Business Factors and Strategies Quiz
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Questions and Answers

Which of the following factors is excluded from those that can affect a business?

  • Demographic Factors
  • Economic and social factors
  • Natural factors
  • None of the above (correct)
  • Which business formation requires no legal formality like registration?

  • Sole proprietorship (correct)
  • Company
  • Partnership
  • Cooperative society
  • What is a disadvantage of partnerships?

  • Profit sharing (correct)
  • Prime credit standing
  • Sufficient capital
  • Distribution of work
  • How is profit and loss typically distributed in a partnership deed?

    <p>As per agreed ratio in partnership deed</p> Signup and view all the answers

    Where are the powers of the Board of Directors to borrow from banks mentioned?

    <p>Article of Association</p> Signup and view all the answers

    Which element is vital when designing a business plan?

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

    What is it called when a firm acquires another firm as part of its business strategy?

    <p>A strategic acquisition</p> Signup and view all the answers

    What is the record of a country's imports and exports called?

    <p>Balance of payments</p> Signup and view all the answers

    According to Maslow's hierarchy of needs, what need is being fulfilled by purchasing a burglar alarm?

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

    What are company policy and salary classified as?

    <p>Hygiene factors</p> Signup and view all the answers

    Which step is essential to enhance expectancy in a workplace?

    <p>Create the belief that effort is related to performance</p> Signup and view all the answers

    What does job rotation involve?

    <p>Moving staff periodically from task to task</p> Signup and view all the answers

    Which element is NOT a basic idea in the definition of marketing?

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

    In which stage of marketing are customers' unsatisfied needs addressed?

    <p>Marketing oriented stage</p> Signup and view all the answers

    Which statement is NOT true about services?

    <p>They are tangible</p> Signup and view all the answers

    Who generally has unlimited liability?

    <p>The owner of a sole proprietorship</p> Signup and view all the answers

    Which area should managers of a fast food restaurant prioritize if they are ignoring customer concerns about toys in meals?

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

    Which dimension of social responsibility involves hiring minority workers and minimizing pollution?

    <p>Corporate responsibility</p> Signup and view all the answers

    What is the primary goal of human resource planning?

    <p>Determine employee needs</p> Signup and view all the answers

    Critics of the MBTI suggest that its results may be questionable because:

    <p>Results can change over time</p> Signup and view all the answers

    What are selection devices based upon the physical condition of candidates called?

    <p>Medical tests</p> Signup and view all the answers

    Which type of chart is used to show employee turnover in an organization?

    <p>Replacement chart</p> Signup and view all the answers

    What significant factor affecting productivity was highlighted by the Hawthorne Studies?

    <p>Social and psychological factors</p> Signup and view all the answers

    The use of MBTI for selecting employees for organizational citizenship behaviors might be considered what?

    <p>Reliable but not valid</p> Signup and view all the answers

    Which of the following is excluded from factors that can affect the business?

    <p>None of the above</p> Signup and view all the answers

    The formation of ______ does not require any legal formality like registration.

    <p>Sole proprietorship</p> Signup and view all the answers

    Which of the following is a disadvantage of partnership?

    <p>Distribution of work</p> Signup and view all the answers

    In partnership deed, profit and loss is distributed among the partners:

    <p>As per agreed ratio in partnership deed</p> Signup and view all the answers

    The powers of the Board of Directors to borrow from the bank are mentioned in:

    <p>Article of Association</p> Signup and view all the answers

    Which of the following should be considered when designing a business plan?

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

    A firm that acquires another firm as part of its overall business strategy is engaging in ______.

    <p>A strategic acquisition</p> Signup and view all the answers

    The record of a country's imports and exports of goods and services is called its:

    <p>Balance of payments</p> Signup and view all the answers

    Which of the following is the treaty designed to remove barriers to the free flow of goods, services, and capital between nations?

