Business Environment Test

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Business Environment Test - 29

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Weekly Quiz Competition

Question 1
1 / -0

Porter's Forces Analysis assumes that there are important forces that determine competitive power in a business situation. These are:
I. Supplier power, Threat of new entry
II. Supplier power, Buyer power, Competitive rivalry
III. Supplier power, Competitive rivalry, Threat of new entry
IV. Supplier power, Buyer power, Competitive rivalry, Threat of substitution, Threat of new entry
Select the correct answer from the options given below-

A
IV

B
III

C
II

D
I

Solution

The Porter's five forces tool is a simple but powerful tool to evaluate the power of business.Porter's Forces Analysis assumes that there are important forces that determine competitive power in a business situation. These are: a) Supplier power,
b) Buyer power,
c) Competitive rivalry,
d) Threat of substitution,
e) Threat of new entryAs per Porter's Forces Analysis, supplier power assesses how easily suppliers may drive up prices.As per Porter's Forces Analysis, buyer power evaluates how easy it is for buyers to drive prices down.
Question 2
1 / -0

______________ is a area of interest in macro environment.

A
Socio-Cultural and Demographics

B
Economy

C
Ecology and Physical Environment

D
All of the above

Solution

Macro environment is also known as general environment and remote environment. Area of interest in macro environment are:a) Socio-Cultural and Demographics
b) Economy
c) Ecology and Physical Environment
Question 3
1 / -0

In a social entrepreneurship organization uses methods in an innovative way to address _________.
X.Social problem
Y. Environmental problem
Select the correct answer from the option given below :-

A
Y only

B
Neither X nor Y

C
X only

D
Both X and Y

Solution

Any organization that uses business methods to address a social or environmental problem in an innovative way is called social entrepreneurship. In a social entrepreneurship organization uses methods in an innovative way to address two types of problems:
a. Social problem- which is related to social life of human beings.
b. Environmental problem- which includes environmental concerns.
Question 4
1 / -0

The relaxation of government restrictions in areas of social of economic policy is known as _______.

A
Privatization

B
Globalization

C
Liberalization

D
None of the above

Solution

The relaxation of government restrictions in areas of social or economic policy is known as liberalization. It refers to the process of eliminating unnecessary controls and restrictions on the smooth functioning of a business enterprise.
Hence, option (C) is the correct answer.
Question 5
1 / -0

___________ affects the competitiveness of a firm.

A
Technology

B
Management

C
Sub-standard goods

D
Advertisements

Solution

Technology affects the competitiveness of a firm. It affects greatly since improved technology helps to yield greater profit and reduce the cost.
Question 6
1 / -0

Business environment is the sum total of all things ___________ to business firms and, as such, is ___________ in nature.

A
External; aggregative

B
Internal; aggregative

C
External; subjective

D
Internal; optional

Solution

The business environment is the sum total of all things external to business firms and, as such, is aggregative in nature. Any business works within the framework provided by the various elements of society, which is known as the business environment.
Hence, option (A) is the correct answer.
Question 7
1 / -0

Which of the following are specific forces of business environment?
(I) Investors
(II) Social conditions
(III) Competitors
(IV) Technology
(V) Suppliers
(VI) Political conditions
Select the correct answer from the options given below -

A
(I), (II), (III), (IV) & (V) only

B
(II), (IV) & (VI) only

C
(I), (III) & (V) only

D
(II), (III) & (VI) only

Solution

The business environment includes both specific and general forces. Specific forces affect business enterprises directly and immediately in their day to day working. These include suppliers, investors, Competitors.
Hence, option (C) is the correct answer.
Question 8
1 / -0

Which of the following tool considers external factors and helps to evaluate their impact on internal impact on internal business?

A
SWOT

B
PESTLE

C
PORTERS five forces model

D
Environmental scanning

Solution

PESTLE analysis is a useful tool for understanding the big picture of the environment in which an entrepreneur is planning to operate.PESTLE stands for Political, Economic, Sociological, Technological, Legal, and Environmental.
Question 9
1 / -0

____________ is an external factor of business.

A
Management

B
Changing laws by Government

C
Changing company policies

D
Worker qualification

Solution

The environment in which an organisation exists can be described as the external environment apart from the strengths and weaknesses which are existing in the internal environment. Changing laws of government is an example of external factors of business.
Question 10
1 / -0

Ecology and Physical Environment play an important role in ______.

A
Production and manufacturing

B
Marketing

C
Quality of goods

D
Management

Solution

Ecology and Physical Environment play an important role in production and manufacturing. Production and manufacturing- these two functions of the organization gets greatly affected. While taking decisions regarding the above mentioned two functions, factors like ecology and physical environment are to be taken into considerations.

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Re-Attempt Weekly Quiz Competition

Business Environment Test - 29

Result

Business Environment Test - 29

Score

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Rank

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SHARING IS CARING

Question 1

IV

III

II

I

Solution

Question 2

Socio-Cultural and Demographics

Economy

Ecology and Physical Environment

All of the above

Solution

Question 3

Y only

Neither X nor Y

X only

Both X and Y

Solution

Question 4

Privatization

Globalization

Liberalization

None of the above

Solution

Question 5

Technology

Management

Sub-standard goods

Advertisements

Solution

Question 6

External; aggregative

Internal; aggregative

External; subjective

Internal; optional

Solution

Question 7

(I), (II), (III), (IV) & (V) only

(II), (IV) & (VI) only

(I), (III) & (V) only

(II), (III) & (VI) only

Solution

Question 8

SWOT

PESTLE

PORTERS five forces model

Environmental scanning

Solution

Question 9

Management

Changing laws by Government

Changing company policies

Worker qualification

Solution

Question 10

Production and manufacturing

Marketing

Quality of goods

Management

Solution

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Question Analysis

My Perfomance

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