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Fundamentals of Business Activities Test 2

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Fundamentals of Business Activities Test 2
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  • Question 1
    1 / -0
    Human Resource Management (HRM) is that part of management which is?
    Solution
    Human Resource Management is that part of the process of management specifically concerned with the people at work and with their relationship with an enterprise. It is a management process that develops and manages the human elements of the enterprise. Hence, B is the correct option.
  • Question 2
    1 / -0
    There is no difference between Human Resource Management & Personnel Management.
    Solution
    There is no difference between Human Resource Management & Personnel Management. This is a false statement.Human resource management is a part of the management process which develops and manages human elements of the enterprise. Large organizations prefer to have a separate department to carry out staffing functions. This department is known as the personnel management department.
  • Question 3
    1 / -0
    ____________ includes the production, purchase, sale and distribution of goods or services with the main objective of earning profit.
    Solution
    Business refers to those economic activities which are connected with the production, purchase, sale, or distribution of goods and services with the main objective of earning profit. Example:- fishing, mining, farming, manufacturing, etc. 
  • Question 4
    1 / -0
    Which of the following is not associated with business?
    Solution

    Following are the main characteristics of a business:-

    1. An economic activity 
    2. Production or procurement of goods and services
    3. Sales or exchange of goods and services for the satisfaction of human needs 
    4. Dealing in goods and services regularly
    5. Profit earning 
    6. Uncertainty of return and risk 

  • Question 5
    1 / -0
    Identify the type of economic activity which is subject to the code of conduct laid down by the professional bodies.
    Solution
    Profession refers to the activities which require special knowledge and skill to be applied by an individual in his work to earn a living. These activities are subject to guidelines or codes of conduct laid down by professional bodies. The people who are engaged in the profession are known as professionals.
  • Question 6
    1 / -0
    The main purpose of an economic activity is ________________.
    Solution
    The main purpose of any economic activity is earning profit. If the profit motive is missing in a transaction then, it cannot be considered an economic transaction. For example- business, profession, etc.
  • Question 7
    1 / -0
    Which of the following is not concerned with profession?
    Solution
    Manufacturing of goods and services is part of business activity and is not concerned with any profession. Code of conduct, a Specialised body of knowledge and skill, and formal training are all features of a profession.
  • Question 8
    1 / -0
    The term 'business' originated from the word _____________.
    Solution
    Business is a wide term that was derived from the word 'busy'. It includes all occupations in which people are occupied (busy) with making a living by production, purchase, and sale of goods and services to satisfy the needs of other people with the main objective of earning profit.
  • Question 9
    1 / -0
    Which of the following economic activity does not require capital?
    Solution
    Employment refers to an activity in which an individual works for another person and gets remunerated in return. There is no capital needed for employment activities.
  • Question 10
    1 / -0
    Which one of the following is not a primary activity?
    Solution
    Banking services is not a primary activity. It comes under tertiary activity. A bank is a financial institution that accepts deposits from the public and creates credits.
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