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

    Export subsidies are:

    <p>Government payments to domestic producers to reduce the price on exported goods</p> Signup and view all the answers

    If a very successful fast food restaurant has been ignoring customers' concerns about the small war toys and toy guns included in their Kids Meals, then managers should begin focusing on improving the firm's:

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

    ______ is a dimension of social responsibility that includes hiring minority workers, making safe products, minimizing pollution, using energy wisely, and providing a safe work environment.

    <p>Corporate responsibility</p> Signup and view all the answers

    Human resource planning is a dynamic planning process which involves ongoing environmental scanning and an analysis of objectives, strategies, and policies aimed at deciding:

    <p>Who the organization's main competitors are</p> Signup and view all the answers

    The MBTI is a personality test that has been used to select candidates who will more likely engage in organizational citizenship behaviors at work. However, critics of this test suggest that the results can change over time as a person's personality develops. Therefore the MBTI personality test may be:

    <p>Legal but not valid</p> Signup and view all the answers

    Selection devices that are based upon physical condition of the candidates are known as:

    <p>Medical tests</p> Signup and view all the answers

    Which of the following chart shows turnover in an organization?

    <p>Replacement chart</p> Signup and view all the answers

    The Hawthorne Studies found:

    <p>That social and psychological factors could significantly affect productivity</p> Signup and view all the answers

    According to Maslow's hierarchy of needs, a person who buys a motion detector/burglar alarm for her house is motivated to do so in an attempt to fulfill the following need:

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

    Company policy, administration, supervision, interpersonal relations, working conditions, and salary are characterized as:

    <p>Hygiene factors</p> Signup and view all the answers

    Which of the following step is important to improve expectancy?

    <p>Deliver rewards as promised.</p> Signup and view all the answers

    The term "Job Rotation":

    <p>Means that staff is moved periodically from task to task in order to increase variety and interest</p> Signup and view all the answers

    Which of the following is NOT included as a basic idea in the definition of marketing? concepts?

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

    In ______ of marketing, unsatisfied need of the customers are satisfied.

    <p>marketing oriented stage</p> Signup and view all the answers

    Which of the following statements is NOT true about services?

    <p>They are tangible.</p> Signup and view all the answers

    The degree to which a tool or test measures what it is supposed to measure is known as:

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

    Which of the following would generally have unlimited liability?

    <p>The owner of a sole proprietorship</p> Signup and view all the answers

    What is potentially the biggest advantage of a small partnership over a sole proprietorship?

    <p>Raising capital</p> Signup and view all the answers

    Which of the following enjoys limited liability?

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

    In which type of business entity the entire ownership interest is transferable most freely?

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

    Which of the following is/are the component/s of business?

    <p>Both industry and commerce</p> Signup and view all the answers

    A firm that acquires another firm as part of its overall business strategy is engaging in

    <p>A strategic acquisition</p> Signup and view all the answers

    That social and psychological factors could significantly affect productivity

    <p>That workers were motivated to produce more when managers left them alone.</p> Signup and view all the answers

    Please choose one which of the following is the treaty designed to remove barriers to the free flow of goods, services, and capital between nations?

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

    Please choose one which of the following is correct about AVL Tree?

    <p>It is identical to BST except height of the left and right subtrees can differ by at most 1.</p> Signup and view all the answers

    What will be postfix expression of the following infix expression? Infix Expression: a+b*c-d

    <p>abc*+d-</p> Signup and view all the answers

    In the call by ______ methodology, a copy of the object is passed to the called function.

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

    Consider the following tree, how many levels does it has?

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

    Consider the following tree, which statement is correct about this tree?

    <p>5 is on the second level</p> Signup and view all the answers

    Recursive call of a function use........... data structure.

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

    In the statement int& a= b;

    <p>a and b are two different names of the same memory location</p> Signup and view all the answers

    The variables which are destroyed automatically when a function's execution ends are:

    <p>Local variables defined inside function body</p> Signup and view all the answers

    The worst case of searching in binary search tree (BST) is:

    <p>When the data inserted in BST is sorted</p> Signup and view all the answers

    In simple implementation of stack, isFull() method is used due to ______

    <p>Limitation of array</p> Signup and view all the answers

    In which of the traversal methods, recursion can not be applied?

