Fundamentals of Business Activities Test 10

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Fundamentals of Business Activities Test 10

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Weekly Quiz Competition

Question 1
1 / -0

______ is an extension of time reversal test to the case of more than two periods.

A
Circular test

B
Time reversal test

C
Factor reversal test

D
Unit test

Solution

Circular test refers to one statistical tool where the index of the later period on the earlier period is exactly opposite to the index of the earlier period on the later period, but this test is validate where the more than two periods are involved.
Question 2
1 / -0

The "law of diminishing returns" applies to _________________.

A
short run, but not long run

B
long run, but not short run

C
both short run and long run

D
neither short run nor long run

Solution

The "Law of diminishing returns" is a part of law of variable proportion which applies to the short run, but not the long run.
Question 3
1 / -0

In which economic system all the means of production are owned and controlled by private individuals for profit.

A
Socialism

B
Capitalism

C
Mixed economy

D
Communism

Solution

A system of economy in which all means of production are owned and controlled by private individuals for the purpose of profit is called capitalist economy. It is a decentralised form of economy where there is no government control.
Question 4
1 / -0

___ is essential for any business concern.

A
Unlimited liabilities

B
Stability

C
Interrupted existence

D
No risk

Solution

The continuity of existence and stability are the essential factors for any business concern. The company form of the organisation is the only form having perpetual existence. The sole trader and partnership form of the organisations do not have a permanent life. They might be closed due to death or retirement of the members on any day.
Question 5
1 / -0

Which of the following can be treated as characteristics of business organisation?

A
A business firm may be owned by one individual or a group of individuals jointly.

B
Every business undertaking is dependent entity.

C
Every business undertaking is engaged in the production only and not in distribution of services.

D
Business undertakings are not exposed to any risk or uncertainty.

Solution

A business organisation is a person or a group of people working together in pursuit of the same commercial interest. To do this effectively you must decide what type of business organisation suits your needs. The main characteristics of business organisation is that a business firm may be owned by one individual or a group of individuals jointly.
Question 6
1 / -0

A business enterprise may be organised on the basis of ___ liability.

A
Limited

B
Unlimited

C
A or B

D
Non-business

Solution

An unlimited liability business involves joint owners that are equally responsible for debt and liabilities accrued by the business, this liability is not capped and can be paid off through the seizure of owners' personal assets, making it different from limited liability ventures.
Question 7
1 / -0

The trend component is easy to identify by using ___________.

A
moving averages

B
exponential smoothing

C
regression analysis

D
delphi approach

Solution

A trend refers to a thing which persist for a long period of time. Moving averages is a tool of statistics. It helps to create a series of averages of different sub sets of the whole data. It is also an important tool to determine the trend component.
Question 8
1 / -0

Sub rosa means ____________.

A
Done public ally

B
Confidentially

C
Done in secret

D
(B) or (C)

Solution

Sub rosa basically means something which is done in secret so both the options b and c are related to it .Therefore option D is the correct answer.
Question 9
1 / -0

Characteristics of a business organization ________.

A
lawful business

B
dealing in goods and services

C
risk involvement

D
all of the above
Solution
- Level of the organization.
- Great Teamwork.
- High Employee Morale.
- Offers Training Opportunities.
- Strong Leadership.
- Handles Poor Performance.
- Understands Risks.
- Adapts to Opportunities and Changes.
Question 10
1 / -0

The decision to start an new business is taken when one perceives that forming a New business is:

A
Possible

B
Desirable

C
Accurate

D
Both a and b

Solution

The decision to start an new business is taken when one perceives that forming a new business is possible and desirable . Possibility defines that a business is possible to function in the market and desirable means that the services or the goods desired by the customers or the market trends .

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Re-Attempt Weekly Quiz Competition

Fundamentals of Business Activities Test 10

Result

Fundamentals of Business Activities Test 10

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SHARING IS CARING

Question 1

Circular test

Time reversal test

Factor reversal test

Unit test

Solution

Question 2

short run, but not long run

long run, but not short run

both short run and long run

neither short run nor long run

Solution

Question 3

Socialism

Capitalism

Mixed economy

Communism

Solution

Question 4

Unlimited liabilities

Stability

Interrupted existence

No risk

Solution

Question 5

A business firm may be owned by one individual or a group of individuals jointly.

Every business undertaking is dependent entity.

Every business undertaking is engaged in the production only and not in distribution of services.

Business undertakings are not exposed to any risk or uncertainty.

Solution

Question 6

Limited

Unlimited

A or B

Non-business

Solution

Question 7

moving averages

exponential smoothing

regression analysis

delphi approach

Solution

Question 8

Done public ally

Confidentially

Done in secret

(B) or (C)

Solution

Question 9

lawful business

dealing in goods and services

risk involvement

all of the above

Solution

Question 10

Possible

Desirable

Accurate

Both a and b

Solution

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