One of the criticism leveled against the development strategy in India is that ______________ should have been given greater importance than industry.
(a) Agricultural Sector
(b) Private Sector
(c) Public Sector
(d) Hilly Sector
Which one of the following cannot be included under the nature of relationship between business and Environment?
(a) Interdependence
(b) Dynamic
(c) Social change
(d) Fixed
Which of the following is not a technique used in class-room training method of training?
(a) Lectures
(b) Group Discussion
(c) Case Studies
(d) Real time experience
If the demand curve confronting an individual firm is perfectly elastic, the firm is;
(a) Price Taker
(b) Adjust Output
(c) Adjust Price
(d) All of these
In case of legal non-compliance and penalties under the LLP Act, are responsible;
(a) Partners
(b) Designated Partners
(c) LLP
(d) All the above
External Environment of Business is _____________________.
(a) Physical
(b) Demographical
(c) Economic
(d) All of these
A monopolistic Trade Practice is deemed to be prejudicial to public interest except when;
(a) Authorised by Central Government
(b) Authorised by State Government
(c) Authorised by Supreme Court
(d) None of the above
For the purpose of an inquiry under the MRTP Act, the commission has the power equivalent to;
(a) Civil Court
(b) Consumer Court
(c) High Court
(d) None of these
Unfair trade practices are included in;
(a) FERA
(b) FEMA
(c) MRTP Act
(d) Anti Laundring Act
Industries of basic nature were included in;
(a) Core Sector
(b) Joint Sector
(c) Consumer Sector
(d) None of the above
Which of the following aspect of job cannot be considered under quality of work life?
(a) Freedom and autonomy to make decision on the job
(b) Freedom and autonomy to leave work place without taking permission from the superiors
(c) Satisfactory physical surroundings
(d) Job satisfaction and job safety
Why the public sector took over a number of sick units from the private sector?
(a) Due to the social obligations of protecting employment
(b) Due to low manufacturing
(c) Due to the deficiency of managerial planning
(d) None of the above
In which type of industries the public sector units play a dominant role?
(a) Petro Chemical
(b) Fertilizers
(c) Steel Industries
(d) All of the above
Price elasticity of demand provides;
(a) A measure of the responsiveness of the quantity demanded to change in the price of the product, holding constant the values of all other variables in the demand function
(b) A technical change in the goodwill of the firm
(c) A technical change in the cost of product
(d) Technical change in the value
The difference between monopoly equilibrium and competitive equilibrium is;
(a) The MC should rise at the point of equilibrium under perfect competition whereas under monopoly it can rise, fall or remain constant
(b) Under perfect competition, the MC = MR whereas under monopolistic conditions this need not be the case
(c) There is no difference at all
(d) None of the above
According to principle of diminishing marginal rate of substitution;
(a) One commodity must be decreased while other is increased
(b) Commodity which is increased has higher marginal significance
(c) Commodity which is decreased has higher marginal significance Off these statements:
(a) Only (a) is correct
(b) Both (a) and (b) are correct
(c) Both (a) and (c) are correct
(d) All are correct
The return on investment (ROI) may be calculated as;
(a) Net profit before interest,tax and dividend/Capital employed
(b) Net profit before interest,tax and dividend/Shareholder’s fund
(c) Net profit before interest,tax and dividend/NO. of equity share’s
(d) Net profit before interest,tax and dividend/Net profit ration
Duopoly means;
(a) Two firms are interdependent as regards their price-out decisions
(b) Two firms are independent as regards their price-out decisions
(c) Two monopoly firms
(d) None of the above
For a competitive firm, long period normal price will;
(a) Equal AC and MC of production
(b) Equal MC of production only
(c) Equal AC of production only
(d) Equal TC of production only
According to which of the following concepts, fixed assets are depreciated over their useful life rather than over a shorter period on the expectation of early liquidation?
(a) Cost Concept
(b) Matching Concept
(c) Going Concern Concept
(d) Business Entity Concept
Which of the following accounting equation is correct?
(a) Capital + Liabilities = Assets
(b) Capita = Assets + Liabilities
(c) Capital – Liabilities = Assets
(d) Capital + Assets = Liabilities
Both assets and owner’s equity (i.e., capital) would be increased by;
(a) Proprietor’s withdrawals
(b) Sale of goods on credit
(c) Purchasing a machinery on credit
(d) Retained earnings
Which of the following statement is not correct in relation to cash discount?
