Q.1: Which is not a component of specific forces of the business environment?
(a) Customers
(b) Technological conditions
(c) Investors
(d) Employees
Answer: B, Technological conditions.
Q.2: How to show the elements of the method of production?
(a) Capital Investment
(b) Wage labour
(c) Entrepreneurial
(d) Cooperative.
Answer: B, Wage labour.
Q.3: How to show the role of government in business?
(a) Positive
(b) Negative
(c) Neutral
(d) None of the above
Answer: C, Neutral.
Q.4: Name the things that help the development of the business?
(a) Technological innovation
(b) Capital investment
(c) Economic growth
(d) Trade liberalisation.
Answer: B, Capital investment.
Q.5: What is the general concept of business ethics?
(a) Ethical principles follow a universal truth.
(b) All people involved in business should act in a morally correct way.
(c) The way of doing business should be fair and honest.
(d) None of the above.
Answer: D, None of the above.
Q.6: What is the major component of business ethics?
(a) Ethics
(b) Ethical principles
(c) Rules of behaviour.
(d) All of the above.
Answer: A) Ethics.
Q.7: Which of the following is not a major component of ethical business practice?
(a) Honesty
(b) Self-respect
(c) Respect for law and public opinion.
(d) None can be answered.
Answer: D, None can be answered.
Q.8: What are business ethics?
(a) Ethics of the company
(b) The ethical theory of the company.
(c) Rules and policies.
(d) Compromise between ethics and customs.
Answer: D, Compromise between ethics and customs.
Q.9: What are the basic components of business ethics?
(a) Morality
(b) Business practice
(c) Principles and values.
(d) All of the above.
Answer: D, All of the above.
Q.10: Which of the following is not a profit-making objective of most businesses?
(a) Leading product and customer satisfaction
(b) Aggressive competitive pricing policy.
(c) All of the above.
(d) None can be answered.
Answer: D, None can be answered.
Q.11: What is the goal of business?
(a) Maximising profit
(b) Maintaining customer satisfaction.
(c) Solving customer problems.
(d) All of the above
Answer: A, Maximizing profit.
Q.12: What is the role of management in business?
(a) Managerial skills are essential for the success of any enterprise.
(b) Managerial skills should not be emphasised because only a few people can achieve true greatness.
(c) Management and leadership skills are essential for the success of any enterprise.
(d) None can be answered.
Answer: D, None can be answered.
Q.13: What is the primary mode of satisfying customer needs?
(a) Trade-in cash or barter
(b) Production
(c) Production by contracting out
(d) All of the above
Answer: D, All of the above.
Q.14: Which of the following is not a part of industrial policy?
(a) Tariff reduction
(b) Subsidies to industry
(c) Change in the corporate tax regime.
(d) All of the above
Answer: D, All of the above.
Q.15: Which of the following industries are considered natural monopolies?
(a) Banking industry
(b) Railways
(c) Electricity generation industry
(d) All of the above.
Answer: D, All of the above.