Business Environment Test

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Business Environment Test - 40

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Weekly Quiz Competition

Question 1
1 / -0

The benefits of privatization is/are as follows____________.

A
It reduces the fiscal burden of the state by relieving it of the losses of the SOEs and reducing the size of the bureaucracy

B
Privatization of SOEs enables the government to mop up funds

C
Privatization helps the state to trim the size of the administrative machinery

D
All of above

Solution

Privatization refers to giving greater role to private sector and reducing the role of public sector through disinvestment of public sector and dilution of stake of the government. The benefits of privatization are:
1. Reducing fiscal burden of the state by adding to the capital formation of the economy and reducing the government's bureaucracy.
2. It increases government's revenue and mop up the funds.
3. It reduces the administrative burden on the state.
Question 2
1 / -0

The object of privatization is/are_____________.

A
To reduce the administrative burden on the state

B
To encourage and to facilitate private sector investments

C
To increase the size and dynamism of the private sector

D
All of above

Solution

Privatization refers to giving greater role to private sector and reducing the role of public sector through disinvestment of public sector and dilution of stake of the government. The main objective of privatization is to improve the performance of private sector units and increase its size and dynamism, to encourage investment in the private sector to raise the overall capital formation and to reduce administrative burden on state.
Question 3
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What do we mean by the term 'strategic change'?

A
The changes that inevitably result in organizations as they evolve in a changing environment

B
Planned change

C
The proactive management of change to achieve strategic objectives

D
An important organizational change

Solution

Strategic change refers to any changes in the organisation that is regarded as a very important organizational change as it leads to changes in the organisational policies for all the levels of management.
Question 4
1 / -0

The object of privatization is/are_____________.

A
To increase the administrative burden on the state

B
To discourage private sector investments

C
To decrease the size and dynamism of the private sector

D
None of above

Solution

Privatization refers to giving greater role to private sector and reducing the role of public sector through disinvestment of public sector and dilution of stake of the government. The main objective of privatization is to improve the performance of private sector units and increase its size and dynamism, to encourage investment in the private sector to raise the overall capital formation and to reduce administrative burden on state.
Question 5
1 / -0

Premises which are absolutely beyond the clutch of business enterprises are ________________.

A
Non-controllable

B
Controllable premises

C
Avoidable premises

D
(B) or (C)

Solution

Controllable premises are in full control of the management. Factors such as materials, machines, and money are some examples. Moreover, Avoidable premises are possible to avoid. However, non-controllable premises are absolutely beyond the clutch of business enterprises. They include natural calamities and external environment factors.
Thus, the correct answer is A.
Question 6
1 / -0

The functions of privatization is/are as follows_____________.

A
Privatization helps accelerate the pace of economic developments as it attracts more resources from the private sector for development

B
It may result in better management of the enterprises

C
Privatization may also encourage entrepreneurship

D
All of above

Solution

Privatization refers to giving a greater role to the private sector and reducing the role of public sector through disinvestment of public sector and dilution of the stake of the government. Privatization results in better economic development due to more resources from private sector, better management due to high competition in the private sector, and encouragement of entrepreneurial skills into the individual.
Hence, option (D) is the correct answer.
Question 7
1 / -0

_____ is careful monitoring of an organization's internal and external environments for detecting early signs of opportunities and threats that may influence its current and future plans.

A
Early scanning

B
Economic scanning

C
Environment scannong

D
Customer scanning

Solution

Environment scanning can be defined as the process by which organisations monitor their relevant environment to identify opportunities and threats affecting their business. The environment scanning is applied to both external as well as internal scanning process as business environment includes both external as well as internal environment in which the business is practiced.
Question 8
1 / -0

PESTLE analysis is a useful tool for understanding the _______ of the environment in which an entrepreneur is planning to operate.

A
Small

B
Big picture

C
Both (A) and (B)

D
Neither (A) nor (B)

Solution

Environment scanning can be defined as the process by which organisations monitor their relevant environment to identify opportunities and threats affecting their business.
PESTLE analysis is a type of environment scanning where PESTLE stands for political, economic, sociological, technological, legal and environmental sectors of the business where these different sectors of the business are analysed in order to update the business with the current environment.
Question 9
1 / -0

Which two work environments should be good for spawning the new enterprises?

A
Finance and marketing

B
Finance and R&D

C
Marketing and R&D

D
Marketing and IT

Solution

The two work environment which will be good for spawning the new enterprises are finance and research and development as they aim at developing the conduct of business in all dimensions which includes all sectors of the business environment as well.
Question 10
1 / -0

Which of the following is a detailing process in the mission, objectives, strategies, and policies?

A
Strategy formulation

B
Strategy implementation

C
Strategic strategy

D
Strategy achievement

Solution

Strategy formulation refers to the process of building the mission and vision of the business where the main mission of the business with the major objectives for which the business was started is set up along with the strategies and policies to achieve those objectives and mission.

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Business Environment Test - 40

Result

Business Environment Test - 40

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SHARING IS CARING

Question 1

It reduces the fiscal burden of the state by relieving it of the losses of the SOEs and reducing the size of the bureaucracy

Privatization of SOEs enables the government to mop up funds

Privatization helps the state to trim the size of the administrative machinery

All of above

Solution

Question 2

To reduce the administrative burden on the state

To encourage and to facilitate private sector investments

To increase the size and dynamism of the private sector

All of above

Solution

Question 3

The changes that inevitably result in organizations as they evolve in a changing environment

Planned change

The proactive management of change to achieve strategic objectives

An important organizational change

Solution

Question 4

To increase the administrative burden on the state

To discourage private sector investments

To decrease the size and dynamism of the private sector

None of above

Solution

Question 5

Non-controllable

Controllable premises

Avoidable premises

(B) or (C)

Solution

Question 6

Privatization helps accelerate the pace of economic developments as it attracts more resources from the private sector for development

It may result in better management of the enterprises

Privatization may also encourage entrepreneurship

All of above

Solution

Question 7

Early scanning

Economic scanning

Environment scannong

Customer scanning

Solution

Question 8

Small

Big picture

Both (A) and (B)

Neither (A) nor (B)

Solution

Question 9

Finance and marketing

Finance and R&D

Marketing and R&D

Marketing and IT

Solution

Question 10

Strategy formulation

Strategy implementation

Strategic strategy

Strategy achievement

Solution

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