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Fundamentals of Business Activities Test 11

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Fundamentals of Business Activities Test 11
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Weekly Quiz Competition
  • Question 1
    1 / -0
    Most important factor in forming a new business is ___________.
    Solution
    Financial management is the most important responsibilities of owners and business management. They must consider the potential consequences of their management decisions on profits, cash flow and on the financial conditions of the company. The activities of every aspect of business have an impact on the company's financial performance and must be evaluated and controlled by the business owner. 
  • Question 2
    1 / -0
    The organized efforts of an enterprise to supply consumers with goods and services for a profit is known as _______.
    Solution
    A business is an organization where people work together. In a business, people work to make and sell products or services. Other people buy the products and services.

    A business can earn a profit for the products and services it offers. The word business comes from the word busy, and means doing things. 

    Every business requires some form of investment and enough customers to whom its output can be sold on a consistent basis in order to make a profit. 

    An example of a corporate business is Pepsi Co, while a mom-and-pop catering business is a private enterprise.
  • Question 3
    1 / -0
    Invariably to have good human relations a manager should _______________.
  • Question 4
    1 / -0
    First mover advantage refer ___________________.
    Solution
    First mover advantage refers to the early identification of business opportunities. A first mover is a service or product that gains a competitive advantage by being the first to market. Because of first-mover advantage a company is able to establish strong brand recognition and customer loyalty before competitors.
    Thus, the correct answer is A.
  • Question 5
    1 / -0
    Find the odd statement out.
    Solution
    Economic laws are not hypothetical in nature, while many microeconomic models may involve many assumptions and tend to over simplify situations, the broad theories are still valid in the real world, it has been proven time and again with empirical data. 

    Normative economics deals with subjective economics, and are grounded in personal opinions rather than empirical facts. They tend to be prescriptive and regulatory in nature (ie, they contain advice on what should be done to solve a particular problem). 
  • Question 6
    1 / -0
    Economic choice and competitive behaviour are the result of ____________.
    Solution
    The problem of scarcity, stems from the basic idea that human wants and needs are unlimited, however the earth only contains a finite amount of resources that can be used to produces goods and services that will fulfill the unlimited wants and needs.  

    Since resources are scarce, the people are forced to make choices about what to produce, how to produce and for whom to produce. Thus there are alternative uses for economic resources and this fuels competition. 
  • Question 7
    1 / -0
    The skill that is required by all level of managers _____________.
  • Question 8
    1 / -0
    Income of a businessman is called ________.
    Solution
    A business is an activity of making money by producing and buying and selling products. It is an entity which is established for earning profit which is the basic motive. Thus the income of the businessman is called profit.
  • Question 9
    1 / -0
    Which of the following occupations involve maximum risk?
    Solution
    Business involves maximum risk as it has some external and internal environment factors which are not in the control of business and creates various types of business risks. Employment, profession and teaching does not not involves as they get fixed remuneration.
  • Question 10
    1 / -0
    Which of the following statements best describe economic activities?
    Solution
    Economic activities are those activities which are undertaken to earn money and done to earn a living. For example a person selling vegetables in your locality is a type of an economic activity as he earn money by this activity.
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