    <p>Level order traversal</p> Signup and view all the answers

    How can we calculate the height of tree ?

    <p>It is the longest path from the node to a leaf. So height is the number of edges of the path</p> Signup and view all the answers

    What will be the resultant tree after deleting the node 2 from the tree given below.

    <p>6 8</p> Signup and view all the answers

    Consider the following AVL tree. Insert a new node with key of 12. No need to show all steps, just draw the final AVL tree.

    <p>14 / 12 / 10</p> Signup and view all the answers

    Show the result of inserting the values 10, 80, 12, 70, 90, 60, 13, 16, 95, 97 into an empty AVL Tree. You have to show only the complete AVL tree, steps are not required.

    <p>4 / <br /> 3 3 / <br /> / / <br /> 1 2 2 / / <br /> / / / <br /> 1 1 | | | | 1 1 1 | | | 1 1 1 | | | 1 1 1 70 90 / <br /> 60 95 / <br /> 12 97 / \ 10 16 / / <br /> 80 13 / <br /> 10 12</p> Signup and view all the answers

    Explain the priority queue with the help of real world examples?

    <p>The queue is a FIFO (First in first out) structure. In daily life, you have also seen that it is not true that a person, who comes first, leaves first from the queue. Let's take the example of traffic. Traffic is stopped at the signal. The vehicles are in a queue. When the signal turns green, vehicles starts moving. The vehicles which are at the front of the queue will cross the crossing first. Suppose an ambulance comes from behind. Here ambulance should be given priority. It will bypass the queue and cross the intersection. Sometimes, we have queues that are not FIFO i.e. the person who comes first may not leave first. We can develop such queues in which the condition for leaving the queue is not to enter first. There may be some priority. Here we will also see the events of future like the customer is coming at what time and leaving at what time. We will arrange all these events and insert them in a priority queue. We will develop the queue in such a way that we will get the event which is going to happen first of all in the future. This data structure is known as priority queue. In a sense, FIFO is a special case of priority queue in which priority is given to the time of arrival. That means the person who comes first has the higher priority while the one who comes later, has the low priority. You will see the priority queue being used at many places especially in the operating systems. In operating systems, we have queue of different processes. If some process comes with higher priority will be processed first.</p> Signup and view all the answers

    Each operator in a postfix expression refers to the previous ______ operand(s).

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

    Which one of the following calling methods does not change the original value of the argument in the calling function?

    <p>Call by passing the value of the argument</p> Signup and view all the answers

    Which one of the following statements is NOT correct?

    <p>Array size can be changed after its creation.</p> Signup and view all the answers

    Suppose that the class declaration of SomeClass includes the following function prototype. bool LessThan( SomeClass anotherObject); Which of the following tests in the client code correctly compares two class objects alpha and beta?

    <p>if (alpha.LessThan(beta))</p> Signup and view all the answers

    A queue is a ______ data structure, whereas a stack is a ______ data structure.

    <p>FIFO, LIFO</p> Signup and view all the answers

    Which one of the following operators has higher priority than all of others?

    <p>Exponentiation operator</p> Signup and view all the answers

    Each node in Binary Search Tree has ______ pointers.

    <p>2 pointers</p> Signup and view all the answers

    Four statements about trees are below. Three of them are correct. Which one is INCORRECT?

    <p>If Treel's size is greater than Tree2's size, then the height of Tree1 must also be greater than Tree2's height.</p> Signup and view all the answers

    Which of the following is "TRUE" about arrays?

    <p>We can neither increase nor decrease the array size after their creation.</p> Signup and view all the answers

    Searching an element in an AVL tree take maximum in AVL tree, time (where n is no. of nodes ______

    <p>1.44 Log2n</p> Signup and view all the answers

    There is/are case/s for rotation in an AVL tree, ______

    <p>2</p> Signup and view all the answers

    Which one of the following is correct in respect of the above statements regarding the Binary trees?

