44 Questions
Which sector includes activities related to farming and agriculture?
Primary sector
Which policy was accepted by India in 1991 that led to economic reforms and liberalization?
Globalization Policy
What is the term used for the process of hiring and placing the right people in an organization?
Staffing
Which type of skill is needed at the top level management?
Conceptual, Technical and Human
Which industry does plastic products come under?
Plastic
What are the causes of management issues?
All of the above
Which sector includes activities related to manufacturing and construction?
Secondary sector
What is the cause of a collapse of a crane in an accident?
Mechanical cause of accident
What is the capital required by a company to purchase a building for starting the company called?
Fixed capital
What is a variance report?
Difference between planned budget and actual budget
What is an input to MRP?
Bill of material
What is Value Added Tax (VAT) a tax on?
Goods and services
What are the internal sources of finance?
Deferred taxation
According to which Act, is a business required to prepare a balance sheet?
Companies Act
What is part of material management?
Inventory management
Which is not a feature of ERP?
Different look for each module
What is the role of policy making in an industry?
Management
What does scientific management focus on?
More attention on production only
What is Espirit De Corps?
A principle of management
What is a joint venture?
Two firms collaborate with each other on a specific project
What is departmentation?
Grouping the activities or operations of an enterprise into various units
What is unlimited liability?
Both a & b
What happens in a general partnership?
Achievement due to one will be shared by all others
When did the Factories Act come into force?
1949
What category does VAT and sales tax fall under?
Indirect tax
What is the necessity of industrial act?
A and B
What does safety management deal with?
Prevention of an accident
What is the term used for the capital required by a company to purchase building for starting the company, according to the text?
Fixed capital
What is the input to MRP, according to the text?
Bill of material
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?
Clean bill of lading
What is the tax on goods and services called, according to the text?
Value added tax (VAT)
What is the cost in EOQ equation, according to the text?
Investment
What is the primary focus of business firms?
Supplying goods and services required by society
What event in 1991 had a significant impact on India's economy?
Acceptance of globalization and liberalization
Which of the following is not part of the primary sector?
Manufacturing
Which industry does petrochemical products belong to?
Plastic
What kind of skill is needed at the top level of management?
Conceptual
What is staffing in an organization?
Staffing
What are the causes of management problems?
All of the above
What is the primary focus of scientific management?
More attention on production only
What is the difference between a general partnership and a limited partnership?
General partnerships have unlimited liability, while limited partnerships have limited liability
What is the purpose of the Factories Act?
To regulate the working conditions in factories
What is the difference between indirect tax and direct tax?
Indirect taxes are levied on goods and services, while direct taxes are levied on income and profits
What is the purpose of departmentation?
To group the activities of an enterprise into various units
Test your knowledge on various aspects of business and economics with this quiz! From the types of goods and services produced by firms to key policies and events that have shaped the industry, this quiz will challenge your understanding of the world of business. Whether you're a student of economics or simply curious about the world of commerce, give this quiz a try and see how well you do!
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