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</p> Signup and view all the answers

    Which industry does plastic products come under?

    <p>Plastic</p> Signup and view all the answers

    What are the causes of management issues?

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

    Which sector includes activities related to manufacturing and construction?

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

    What is a variance report?

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

    What is an input to MRP?

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

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

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

    What are the internal sources of finance?

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

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

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

    What is part of material management?

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

    Which is not a feature of ERP?

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

    What is the role of policy making in an industry?

    <p>Management</p> Signup and view all the answers

    What does scientific management focus on?

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

    What is Espirit De Corps?

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

    What is a joint venture?

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

    What is departmentation?

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

    What is unlimited liability?

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

    What happens in a general partnership?

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

    When did the Factories Act come into force?

    <p>1949</p> Signup and view all the answers

    What category does VAT and sales tax fall under?

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

    What is the necessity of industrial act?

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

    What does safety management deal with?

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

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

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

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

    <p>Investment</p> Signup and view all the answers

    What is the primary focus of business firms?

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

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

    <p>Manufacturing</p> Signup and view all the answers

    Which industry does petrochemical products belong to?

    <p>Plastic</p> Signup and view all the answers

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

    <p>Conceptual</p> Signup and view all the answers

    What is staffing in an organization?

    <p>Staffing</p> Signup and view all the answers

    What are the causes of management problems?

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

    What is the primary focus of scientific management?

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

    What is the purpose of the Factories Act?

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

    What is the purpose of departmentation?

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

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