    <p>(ii), (iii) and (iv) only</p> Signup and view all the answers

    If one converts the above expression into postfix, what would be the resultant expression?

    <p>56/2+</p> Signup and view all the answers

    Which of the following is a non linear data structure?

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

    “+” is a ______ operator.

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

    In an array we can store data elements of different types.

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

    In an array list the current element is ______

    <p>The element where the current pointer points to</p> Signup and view all the answers

    Study Notes

    Business Factors

    • External Factors: Demographics, economic, social, and natural factors can all influence a business.
    • Internal Factors:
      • Sole Proprietorship: Simple, easy to start, no legal registration required, one owner, unlimited liability.
      • Partnership: Two or more individuals, often with shared responsibilities and profits, requires more formal legal structure, unlimited liability for each partner.
      • Company: Large entity, requires significant legal and financial setup, offers limited liability and shareholder ownership.

    Business Plan and Strategy

    • Essential Elements of a Business Plan:
      • Objectives: What the company aims to achieve
      • Marketing: Strategies to promote products or services
      • Financial: Projected income and expenses
    • Business Acquisitions:
      • A strategic acquisition involves buying another company to benefit from the target company's resources or market position.

    International Trade

    • Trade Balance: Records a country's total exports minus total imports - known as the visible trade balance.
    • Balance of Payments: A broader measure that includes trade in goods and services, income and investment flows.
    • International Agreements:
      • GATT (General Agreement on Tariffs and Trade): Aims to reduce trade barriers between nations.
      • EU (European Union): Large trade bloc with internal free movement of goods, capital, and labor.
      • WTO (World Trade Organization): Succeeding GATT, provides a framework for trade negotiations and settlement of disputes.
      • NAFTA (North American Free Trade Agreement): Reduced trade barriers between Canada, Mexico, and the United States.

    Corporate Social Responsibility

    • Dimensions of Corporate Social Responsibility:
      • Philanthropy: Donating to charitable causes and supporting community initiatives.
      • Policy: Creating responsible business practices.
      • Governance: Ethical leadership and decision-making.
      • Responsibility: Minimizing impact on the environment, ensuring worker safety, and addressing ethical concerns.

    Human Resource Management

    • Human Resource Planning: Determines the quantity and quality of employees needed to meet organizational goals.
    • Personality Tests: Used in hiring to assess potential employee suitability.
    • Employee Selection: Methods for evaluating candidates include medical tests, background checks, aptitude tests, and job applications
    • Employee Retention: Strategies for keeping valuable employees include:
      • Training and Development: Providing employees with the skills and knowledge they need.
      • Job Rotation: Changing tasks to prevent boredom and enhance learning.
      • Employee Empowerment: Giving employees more responsibility and autonomy.
    • Hawthorne Studies: Demonstrated the impact of social and psychological factors on employee productivity.
    • Motivation Theories:
      • Maslow's Hierarchy of Needs: Categorizes needs from basic survival to self-actualization.
      • Herzberg's Two-Factor Theory: Identifies hygiene factors (preventing dissatisfaction) and motivating factors (leading to satisfaction).
      • Expectancy Theory: Focuses on employee expectations about their effort, performance, and rewards.

    Marketing

    • Marketing Basics: A comprehensive approach including product development, pricing, promotion, and distribution, emphasizing customer satisfaction and company profitability.
    • Marketing Stages:
      • Product-Oriented: Primarily focused on product development.
      • Marketing-Oriented: Emphasizes understanding and meeting customer needs.
      • Social-Oriented: Considers social responsibility and long-term sustainability.
    • Services Marketing: Deals with the unique characteristics of services, including their intangibility, perishability, and variability.

    Measurement

    • Validity: Accuracy of a tool or test in measuring what it is designed to measure.
    • Reliability: Consistency of the results over time.

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    Description

    This quiz explores various external and internal factors influencing businesses, including types of ownership like sole proprietorships and partnerships. Additionally, it covers essential elements of a business plan and the concepts of business acquisition and international trade. Test your knowledge of these fundamental business concepts!

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