Business and Economics Quiz
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Questions and Answers

Which sector includes activities related to farming and agriculture?

  • Tertiary sector
  • Secondary sector
  • Primary sector (correct)
  • Quaternary sector

Which policy was accepted by India in 1991 that led to economic reforms and liberalization?

  • IT Parks Initiative
  • New Fiscal Deficit Policy
  • Globalization Policy (correct)
  • Cooperative Societies Policy

What is the term used for the process of hiring and placing the right people in an organization?

  • Controlling
  • Staffing (correct)
  • Organizing
  • Planning

Which type of skill is needed at the top level management?

<p>Conceptual, Technical and Human (B)</p> Signup and view all the answers

Which industry does plastic products come under?

<p>Plastic (B)</p> Signup and view all the answers

What are the causes of management issues?

<p>All of the above (A)</p> Signup and view all the answers

Which sector includes activities related to manufacturing and construction?

<p>Secondary sector (D)</p> Signup and view all the answers

What is the cause of a collapse of a crane in an accident?

<p>Mechanical cause of accident (A)</p> Signup and view all the answers

What is the capital required by a company to purchase a building for starting the company called?

<p>Fixed capital (B)</p> Signup and view all the answers

What is a variance report?

<p>Difference between planned budget and actual budget (A)</p> Signup and view all the answers

What is an input to MRP?

<p>Bill of material (B)</p> Signup and view all the answers

What is Value Added Tax (VAT) a tax on?

<p>Goods and services (D)</p> Signup and view all the answers

What are the internal sources of finance?

<p>Deferred taxation (B)</p> Signup and view all the answers

According to which Act, is a business required to prepare a balance sheet?

<p>Companies Act (C)</p> Signup and view all the answers

What is part of material management?

<p>Inventory management (B)</p> Signup and view all the answers

Which is not a feature of ERP?

<p>Different look for each module (C)</p> Signup and view all the answers

What is the role of policy making in an industry?

<p>Management (B)</p> Signup and view all the answers

What does scientific management focus on?

<p>More attention on production only (C)</p> Signup and view all the answers

What is Espirit De Corps?

<p>A principle of management (C)</p> Signup and view all the answers

What is a joint venture?

<p>Two firms collaborate with each other on a specific project (D)</p> Signup and view all the answers

What is departmentation?

<p>Grouping the activities or operations of an enterprise into various units (D)</p> Signup and view all the answers

What is unlimited liability?

<p>Both a &amp; b (A)</p> Signup and view all the answers

What happens in a general partnership?

<p>Achievement due to one will be shared by all others (B)</p> Signup and view all the answers

When did the Factories Act come into force?

<p>1949 (A)</p> Signup and view all the answers

What category does VAT and sales tax fall under?

<p>Indirect tax (A)</p> Signup and view all the answers

What is the necessity of industrial act?

<p>A and B (D)</p> Signup and view all the answers

What does safety management deal with?

<p>Prevention of an accident (A)</p> Signup and view all the answers

What is the term used for the capital required by a company to purchase building for starting the company, according to the text?

<p>Fixed capital (B)</p> Signup and view all the answers

What is the input to MRP, according to the text?

<p>Bill of material (B)</p> Signup and view all the answers

What is the name given to a bill of lading where goods have been received by a carrier free of defects, according to the text?

<p>Clean bill of lading (C)</p> Signup and view all the answers

What is the tax on goods and services called, according to the text?

<p>Value added tax (VAT) (D)</p> Signup and view all the answers

What is the cost in EOQ equation, according to the text?

<p>Investment (C)</p> Signup and view all the answers

What is the primary focus of business firms?

<p>Supplying goods and services required by society (D)</p> Signup and view all the answers

What event in 1991 had a significant impact on India's economy?

<p>Acceptance of globalization and liberalization (C)</p> Signup and view all the answers

Which of the following is not part of the primary sector?

<p>Manufacturing (C)</p> Signup and view all the answers

Which industry does petrochemical products belong to?

<p>Plastic (D)</p> Signup and view all the answers

What kind of skill is needed at the top level of management?

<p>Conceptual (B)</p> Signup and view all the answers

What is staffing in an organization?

<p>Staffing (D)</p> Signup and view all the answers

What are the causes of management problems?

<p>All of the above (A)</p> Signup and view all the answers

What is the primary focus of scientific management?

<p>More attention on production only (C)</p> Signup and view all the answers

What is the difference between a general partnership and a limited partnership?

<p>General partnerships have unlimited liability, while limited partnerships have limited liability (C)</p> Signup and view all the answers

What is the purpose of the Factories Act?

<p>To regulate the working conditions in factories (C)</p> Signup and view all the answers

What is the difference between indirect tax and direct tax?

<p>Indirect taxes are levied on goods and services, while direct taxes are levied on income and profits (A)</p> Signup and view all the answers

What is the purpose of departmentation?

<p>To group the activities of an enterprise into various units (B)</p> Signup and view all the answers

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