(a) Cash discount is an allowance made by the person who receives cash to the payer for prompt payment
(b) Cash discount is an allowance in addition to the trade discount
(c) Cash discount is recorded in account books
(d) Cash discount is always allowed at a rate higher than the rate of trade discount
GAAP stands for;
(a) Generally Accepted Accounting Principles
(b) General Annual Accounting Principles
(c) General Accepted Accounting Practices
(d) None of the above
When goodwill is received in cash and retained in the business upon admission of a new partner the old partners’ capital accounts are credited in the;
(a) Old profits sharing ratio
(b) New Profit sharing ratio
(c) Capital ratio
(d) Sacrificing ratio
As per SEBI’s guidelines underwriting is;
(a) Optional
(b) Not Mandatory
(c) Not Necessary
(d) Mandatory
Which of the following is not a type of a share?
(a) Debenture
(b) Equity
(c) Preference
(d) Bonus
Which of the following concepts is considered as a myth?
(a) Oligopoly
(b) Perfect Competition
(c) Monopoly
(d) Imperfect Competition
When demand curve is rectangular hyperbola the elasticity of demand will be;
(a) Perfect Elastic
(b) Unit Elastic
(c) Perfectly Inelastic
(d) Highly Elastic
A consumer consuming two goods will be in equilibrium, when the marginal utilities from both goods are;
(a) Maximum Possible Positive
(b) Minimum Possible Positive
(c) Equal
(d) Zero
Price discrimination is profitable and possible of the two market have;
(a) Equal Elasticity of Demand
(b) Different Elasticity of Demand
(c) Inelastic Demand
(d) High Elastic Demand
When the demand of a commodity also depends upon prices of the substitutes & complementaries or relative prices then it is called;
(a) Price-Demand
(b) Income-Demand
(c) Cross Demand
(d) None of these
According to the Companies Act, 1956 a private company means a company which by its Articles;
(1) Restricts the right to transfer its shares, if any
(2) Limits the number of its members to 50
(3) Prohibits invitation to the public to subscribe for any shares in or debentures of, the company
(4) Private companies do not involve participation of public in general
(a) 1, 2 and 4
(b) 1, 2 and 3
(c) 2, 3 and 4
d) 1, 2, 3, and 4
The Theory of Absolute Cost Advantage is given by;
(a) David Ricardo
(b) Adam Smith
(c) F W Taylor
(d) Ohlin and Heckscher
A balance sheet is;
(a) Trial Balance
(b) Trading Account
(c) Position Statement
(d) Loss of Assets & Liabilities
A reduction in price on purchase during a stated period of time is known as;
(a) Sale
(b) Discount
(c) Allowance
(d) None of these
Which one of the following is capital expenditure?
(a) Cost of advertisement
(b) Purchase of a delivery van
(c) Purchase of raw material
(d) Purchase of machine oil
The role of consumerism has;
(a) Consumer Education
(b) Product Rating
(c) Liaison with Government and with procedure
(d) All the above
Ultimately ______________ was replaced by the ___________________ on 1 st Jan. 1995;
(a) GATS, WTO
(b) WTO, GATT
(c) GATT, WTO
(d) IMF, GATT
Elasticity of demand measures the;
(a) Sensitivity of sales to changes in a particular casual factor
(b) Sensitivity of production to changes in a particular cost
(c) Value of price and cost
(d) Volume of product
Profit and Loss Account is also called;
(a) Funds Flow Statement
(b) Income Statement
(c) Cash Flow Statement
(d) None of these
Micro environment consist of;
(a) Suppliers
(b) Marketing
(c) Competitors
(d) All the above
Which of the following managerial functions contribute to human resource management?
(a) Recruitment and selection
(b) Performance management, training and development
(c) Retention, industrial relations
(d) All of the above
The process whereby activities or enterprises that were once performed or operated by the government and its employees are now performed, managed or owned by private business and individuals is known as;
(a) Privatisation
(b) Localisation
(c) Globalisation
(d) None of these
You are liable _______________ the damage of the properties;
(a) With
(b) To
(c) In
(d) for
Which of the following is not Competent to Contract?
(a) A minor
(b) A person of unsound mind
(c) A person who has been disqualified from contracting by some Law
(d) All of these
You are liable _______________ pay the income tax;
(a) For
(b) To
(c) In
(d) From
Verification of the value of assets, liabilities the balance of reserves, provision and the amount of profit earned or loss suffered a firm is called ___________.
