Business Studies Test

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Business Studies Test - 23

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Weekly Quiz Competition

Question 1
5 / -1

There are two statements marked as Assertion (A) and Reason (R). Read the statements and choose the appropriate option from the options given below

Assertion (A): Managers need to be given some flexibility to be able to cope with the changed circumstances.

Reason (R): Planning reduces creativity.

A
Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A)

B
Both Assertion (A) and Reason (R) are true but Reason (R) is not the correct explanation of Assertion (A)

C
Assertion (A) is true but Reason(R)isfalse

D
Assertion (A) is false but Reason (R) is true

Solution

The correct explanation to (A) is that planning leads to rigidity as managers follow a pre-decided plan and may not be in a position to change when circumstances change.
Question 2
5 / -1

The cost of production increased due to increase in minimum wage rate by government is an economic dimension.

A
True

B
False

C
Can't say

D
Partially true

Solution

It is legal as the minimum wage rate is determined under Minimum Wages Act, 1948.
Question 3
5 / -1

Telecom sector was opened up to private sector as a reform under Economic Policy, 1991. Nokia became the first cellular company to operate in 1994 and dominated the market. Later, it lost its market share and was absorbed by Microsoft. The management of Microsoft examined the environment and made suitable changes.Identify the point of importance of business environment with appropriate actions reflected in the above case.

A
It helps in identifying opportunities and getting first mover advantage

B
It helps in identifying threats and early warning signals

C
It helps in improving performance

D
It helps in tapping useful resources

Solution

Monitoring environment and adopting suitable business practices help in improving present performance.
Question 4
5 / -1

Which of the following is not a step in the process of planning?

A
Making assumptions about the future

B
Evaluating different proposals in light of the objectives to be achieved

C
Allocation of jobs to members of each department

D
Seeing whether activities are performed as per schedule or not

Solution

Job allocation is a part of organising process.
Question 5
5 / -1

Identify the correct statements among the following:

A. Salary is not a primary economic reward for an entrepreneur.

B. A ‘never say die’ attitude of an entrepreneur is termed as self-confidence.

C. Acting out of choice rather than compulsion is initiative.

D. Entrepreneur’s concern for conservation of time and money is termed as ‘assertiveness’.

E. Executive summary and operation strategies are included in Business Plan.

Choose the correct answer from the option given below:

A
A, C, E only

B
A, B, E only

C
A, D, E only

D
A, B, C only

Solution

For an entrepreneur, salary is not a primary economic reward.

A ‘never say die’ attitude of an entrepreneur is termed as persistence. Acting out of choice rather than compulsion, taking the lead rather than waiting for others to start is termed as initiative. Entrepreneur’s concern for conservation of time and money is termed as ‘efficiency orientation'. Executive summary and operation strategies are included in Business Plan.
Question 6
5 / -1

A company has replaced their obsolete machinery with a Hi-Tech machine as it could not achieve its target in the previous month due to slow production process. Which step in the process of controlling is executed by the company?

A
Measurement of actual performance

B
Comparing actual performance with standards

C
Analysing deviations

D
Taking Corrective action

Solution

During the process of controlling, if the deviations are noted upon comparing the actual performance with the planned performance, the corrective actions are taken and, in this case, replacement of obsolete machinery with Hi-tech machinery is a corrective action to meet the performance standards.
Question 7
5 / -1

As per Consumer Protection Act, 2019, State Commission has a jurisdiction to entertain complaints where value of goods and services paid“ as consideration.

A
Does not exceed one crore but more than 20 lakh rupees

B
Exceeds one crore but does not exceed ten crore rupees

C
Exceeds five crore but does not exceed ten crore rupees

D
Exceeds four crore but does not exceed five crores rupees
Solution
As per Consumers Protection Act, 2019, the following is the jurisdiction:
- District Commission – Amount of goods and services up to one crore.
- State Commission – Amount of goods and services from one crore up to ten crores.
- National Commission – Amount of goods and services exceeding ten crores.
Question 8
5 / -1

Staffing is the part of which functional area of Management ?

A
Marketing Management

B
Human Resource Management

C
Production Management

D
Financial Management

Solution

Staffing is a distinct function of management, that deals with human resource specifically. Therefore, staffing is the part of human resource management as a functional area.
Question 9
5 / -1

Match List I with List II:

Choose the correct answer from the options given below:

A
(A)-(I), (B)-(II), (C)-(IV), (D)-(III)

B
(A)-(I), (B)-(II), (C)-(III), (D)-(IV)

C
(A)-(III), (B)-(II), (C)-(IV), (D)-(I)

D
(A)-(III), (B)-(I), (C)-(II), (D)-(IV)

Solution

(A) Regulatory Function of SEBI: This function involves SEBI's authority to impose fees and charges on market participants.

(B) Development Function of SEBI: SEBI plays a crucial role in the development of the securities market by conducting training programs and initiatives for market intermediaries.

(C) Protective Function of SEBI: This function revolves around SEBI's efforts to maintain market integrity by implementing regulations to control insider trading and other fraudulent practices.

(D) Objective of SEBI: SEBI's primary objective is to regulate and oversee the functioning of stock exchanges.
Question 10
5 / -1

Which of the following is not a feature of planning?

A
Planning establishes standards for controlling.

B
Planning is pervasive

C
Planning is futuristic

D
To achieve objectives

Solution

Planning states the goals and objectives that are to be accomplished. It additionally helps in deciding if there is any deviation from the said targets, and in this manner, works with the remedial measures. Thus, planning structures the base for control.

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Business Studies Test - 23

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Business Studies Test - 23

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SHARING IS CARING

Question 1

Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A)

Both Assertion (A) and Reason (R) are true but Reason (R) is not the correct explanation of Assertion (A)

Assertion (A) is true but Reason(R)isfalse

Assertion (A) is false but Reason (R) is true

Solution

Question 2

True

False

Can't say

Partially true

Solution

Question 3

It helps in identifying opportunities and getting first mover advantage

It helps in identifying threats and early warning signals

It helps in improving performance

It helps in tapping useful resources

Solution

Question 4

Making assumptions about the future

Evaluating different proposals in light of the objectives to be achieved

Allocation of jobs to members of each department

Seeing whether activities are performed as per schedule or not

Solution

Question 5

A, C, E only

A, B, E only

A, D, E only

A, B, C only

Solution

Question 6

Measurement of actual performance

Comparing actual performance with standards

Analysing deviations

Taking Corrective action

Solution

Question 7

Does not exceed one crore but more than 20 lakh rupees

Exceeds one crore but does not exceed ten crore rupees

Exceeds five crore but does not exceed ten crore rupees

Exceeds four crore but does not exceed five crores rupees

Solution

Question 8

Marketing Management

Human Resource Management

Production Management

Financial Management

Solution

Question 9

(A)-(I), (B)-(II), (C)-(IV), (D)-(III)

(A)-(I), (B)-(II), (C)-(III), (D)-(IV)

(A)-(III), (B)-(II), (C)-(IV), (D)-(I)

(A)-(III), (B)-(I), (C)-(II), (D)-(IV)

Solution

Question 10

Planning establishes standards for controlling.

Planning is pervasive

Planning is futuristic

To achieve objectives

Solution

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