Fundamentals of Business Activities Test 22

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Fundamentals of Business Activities Test 22

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Weekly Quiz Competition

Question 1
1 / -0

Which of the following is the example of economic activity?

A
Production

B
Consumption

C
Charity

D
A and B both

Solution

The definition of an economic activity is given as "any activity where goods and services are exchanged for money." The economic activity of production involves producing goods and services so that they can be sold in the market for fair price. The economic activity of consumption involves consumers lending their services in exchange for wages that they then use to purchase goods and services.
Question 2
1 / -0

Which one of the following is NOT an important import item of India at present?

A
Petroleum oil

B
Edible oil

C
Fertilizers

D
News print
Question 3
1 / -0

What is one of the future consequences of an increase in the current level of consumption in the India

A
Slower economic growth in the future.

B
Greater economic growth in the future

C
No change in our economic growth rate

D
Greater capital accumulation in the future
Question 4
1 / -0

All but one, of the following statements is incorrect. Find the correct statement.

A
Balance of payments is a narrow concept than balance of trade.

B
India is facing severe foreign exchange reserves crunch.

C
Devaluation is the panacea for BOP problem.

D
The RBI is the lender of last resort for Indian public sector banks.

Solution

Central bank performs the function of lender of last resort. It is the last means which commercial banks can approach when there is no other way to obtain credit for liquidity purposes.
Question 5
1 / -0

Economic laws are essentially _________.

A
conditional

B
unconditional

C
rigid

D
neutral

Solution

It is true that many microeconomic laws may involve many assumptions, which makes the theory valid only under the specific conditions of the model, which tend to over-simplify the situation and as a result may not hold true in the real world (such as perfect competition market structure). However, the broad theories (such as theory of supply and demand for example) are still valid in the real world, it has been proven time and again with empirical data.
Question 6
1 / -0

Which of the following is considered production in economics?

A
Saving a child from drowning in a river.

B
Doctor examining a patient for a fee.

C
Boating in a lake for recreation.

D
Painting a picture for pleasure.

Solution

Doctor examining a patient for a fee is considered production in economics; other are recreation/leisure activities and would not result in production.
Question 7
1 / -0

Human relations skills are also called.

A
Conceptual skills

B
Technical skills

C
Interpersonal skills

D
Problem solving skills

Solution

b'Human relations skills are also called as interpersonal skills. It can also be defined as the skill required to communicate or interact with other human beings. The term \'human relations skill\' refers to an employee\'s ability to work well with others while performing their job.'
Question 8
1 / -0

A _________ is the ability to perform the given job.

A
Communication skills

B
Technical skills

C
Interpersonal skills

D
Administrative skills

Solution

b'A technical skill is the ability to perform the given job. Technical skill can also be defined as the skill which is required to complete the given task in an effective and efficient manner. It is one of the crucial skills which employee should possess to achieve the organizational goals.
Question 9
1 / -0

Business process is also called business function.

A
False

B
True

C
Partly true

D
Partly false

Solution

A business process is a collection of linked tasks which find their end in the delivery of a service or product to a client. A business process has also been defined as a set of activities and tasks that, once completed, will accomplish an organizational goal.
A business process is a logically related set of activities that define how specific business tasks are performed. Business processes are the ways in which organizations coordinate and organize work activities, information, and knowledge to produce their valuable products or services.
Question 10
1 / -0

Which of the following factors may affect the location of business?

A
Transport facilities

B
Availability of labour

C
Market - Customers

D
All of the above

Solution

The costs of a business location can be influenced by many non-financial factors, but which can still be significant when making the choice. These include Local government attitude to supporting business (including financial assistance).
The nearness of the market and the cost of delivering the goods are likely to be important factors.

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Re-Attempt Weekly Quiz Competition

Fundamentals of Business Activities Test 22

Result

Fundamentals of Business Activities Test 22

Score

-

Rank

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SHARING IS CARING

Question 1

Production

Consumption

Charity

A and B both

Solution

Question 2

Petroleum oil

Edible oil

Fertilizers

News print

Question 3

Slower economic growth in the future.

Greater economic growth in the future

No change in our economic growth rate

Greater capital accumulation in the future

Question 4

Balance of payments is a narrow concept than balance of trade.

India is facing severe foreign exchange reserves crunch.

Devaluation is the panacea for BOP problem.

The RBI is the lender of last resort for Indian public sector banks.

Solution

Question 5

conditional

unconditional

rigid

neutral

Solution

Question 6

Saving a child from drowning in a river.

Doctor examining a patient for a fee.

Boating in a lake for recreation.

Painting a picture for pleasure.

Solution

Question 7

Conceptual skills

Technical skills

Interpersonal skills

Problem solving skills

Solution

Question 8

Communication skills

Technical skills

Interpersonal skills

Administrative skills

Solution

Question 9

False

True

Partly true

Partly false

Solution

Question 10

Transport facilities

Availability of labour

Market - Customers

All of the above

Solution

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