Business Environment Test

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Business Environment Test - 38

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Weekly Quiz Competition

Question 1
1 / -0

Which of the following is/are NOT features of business environment?
(I) Uncertainty
(II) Relativity
(III) Static Nature
Select the correct answer from the options given below.

A
(I) only

B
(II) only

C
(III) only

D
None of the above

Solution

Static nature is not features of business environment. Business environment is highly dynamic in nature and keeps on changing. So it is not static or rigid in nature and business environment need to be monitored continuously due to its dynamic nature. Therefore, Static nature is not a feature of business environment.
Question 2
1 / -0

In which of the following ways proper understanding of various aspects of business environment helps the business?

A
Early identification of opportunities

B
Identification of possible threats

C
Coping with rapid changes

D
All of above

Solution

The following steps are the ways in which proper understanding of various aspects of business environment can be done:
1. Early identification of opportunities so that it can be used to improve the weakness of the business.
2. Identification of possible threats so that it can be minimized in the best possible way.
3. Coping with the rapid changes to survive in the continuously changing business environment.
Question 3
1 / -0

Which of the following is nature of the business environment?
(i) Multifaceted
(ii) Uncertain
(iii) Dynamic.
Select the correct answer from the options given below.

A
(i) & (ii)

B
(ii) & (iii)

C
(i) & (iii)

D
(i), (ii) & (iii)

Solution

Business environment refers to the forces, factors and institutions with which the businessman has to deal with in order to achieve its objectives. It has the following nature:
1. Multifaceted: All the forces and factors of business environment are inter-related to each other due to which it becomes a multifaceted factor for a business.
2. Dynamic: Business environment is highly flexible and keeps on changing. So it is not static or rigid in nature and it need to be monitored continuously due to its dynamic nature.
3. Uncertain: As business environment change very fast and continuously, it is very difficult to predict the changes of business environment. Therefore, it is highly uncertain.
Question 4
1 / -0

In relation to business environment general forces includes _______conditions.

A
Social

B
Political

C
Legal and technological

D
All of above

Solution

Environment refers to the forces, factors and institutions with which the businessman has to deal with in order to achieve its objectives. The general forces are the forces that affects the business operations indirectly. It includes social environment, political environment, technological and legal environment etc.
Question 5
1 / -0

Business environment includes _________.

A
Specific forces

B
General forces

C
Both specific and general forces

D
Task forces

Solution

Business Environment refers to the forces, factors and institutions with which the businessman has to deal with in order to achieve its objectives. It includes:

1. Specific forces: These are the forces that affects the business operations directly and the businessman has partial control over these forces.. It includes investors, suppliers, customers etc.

2. General forces: These are the forces that affects the business operations indirectly and the businessman has no control over these forces.. It includes social environment, political environment, technological environment etc.
Question 6
1 / -0

In order to effectively cope with significant changes, firms must _______ the environment and develop suitable course of action.

A
Understand

B
Examine

C
Understand and examine

D
Understand without examining

Solution

Environment scanning can be defined as the process by which organisations monitor their relevant environment to identify opportunities and threats affecting their business. It is done by understanding and examining the environment to develop suitable course of action in order to effectively cope up with the significant changes of business environment.

Question 7

1 / -0

Match the following:

List I	List II
(P) Process of eliminating unnecessary control 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 follows.	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

LIST 1	LIST 2
(P) Process of eliminating unnecessary control for smooth functioning of business enterprises	Liberalization
(Q) Transfer of ownership of an enterprise from the public sector to the private sector	Privatization
(R) Cross border transactions in goods and services and international capital follows.	Globalization

Question 8
1 / -0

In which of the following ways proper understanding of various aspects of business environment helps the business?

A
It enables the business to identify the areas for growth and expansion of their activities.

B
It helps the firms to analyze the competitors strategies and formulate their own strategies accordingly in order to cope with the rapidly increasing competition.

C
Environmental understanding helps the business organizations in improving their image by showing their sensitivity to the environment within which they are working.

D
All of above

Solution

The following steps are the ways in which proper understanding of various aspects of business environment can be done:
1. Early identification of opportunities so that it can be used to improve the weakness of the business and identify the area of growth and expansion of the activities.
2. Identification of possible threats so that it can be minimized in the best possible way like competitors strategy can be taken care of by analyzing business environment on time.
3. Coping with the rapid changes to understand and survive in the continuously changing business environment.
Question 9
1 / -0

Environment factor which are beyond the control of individual is known as _____________.

A
Internal

B
External

C
Both (A) and (B)

D
None of above

Solution

External business environment refers to the forces, factors, and institutions with which the businessman has to deal with in order to achieve its objectives. It is the sum total of all external things which includes economic, social, political, and technological factors that indirectly affect the conduct of a business and the businessman has no control over these forces.
Hence, option (B) is the correct answer.
Question 10
1 / -0

A business has absolute control in the _______(X), whereas it has no control on the _____(Y) Select the correct answer from the options given below.

A
X - External environment ; Y - External environment

B
X - Internal environment ; Y - Internal environment

C
X - Internal environment ; Y - External environment

D
X - External environment ; Y - Internal environment

Solution

b'
A business has absolute control in the internal environment, whereas it has no control on the external environment.

1. Internal Environment: These are the forces that originates inside the organization and affects the business operations directly and the businessman has absolute control over these forces. It includes shareholders, customers, employees of the company etc.

2. External Environment: These are the forces that originates outside the organization and affects the business operations indirectly and the businessman has no control over these forces. It includes social environment, political environment etc.
'

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Re-Attempt Weekly Quiz Competition

Business Environment Test - 38

Result

Business Environment Test - 38

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SHARING IS CARING

Question 1

(I) only

(II) only

(III) only

None of the above

Solution

Question 2

Early identification of opportunities

Identification of possible threats

Coping with rapid changes

All of above

Solution

Question 3

(i) & (ii)

(ii) & (iii)

(i) & (iii)

(i), (ii) & (iii)

Solution

Question 4

Social

Political

Legal and technological

All of above

Solution

Question 5

Specific forces

General forces

Both specific and general forces

Task forces

Solution

Question 6

Understand

Examine

Understand and examine

Understand without examining

Solution

Question 7

$$(P) - 3, (Q) - 2, (R) - 1$$

$$(P) - 1, (Q) - 2, (R) - 4$$

$$(P) - 2, (Q) - 1, (R) - 3$$

$$(P) - 2, (Q) - 3, (R) - 1$$

Solution

Question 8

It enables the business to identify the areas for growth and expansion of their activities.

It helps the firms to analyze the competitors strategies and formulate their own strategies accordingly in order to cope with the rapidly increasing competition.

Environmental understanding helps the business organizations in improving their image by showing their sensitivity to the environment within which they are working.

All of above

Solution

Question 9

Internal

External

Both (A) and (B)

None of above

Solution

Question 10

X - External environment ; Y - External environment

X - Internal environment ; Y - Internal environment

X - Internal environment ; Y - External environment

X - External environment ; Y - Internal environment

Solution

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