Business Environment Test

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Business Environment Test - 33

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Weekly Quiz Competition

Question 1
1 / -0

Which of the following is not one of the Porter's five force factor?

A
New Entrant

B
Supplier power

C
Competitor

D
Political factor

Solution

Political factor is not one of the Porter's five force factor.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
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The insecurity due to tomorrow's products that haven't even been invented yet, reflects which aspect of the technological environment?

A
Concentration on minor improvements.

B
Increased regulation.

C
High R&D budgets.

D
The fast pace of technological change

Solution

b'The insecurity due to tomorrow\'s products that haven\'t even been invented yet, reflects the fast pace of technological change. Nowadays, advancement of technology is happening at a very rapid pace. Hence proper business environment scanning is of utmost importance for the organization as business environment is highly dynamic in nature.
'
Question 3
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What is the most appropriate Externally imposed strategy is?

A
Imposition of strategy by individual shareholder.

B
Imposition of strategy by managers

C
Reacting to threats and opportunities in the environment

D
The imposition of strategy by Government in companies where it has extensive regulation.

Solution

The imposition of strategy by Government in companies where it has extensive regulation is the most appropriate externally imposed strategy. It is an externally imposed strategy since government is an external agent, but it does affect the activities of the business organizations indirectly.
Question 4
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Appropriate Technology_______________________.

A
Is technology that seeks to replace energy intensive and polluting technologies

B
Is technology that is best suited to the local internal and external environment in which a business operates

C
Will occur when "high-tech" solutions replace "low-tech" ones

D
It is when one business copies the technology that has been developed by another

Solution

Appropriate Technology is technology that is best suited to the local internal and external environment in which a business operates. It also helps to get first mover advantage by tapping the opportunities and identify threats at the earliest.
Question 5
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Political environment refers to________________.

A
Global integration

B
Legislature

C
Economic factor

D
None of the above

Solution

Political environment refers to legislature. The political environment of a country gets influenced by the political organizations such as philosophy of political parties, ideology of government or party in power, nature and extent of bureaucracy influence of primary groups.
Question 6
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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

Technology is not an example of social environment. The social environment refers to the environment which is surrounded by a social setting in which the people act upon. Thus technological factor does not come under the social environment.
Question 7
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Out of the following, which would you NOT classify as a political-legal factor in the external environment?

A
European Union directive on working hours.

B
Government policy on corporate and personal income taxes

C
Regulatory requirements for the telecommunications industry.

D
Consumer attitudes to greater competition in the gas and electricity industries

Solution

Consumer attitudes to greater competition in the gas and electricity industries is not classified as a political-legal factor in the external environment. Political environment refers to legislature. The political environment of a country gets influenced by the political organizations such as philosophy of political parties, ideology of government or party in power, nature and extent of bureaucracy influence of primary groups.
Question 8
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Internal factors of business environment include ______________.

A
Vision of the organization

B
Mission of the organization

C
Vision and Mission of the organization.

D
Vision and Mission of the organization and other internal mechanism of the organization

Solution

Internal factors of business environment include vision and mission of the organization and other internal mechanism of the organization. The internal factors have received considerable attention by firms. A business has control on the internal factors of the business organization.
Question 9
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Analysing process of change in the business environment involves conceptualizing it as.

A
Complex

B
Static

C
Dynamic

D
Diverse

Solution

Analysing the process of change in the business environment involves conceptualizing it as dynamic. Business environment keeps on changing weather in terms of technological improvement, shifts in consumer preferences or entry of new competition in the market.
Question 10
1 / -0

Liberalization does NOT include__________________.

A
Reduction in taxes

B
Simplifying exports

C
Reducing administrative burden on state.

D
Abolishing industrial licensing requirement for most of the industries.

Solution

Liberalization does NOT include reducing administrative burden on state. It is a process by which free and fair trade is promoted. It includes reduction in taxes, simplification of exports and abolishing industrial licensing requirement for most of the industries.

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Business Environment Test - 33

Result

Business Environment Test - 33

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SHARING IS CARING

Question 1

New Entrant

Supplier power

Competitor

Political factor

Solution

Question 2

Concentration on minor improvements.

Increased regulation.

High R&D budgets.

The fast pace of technological change

Solution

Question 3

Imposition of strategy by individual shareholder.

Imposition of strategy by managers

Reacting to threats and opportunities in the environment

The imposition of strategy by Government in companies where it has extensive regulation.

Solution

Question 4

Is technology that seeks to replace energy intensive and polluting technologies

Is technology that is best suited to the local internal and external environment in which a business operates

Will occur when "high-tech" solutions replace "low-tech" ones

It is when one business copies the technology that has been developed by another

Solution

Question 5

Global integration

Legislature

Economic factor

None of the above

Solution

Question 6

Composition of family.

Literacy rate

Money supply in the economy

Technology.

Solution

Question 7

European Union directive on working hours.

Government policy on corporate and personal income taxes

Regulatory requirements for the telecommunications industry.

Consumer attitudes to greater competition in the gas and electricity industries

Solution

Question 8

Vision of the organization

Mission of the organization

Vision and Mission of the organization.

Vision and Mission of the organization and other internal mechanism of the organization

Solution

Question 9

Complex

Static

Dynamic

Diverse

Solution

Question 10

Reduction in taxes

Simplifying exports

Reducing administrative burden on state.

Abolishing industrial licensing requirement for most of the industries.

Solution

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