Fundamentals of Business Activities Test 8

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Fundamentals of Business Activities Test 8

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Weekly Quiz Competition

Question 1

1 / -0

Match the Groups :

	Group 'A'		Group 'B'
(i)	Companies Act	(a)	has not more than 9 members
(ii)	The Companies (Amendment) Act, 1988	(b)	advises the Central Government
(iii)	Company Law Board	(c)	is appointed by Central Government
(iv)	Registrar of Companies	(d)	Independent Company Law Board
(v)	Advisory Committee	(e)	constitutes company law
		(f)	appointed by state government

(i)-e, (ii)-d, (iii)-a, (iv)-c, (v)-b

(i)-b, (ii)-d, (iii)-a, (iv)-c, (v)-e

(i)-e, (ii)-a, (iii)-c, (iv)-d, (v)-b

(i)-e, (ii)-c, (iii)-a, (iv)-d, (v)-b

Solution

The correct matches of the groups are:

Company Act - constitutes company law

The companies ( Amendment Act , 1988) - Independent Company Law Board

Company Law Board - has not more than 9 members

Registrar of company - is appointed by central government

Advisory committee - advises the central government

Question 2
1 / -0

Select the correct statement:

A
Under diminishing Marginal productivity theory addition of inputs increases total output at a reduced rate.

B
In a Perfect competition MR is downward sloping.

C
Decrease in supply of factor inputs decreases factor prices.

D
In case of a firm in perfect competitive market, the firm earns abnormal profit in the long run.

Solution

Diminishing marginal productivity theory states that while increasing one input and keeping other inputs at the same level may initially increase output, further increases in that input will have a limited effect and will eventually have no effect, or a negative effect, on output.
Question 3
1 / -0

The economy where the market forces are not allowed to work and where state regulate the economy is called _____________

A
controlled economy

B
mixed economy

C
capitalistic economy

D
market economy
Question 4
1 / -0

____________ is created to provide for the loss by way of fluctuation in the value of investment.

A
Investment fluctuation reserve

B
Sinking fund

C
Dividend equalization reserve

D
Debenture redemption reserve

Solution

Investments made by a concern are subject to market fluctuations and thus, the value of an investment can any time decrease suddenly in the market. So, Investment fluctuation reserve is maintained to overcome any sudden loss incurred due to a sudden fall in the realisable value of investments.
Question 5
1 / -0

Match the following:
$$A$$ $$B$$
(1) Demand curve (1) Unlimited
(2) Price determination (2) Downward sloping
(3) No. of buyers and sellers (3) Inter play of market forces
(4) Wants (4) Perfect competition

A
(1,4), (2,3), (3,2), (4,1)

B
(1,2), (2,3), (3,4), (4,1)

C
(1,4), (2,2), (3,4), (4,3)

D
(1,3), (2,1), (3,4), (4,2)

Solution

1) Demand curve is downward sloping from left to right because of the inverse relationship between the quantity demanded of a product and its on price.
2)Price determination is a phenomenon where the equilibrium price is determined by the market mechanism,that is, inter play of market forces,namely demand and supply.
3)Perfect competition is a situation where number of buyers and sellers are large.
4)Human wants are unlimited but the resources are limited.
Question 6
1 / -0

Which of these is an economic activity?

A
A father teaching his son at home instead of sending to any coaching centre.

B
A hair dresser doing hair cut on payment.

C
A housewife mending her family cloth on her own.

D
A singer giving a show on his wedding anniversary.

Solution

A hair dresser doing hair cut on payment is an economic activity as by rendering the service to the customer ,the hair dresser earns some money which is added to the national income of the economy as income.
Question 7
1 / -0

Which of these is not excluded from transfer payment?

A
Rent

B
Interest

C
Royalty

D
Retirement pension

Solution

Transfer payment refers to those payments which yield zero production.Thus, retirement pension is included in transfer payment.
Question 8
1 / -0

Classical Economics refers to the work in Economics during ___________ century.

A
$$18-19$$

B
$$17-19$$

C
$$19-20$$

D
$$20-21$$

Solution

This question explains classical economist as :Classical economics is a broad term that refers to the dominant school of thought for economics in the 18th and 19th centuries. Most consider Scottish economist Adam Smith the progenitor of the classical economic theory. However, Spanish scholastics and French physiocrats made earlier contributions.
Question 9
1 / -0

It is uncommon in a business organization ________.

A
to have a unlawful purpose

B
to have continuity

C
to have risk

D
to deal in goods and services

Solution

A business organization is a group of people who come together to carry out business to achieve objective. Every business works with some rules and regulations. They make the atmosphere of the business ethical. Hence, it is uncommon in a business organisation to have an unlawful purpose.
Question 10
1 / -0

Arrange the process of developing effective business plans of starting new venture in proper order-
(i) Identification and evaluation of opportunity
(ii) Determination of required resources
(iii) Development of business plans
(iv) Management of the resulting enterprise

A
(i), (ii), (iii), (iv)

B
(iv), (i), (ii), (iii)

C
(i), (iii), (ii), (iv)

D
(i), (iv), (iii), (ii)

Solution

The process of developing effective business plans of starting new venture in the proper order is:
1. Identification and evaluation of opportunity.
2. Development of business plans
3. Determination of business plan
4.Management of resulting enterprise

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$$A$$	$$B$$
(1) Demand curve	(1) Unlimited
(2) Price determination	(2) Downward sloping
(3) No. of buyers and sellers	(3) Inter play of market forces
(4) Wants	(4) Perfect competition

Fundamentals of Business Activities Test 8

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Fundamentals of Business Activities Test 8

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SHARING IS CARING

Question 1

(i)-e, (ii)-d, (iii)-a, (iv)-c, (v)-b

(i)-b, (ii)-d, (iii)-a, (iv)-c, (v)-e

(i)-e, (ii)-a, (iii)-c, (iv)-d, (v)-b

(i)-e, (ii)-c, (iii)-a, (iv)-d, (v)-b

Solution

Question 2

Under diminishing Marginal productivity theory addition of inputs increases total output at a reduced rate.

In a Perfect competition MR is downward sloping.

Decrease in supply of factor inputs decreases factor prices.

In case of a firm in perfect competitive market, the firm earns abnormal profit in the long run.

Solution

Question 3

controlled economy

mixed economy

capitalistic economy

market economy

Question 4

Investment fluctuation reserve

Sinking fund

Dividend equalization reserve

Debenture redemption reserve

Solution

Question 5

(1,4), (2,3), (3,2), (4,1)

(1,2), (2,3), (3,4), (4,1)

(1,4), (2,2), (3,4), (4,3)

(1,3), (2,1), (3,4), (4,2)

Solution

Question 6

A father teaching his son at home instead of sending to any coaching centre.

A hair dresser doing hair cut on payment.

A housewife mending her family cloth on her own.

A singer giving a show on his wedding anniversary.

Solution

Question 7

Rent

Interest

Royalty

Retirement pension

Solution

Question 8

$$18-19$$

$$17-19$$

$$19-20$$

$$20-21$$

Solution

Question 9

to have a unlawful purpose

to have continuity

to have risk

to deal in goods and services

Solution

Question 10

(i), (ii), (iii), (iv)

(iv), (i), (ii), (iii)

(i), (iii), (ii), (iv)

(i), (iv), (iii), (ii)

Solution

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