Fundamentals of Business Activities Test 5

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Fundamentals of Business Activities Test 5

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Weekly Quiz Competition

Question 1
1 / -0

Choose the correct answer:
a) Economic Planning is not a new thought but it was present in human mind in some or other form
b) About 2410 years before, Plato used this system.
Of these :

A
Both (a) and (b) are true

B
(a) is true, but (b) is false

C
(a) is false, but (b) is true

D
Both (a) and (b) are false

Solution

Economic planning is a very old thought which existed in the ancient times when kings or leaders started planning their resources for the welfare of their kingdoms.

Plato prepared the ground for his famous plan of government for the Kings. He analysed the economic effects of war such as the spending or losses which were incurred by Kings in wars.
Question 2
1 / -0

Which one of the following statements is false?

A
Normally, a price demand curve slopes downward from left to right

B
Economies of scale and economies of scope are the same

C
For optimization, equality between marginal cost and marginal revenue is a necessary condition but it is not a sufficient one

D
Law of variable proportions denotes input- output relationship during short-run
Question 3
1 / -0

Which theory is considered as a comprehensive attempt at explaining consumer's behaviour?

A
Group theory

B
Howard-sheth theory

C
Cognitive theory

D
Field theory

Solution

Howard-Sheth theory explains how consumers behave while buying a product or rendering a service in the market. It assumes that consumer is rational while buying the product and how the consumer is getting affected through physical, symbolic and social characteristics of the product, through marketing and their need for the product or service.
Question 4
1 / -0

Which of the following is true?

A
The cost of retained earnings is always less than the cost of external equity

B
The cost of external equity is always less than the cost of retained earnings

C
The cost of retained earnings is lower than the cost of external equity in the presence of flotation costs

D
In the presence of flotation costs the cost of external equity is less than the retained earnings

E
None of the above

Solution

The firm may have to issue new shares at a price lower than the current market price. Also, it may have to incur flotation costs. Thus, external equity will cost more to the firm than internal equity. Hence, in presence of floatation costs, the cost of retained earnings is less than the cost of external equity. Internal equity (retained earnings) is generally less costly than external equity for tax reasons, and it may be cheaper than debt.
Hence, option (C) is the correct answer.
Question 5
1 / -0

The term 'relevant' in a business activity means ____________________.

A
Pertinent to decision at hand

B
Difference in cost between alternatives

C
Both (A) and (B)

D
None of the above

Solution

In day to day business activities, the term 'relevant' indicates at the applicability of a certain decision that are taken in an organisation.

These relates to how efficient and effective the decisions are in an organisation and how well does it relates to the matter of the problems for which it is taken.
Question 6
1 / -0

What does professionalization involve?

A
The acquisition of basic knowledge of the subject

B
The right mental attitude

C
Age limit

D
Both (A) and (B)

Solution

Professionalization for any subject matter involves acquisition of basic as well as advance knowledge of the subject in order to be an expert for that subject with right mental attitude so that intellectual decisions can be taken by the professional.
Question 7
1 / -0

The prime function of a management executive in a business organisation is __________.

A
decision making

B
profit making

C
forward planning

D
both (a) and (c)

Solution

The primary function of management executive is to make decisions and plan for the future of the organisation. Profit earning is an impact of business activity.
Question 8
1 / -0

The final step in survey execution is ___________ .

A
design of forms

B
analysis of data

C
processing of data

D
preparation of report

Solution

Conducting a survey is a full fledged process. The final step is the preparation of report so that it can be studied by its ultimate users.
Question 9
1 / -0

The occupation in which people work for others and get remunerated in return is known as _______.

A
Business

B
Employment

C
Profession

D
None of these

Solution

Employment:
A person who is hired to provide services to a company on a regular basis in exchange for compensation and who does not provide these services as part of an independent business.
Business:
A commercial activity engaged in as a means of livelihood or profit, or an entity which engages in such activities.
Profession:
The occupation, which especially requires an advanced education in the concerned field of study.
Question 10
1 / -0

In the old Roman empire the secretary was referred to as __________.

A
Scriba

B
Chitnis

C
Amatya

D
None of these

Solution

The term secretary is derived from the Latin term 'Secretarius', which means a confidential officer (Writer). In the old Roman Empire a secretary was called 'Scriba', which means professional letter writer.

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Fundamentals of Business Activities Test 5

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Question 1

Both (a) and (b) are true

(a) is true, but (b) is false

(a) is false, but (b) is true

Both (a) and (b) are false

Solution

Question 2

Normally, a price demand curve slopes downward from left to right

Economies of scale and economies of scope are the same

For optimization, equality between marginal cost and marginal revenue is a necessary condition but it is not a sufficient one

Law of variable proportions denotes input- output relationship during short-run

Question 3

Group theory

Howard-sheth theory

Cognitive theory

Field theory

Solution

Question 4

The cost of retained earnings is always less than the cost of external equity

The cost of external equity is always less than the cost of retained earnings

The cost of retained earnings is lower than the cost of external equity in the presence of flotation costs

In the presence of flotation costs the cost of external equity is less than the retained earnings

None of the above

Solution

Question 5

Pertinent to decision at hand

Difference in cost between alternatives

Both (A) and (B)

None of the above

Solution

Question 6

The acquisition of basic knowledge of the subject

The right mental attitude

Age limit

Both (A) and (B)

Solution

Question 7

decision making

profit making

forward planning

both (a) and (c)

Solution

Question 8

design of forms

analysis of data

processing of data

preparation of report

Solution

Question 9

Business

Employment

Profession

None of these

Solution

Question 10

Scriba

Chitnis

Amatya

None of these

Solution

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