(a) Continuous Audit
(b) Balance Sheet Audit
(c) Interim Audit
(d) Partial Audit
The characteristics of business ethics is/are;
(a) Study of goals and means
(b) Dynamic philosophy
(c) Relates to human angle
(d) All of the above
This P is not a part of the 7Ps of marketing mix?
(a) Promotion
(b) Price
(c) People
(d) Purpose
When a company distributes its products through a channel structure that includes one or more resellers, this is known as ________________.
(a) Indirect marketing
(b) Direct marketing
(c) Multi-level marketing
(d) Integrated marketing
Holistic marketers achieve profitable growth by expanding customer share ____________, and capturing customer lifetime value;
(a) Undermining competitive competencies
(b) Building customer loyalty
(c) Milking the market for product desires
(d) Renewing a customer base
The main difference between delegation and decentralization are;
I. Delegation involves transfer of authority and not responsibility; whereas decentralization involves transfer of authority and responsibility
II. Decentralisation is by the will of the superior; while delegation is done legally
III. Distributing authority can take place at will while decentralisation it requires a legal action
Select the correct answer using the codes given below:
(a) I and II
(b) I and III
(c) II and III
(d) All of these
Informal communication network within the organisation is known as
(a) Grapevine Communication
(b) Interpersonal Communication
(c) Mass Communication
(d) Interpersonal Communication
Which of the following is not correct about the essential features of the internal communication process in an organisation?
(a) Communication involves shares meaning
(b) Communication involves people
(c) Communication is symbolic
(d) Communication requires instruments like radio, telephone or television,
Which is the technique to improve ethical conduct of business?
(a) Transparency in working
(b) Ethics committee
(c) Ethical code of conduct
(d) All of the above
Mother Teresa was popular _____________ her philanthropic works;
(a) With
(b) About
(c) For
(d) at
Advertising appropriations are largest for which type of product?
(a) Industrial products
(b) Convenience goods
(c) High-priced products
(d) Specialty goods
Michael Jackson will ever be popular ______________ the lovers of music;
(a) For
(b) By
(c) Among
(d) with
A sleeping room for a number of people;
(a) Dump
(b) Dormitory
(c) Fireside
(d) Office
A small house with all rooms on one floor;
(a) Cottage
(b) Bungalow
(c) Castle
(d) Flat
Which of the following is the smallest measure of storage?
(a) Byte
(b) Megabyte
(c) Kilobyte
(d) Gigabyte
Acid test is equal to quick current assets divided by ___________
(a) Current Liabilities
(b) Current Assets
(c) Total Liabilities
(d) Total Assets
Which of the following assets would be taken into account for working capital turnover ratio
(1) Plant
(2) Stock
(3) Mortgage
(4) Sales
(5) Reserve
(6) Bank
Codes:
(a) 1, 5 and 6
(b) 4, 5 and 6
(c) 2, 4 and 6
(d) 3, 5 and 6
Which one of the following is not include in “hygine” factors in the Herzberg two factor theory of motivation?
(a) Salary
(b) Responsibility
(c) Company’s policies
(d) Working conditions
An agreement which is enforceable by law at the option of one party;
(a) Valid contract
(b) Void contract
(c) Voidable contract
(d) Illegal contract
The Bailment of goods as security for payment of a debt or performance of a promise is called:
(a) Pledge
(b) Bailment
(c) Contingent
(d) Agreement
Which is not the case of termination of bailment.
(a) Where the bailee wrongfully uses or dispose of the goods bailed.
(b) When the period of bailment expires
(c) When the object of bailment has been achieved
(d) None of the above
A mercantile agent employed to sell goods which have been placed in his possession or contract to buy goods for his principal;
(a) Factors
(b) Brokers
(c) Del Credere Agent
(d) Auctioneers
The voluntary transfer of possession from one person to another is called;
(a) Transfer
(b) Change of possession
(c) Delivery
(d) None of above
A citizen of India who goes abroad for the purpose of employment, he must stay in India in the previous year for at least __________________ days to become a resident.
(a) 90 days
(b) 162 days
(c) 180 days
(d) 182 days
Correlation analysis is a __________________.
(a) Univariate analysis
(b) Bivariate analysis
(c) Multivariate analysis
(d) Both b) and c)
Cartels is a form of;
(a) Collusive oligopoly
(b) Monopoly
(c) Non-collusive oligopoly
(d) None of these
Entertainment allowance is allowed as deduction as per section _____________.
