to the process of eliminating unnecessary controls and restrictions on the smooth functioning of business enterprise.
Question 8
1 / -0

An organization has little or no control over its-
A.Internal environment
B.Inner environment
C.External environment

A
A and B

B
B and C

C
A only

D
C only

Solution

An organization has little or no control over its- external environment. The external environment of the organization deals with the factors which belong outside the organization. The external environment cannot be controlled by the organization but it affects the organizational activities directly or indirectly.
Hence, option (D) is the correct answer.
Question 9
1 / -0

Which of the following can be classified as "external forces"?
(I) Technological forces
(II) Social forces
(III) Political forces
Select the correct answer from the options given below:

A
(I)

B
(II)

C
(III)

D
All of the above

Solution

External forces include all entities that exist outside its boundaries, but have significant influence over its growth and survival. An organization has little or no control over external forces but it needs to be constantly monitored to adapt to this external changed.
The following can be classified as "external forces":-
(I) Technological forces
(II) Social forces
(III) Political forces
Hence, option (D) is the correct answer.
Question 10
1 / -0

_________ may be defined as a variation in the established way of life to which people are accustomed to in the organization.

A
Change

B
Resistance

C
Decision

D
Planning

Solution

Change may be defined as a variation in the established way of life to which people are accustomed in the organization. The business environment keeps on changing whether in terms of technological improvement, shifts in consumer preferences, or entry of new competition in the market.
Hence, option (A) is the correct answer.

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Re-Attempt Weekly Quiz Competition

Business Environment Test - 26

Result

Business Environment Test - 26

Score

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Rank

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SHARING IS CARING

Question 1

Both (I) and (II)

(I) only

Neither (I) nor (II)

(II) only

Solution

Question 2

Abolishing industrial licensing requirement in most of the industries

Freedom in deciding the scale of business activities

Restriction in fixing prices of goods and services

Simplifying the procedure for imports and exports

Solution

Question 3

(P)3 (Q)2 (R)1

(P)1 (Q)2 (R)4

(P)2 (Q)1 (R)3

(P)2 (Q)3 (R)1

Solution

Question 4

Internal environment

Inner environment

Economic environment

External environment

Solution

Question 5

Economic forces

Changes in employee attitudes, feelings and aspirations

Political foces

All of the above

Solution

Question 6

Internal environment

External environment

Outside environment only

Internal as well as external environment

Solution

Question 7

Reduction in tax matters

Abolition of licensing

Simplification of policies

Imposition of tariff barriers

Solution

Question 8

A and B

B and C

A only

C only

Solution

Question 9

(I)

(II)

(III)

All of the above

Solution

Question 10

Change

Resistance

Decision

Planning

Solution

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