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Mgt211 Midterm Grand Quiz spring 2020

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MGT211 Introduction To Business Grand Quiz (Current Midterm Papers) Spring 2020

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MGT211 Grand Quiz Solution Spring 2020

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Introduction To Business (MGT211)

Multiple Choice Questions (MCQs)

Objective Questions

1. ________ is no liable for the debt of the partnership business.

   1. Sub partner
   2. Active partner
   3. Sleeping partner
   4. Secrete partner

2. DSS stands for:

   1. Decision support system
   2. Data support system
   3. Data supervision system
   4. None of the given

3. Those who invest in joint stock companies is called:

   1. Members
   2. Shareholders
   3. Partners
   4. Associates

4. First meeting of the members of public limited company is known as:

   1. Intriductory meeting
   2. Statutory meeting
   3. Initial meeting
   4. Special meeting

5. Profit distributed among shareholders is called _______.

   1. Retained earning
   2. Dividend
   3. Debenture
   4. All of the given

6. In which approach of marketing: unstatisfied needs of the customers are satisfied?

   1. Sales oriented
   2. Production oriented
   3. Product oriented
   4. Marketing oriented

7. For a private limited company, minimum numbrer of members are ________.

   1. 2
   2. 5
   3. 7
   4. 10

8. A document that contains the terms and conditions of the business

   1. Partnership deed
   2. Limited partnership
   3. Particular partnership
   4. None of the given

9. Franchisors like franchising because:

   1. They get a huge amount of mony from franchisee without doing much.
   2. Failure rate of franchise business is lower than other businesses.
   3. franchisees invest their own mony and take responsibility for management of the businesses they own.
   4. All of the given options

10. The word "limited" at the end of the company name means:

    1. It has limited capital
    2. It has limited shareholder
    3. shareholder has limited liability
    4. All of the given

11. Which of the following factor(s) contribute to failures of new businesses.

    1. Managerial incompetence or inexperience
    2. Neglect
    3. Weak control system
    4. All of the given

12. The method of interviews where questions can be changed or adapted to meet the respondent's intelligence and understanding is called:

    1. Unstructured interviews
    2. Structured interviews
    3. Qualitative interviews
    4. None of the given

13. Which of the following is NOT an aspect to purchase a franchise business?

    1. Attractive Location
    2. High profitability
    3. Independency
    4. Well known customer base

14. All of the following personal characteristics are found in an entrepreneur except:

    1. Follower
    2. Perceptive
    3. Independent mind
    4. Self-confident

15. Goods produce domestically and sold in some other country is called:

    1. Imports
    2. Exports
    3. Localization
    4. None of the given options

16. Annual General Meeting is the meeting of the company that held

    1. Each quarter
    2. after 6 months
    3. once in a year
    4. None of the given

17. Which of the following is a correct formula to get the per capita income?

    1. Total receipts / Total payments
    2. Total income of the country / Total population
    3. Total Payments / Total Receipts
    4. Total imports / Total exports

18. Which of the partner who does not take part in the management of the business but is known to the public?

    1. Silent partner
    2. sleeping partner
    3. active partner
    4. Nominal partner

19. In what type of business,there is easiest dissolution?

    1. Sole proprietorship
    2. partnership
    3. Joint stock company
    4. None of the given

20. Which of the following statement is true for the World Trade Organization (WTO):

    1. Sets tariffs to balance international trade among nations.
    2. Is the successor to NAFTA.
    3. Rules on trade disputes between nations.
    4. Sets exchange rates to balance international trade among nations.

21. The law relating to stock companies has been laid in companies Ordinence?

    1. 1984
    2. 1980
    3. 1982
    4. None of the given

22. Which of the following is included in a business plan:

    1. Financial information
    2. Production plans
    3. Market analysis
    4. All of the given

23. Job Enrichment:

    1. Increases the amount of money employees are paid for completing an unit of work
    2. Is a programme through which management seeks greater productivity from workers
    3. Involves giving employees work with a greater degree of responsibility and autonomy
    4. None of the given

24. Statutory report must be sent to the shareholder before meeting that is certified by at least:

    1. 2 directors including CEO
    2. 3 directors including CEO
    3. 5 directors including CEO
    4. 7 directors including CEO

25. The relationship between persons who have agreed to share the profit of a business carried on by all or any of them acting for all is called:

    1. Partnership
    2. Joint venture
    3. Association of persons
    4. Body of individuals

26. Which of the meetings is held only once in the life of a public company?

    1. Extra ordinary meeting
    2. Statutory meeting
    3. Shareholders' meeting
    4. Special meeting

27. The notice calling the ammual general meeting, must be given to all its members at least ________ days before the date of the meeting.

    1. 21 days
    2. 30 days
    3. 45 days
    4. 51 days

28. A sole proprietorship business may have:

    1. One owner & one worker
    2. Single owner and many workers
    3. Direct dealing with customers
    4. All of the given

29. A major disadvantage of the corporate form of organization is the ________.

    1. Double taxation of dividends
    2. Inability of the form to raise large sums of additional capital
    3. Limited liability of shareholders
    4. Limited life of the corporate form

30. A form designed by the employer for the prospective employee to fill it out is called?

    1. Offer letter
    2. Application blank
    3. Basic Information form
    4. None of the given

31. Which of the following are the functions of management?

    1. Planning
    2. Organizing
    3. Coordinating
    4. All of the given

32. Which of the following is not the disadvantage of cooperative society?

    1. Lack of secrecy
    2. No profit incentive
    3. Untrained supervision
    4. Protection of mutual interest

33. ________ describes life time objectives of the organization.