(a) 16
(b) 16 (i)
(c) 16 (ii)
(d) 16 (iii)
Salary received by a Member of Parliament is taxable under the head ______________.
(a) Income from salary
(b) Capital gains
(c) Profits and gains of business or profession
(d) Income from other sources
The Income from House Property is taxable in the hands of the individual even if property is not registered in his name _______.
(a) When the property has been transferred to spouse for inadequate consideration
(b) Where the property is transferred to minor child for inadequate consideration
(c) Where the individual holds on importable estate
(d) All of the above
Mr. Dhiraj is the owner of a house, the details of which are given below the gross annual value would be _____________. Municipal value 36,000 Actual rent 32,000 Fair Rent 36,000 Standard Rent 40,000
(a) 36,000
(b) 35,000
(c) 30,000
(d) 40,000
In Income Tax Act, 1961, deduction under sections 80C to 80U cannot exceed___________.
(a) Gross total income
(b) Total income
(c) Income from business or profession
(d) Income from house property
Payment of LIC premium can be claimed as deduction u/s__________________.
(a) 80 C
(b) 80 CCC
(c) 80 D
(d) 80 DD
Audit means ______________.
(a) Recording business transactions
(b) Preparing the final accounts
(c) Examination of books accounts,vouchers etc.
(d) Preparing final accounts
Auditor shall report on the accounts examined by him _________________.
(a) To the shareholders
(b) To the court
(c) To the bank
(d) To the general public
When a transaction has not been recorded in the books of account either wholly or partially such errors are called as _________.
(a) Error of commission
(b) Error of omission
(c) Compensating error
(d) Error of principle
The primary goal of human resource management is to;
(a) Facilitate organisation performance
(b) Influence internal constituencies
(c) Eliminate non-automated operative positions
(d) None of the above
The purpose of any human resource information system is to;
(a) Replace human decision making with computerized decision making
(b) Provide data and data summarizes (statistical analyses) that are error free
(c) Assist management in decision making
(d) Reduce the number of low-level support staff
The concept imperfect competition was renewed and developed by;
(a) Marshal
(b) Jevons
(c) Joan Robinson
(d) Mrs. Lillian Gilbreth
Which of the following is not a limitation of career planning?
(a) Is not relevant due to rapid changes in government policies
(b) Is not effective in small organisations
(c) Is not useful in taking decisions related to filling the vacancies well in time
(d) Lots of other economical, political factors intervene
Who among the following conducted one of the most widely cited pig iron experiment as an example of scientific management?
(a) Fredrick W Taylor
(b) Robert Owen
(c) Chester Barhard
(d) Mary Parker Follett
An information organisation is;
I. Not written
II. Not portrayed on organizational charts
III. A set of work relationship that grow out of the mutual interactions of persons working together over a period of the time
IV. Customary, not enacted
Select the correct answer using the codes given below
(a) Only I
(b) I and II
(c) I, II and III
(d) All of these
______________ attempts to determine the degree of relationship between variables;
(a) Regression analysis
(b) Correlation analysis
(c) Inferential analysis
(d) None of these
Probable error is used to;
(a) Test the reliability of correlation coefficient
(b) Measure the error in correlation coefficient
(c) Both A and B
(d) None of these
Testing of hypothesis and ________________ are the two branches of statistical inference;
(a) Statistical analysis
(b) Probability
(c) Correlation analysis
(d) Estimation
Type I error is denoted by___________________.
(a) Alpha
(b) Beta
(c) Gamma
(d) None of these
When sample is small, _______________ test is applied
(a) T-test
(b) Z test
(c) F test
(d) None of these
Degrees of freedom for Chi-square test in case of contingency table of order (2 × 2) is;
(a) 4
(b) 3
(c) 2
(d) 1
IBRD (International Bank for Reconstruction and Development) also known as;
(a) Exim Bank
(b) World Bank
(c) International Monetary Fund
(d) International Bank
The European Free Trade Association (EFTA) was established in the year:
(a) 1950
(b) 1960
(c) 1970
(d) 1980
The main objective of ______________ agreement is to establish the framework from liberalizing trade in services;
(a) GATT
(b) NAFTA
(c) TRIPS
(d) GATS
__________________ refers to the right or wrong behavior in business decision;
(a) Social Responsibility
(b) Business Skills
(c) Business Ethics
(d) Business Entrepreneurship
Business Ethics is a;
(a) Universal Philosophy
(b) Philosophy of Business
(c) Rule of Law
(d) Rule of Life