    1. Vision statement
    2. Mission statement
    3. Goal alignment
    4. All of the given

34. The activities that are undertaken for personal satisfaction and not to earn profit or income are known as ________.

    1. Economic activities
    2. Non-economic activities
    3. Business activities
    4. None of the given

35. All of the following fall in the category of "business" except:

    1. Exchange of rice with wheat for profit
    2. Production of heavy machinery for sale purposes
    3. Construction of houses for personal use
    4. House financing on markup by bank

36. Which of the following have powers of decisions making in Joint Stock Company?

    1. Shareholders
    2. A member
    3. Board of directors
    4. All of the given

37. To get a product that is up to the expectations of the customers comes under consumerism.

    1. True
    2. False

38. Which of the following managers are responsible for hiring and training of employees?

    1. Operations managers
    2. Marketing managers
    3. Human resource managers
    4. Financial managers

39. ________ meeting is the first meeting after commencenent of business.

    1. Annual general meering
    2. Extra ordinary general meeting
    3. Monthly meeting
    4. None of the given

40. Sources of marketing information are categorized into two groups - what are they?

    1. Macro environmental sources; micro environmental sources.
    2. External sources; internal sources.
    3. Causal resources.
    4. All of the given

41. The first annual general meeting should be held with the ________ of incorporation of a company.

    1. 14 months
    2. 15 months
    3. 16 months
    4. 18 months

42. Which of the following enjoys limited liability?

    1. A general partnership
    2. A corporation
    3. a sole proprietorship
    4. None of the given

43. Which of the following is NOT the characteristic of a business?

    1. Monetary benefits
    2. Voluntarily contribution
    3. Risk and uncertainty
    4. Transfer of goods or services

44. A document that contains rules and regulations of the company.

    1. Prospects
    2. Memorandum of the company
    3. Articles of association
    4. All of the given

45. Statutory meeting must be held within ________ of the commencement of the business.

    1. 1 year
    2. 3 months
    3. 6 months
    4. 3 months to 6 months

46. The marketing activity of dividing market into smaller units with similar needs and characteristics is known as:

    1. Market penetrating
    2. Target Marketing
    3. Relationship marketing
    4. Market segmentation

47. which mode of the business is formed when several business concern undertaking units are combined to carry on the business together for achieving the economic benefits?

    1. cooperative societies
    2. combination
    3. franchising
    4. merger

48. Limit imposed by one country or importing commodities from another country?

    1. Tariff
    2. Quoata
    3. Subsidies
    4. All of the given

49. An agreement between two parties in which one party passes on the right to other party is called:

    1. Franchising agreement
    2. Joint venture
    3. Merger
    4. Reconsolidation

50. All of the following is the barrier of international trade, Except:

    1. Tariff
    2. Quota
    3. Embargo
    4. Income tax

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1. Which of the following is an example of genetic industry?

   1. Sugar mill
   2. Poultry Farms
   3. Textile industries
   4. None of the given

2. ________ are the government taxes on imports that raise the price of foreign goods and make them less competitive with domestic goods.

   1. Tariffs
   2. Embargo
   3. Income tax
   4. Quota

3. The first time issuance of share is held in the:

   1. Primary market
   2. Secondary market
   3. Counter market
   4. Both in secondary and primary market

4. An agreement between two parties in which one party passes on the right to other party is called:

   1. Franchising agreement
   2. Joint venture
   3. Merger
   4. Reconsolidation

5. Marketing should begin with _______.

   1. Potential customer needs
   2. The production process
   3. Identifying customer needs
   4. All of the given

6. Which types of organizations have expertise in selecting people for the job?

   1. Professional Associations
   2. Recruitment Agencies
   3. Advertising Agencies
   4. All of the given

7. Which of the following condition must be fulfilled to obtain the "Certificate of commencement"?

   1. Issuance of prospectus
   2. Allotment of Shares
   3. minimum Subscription
   4. All of the given

8. ________ meeting must be held at least once in three months and at least four times in a year.

   1. Statutory meeting
   2. Extra ordinary general meeting
   3. Director's meeting
   4. None of the given

9. Which of the following documents contains the name and address of joint stock company?

   1. Articles of Association
   2. Memorandum of association
   3. Prospectus
   4. Statement in lieu of prospectus

10. Which of the following is the growth rate of GDP, adjusted for infiation and changes in the value of country's currency?

    1. GDP per capita rate
    2. Real groth rate
    3. Real GDP
    4. None of the given

11. Enviromental forces that are controllable are called?

    1. External force
    2. Internal forces
    3. Non controllable forces
    4. None of the given options

12. Dividing the market on the basis of area, climate and cultural values is called?

    1. Demographic segmentation
    2. Psychographic segmentation
    3. Geographical segmentation
    4. Behaviouralistic Segmentation

13. Franchiser gets a large amount of mony from franshisee as ________ while using its name.

    1. Commission
    2. Fee
    3. Interest
    4. Tax

14. Concessions provided by a country to its producers in order to protect economy?

    1. Quota
    2. Tariff
    3. Subsidies
    4. All of the given

15. ________ is one who has invested the maximum amount in the business?

    1. Active Partner
    2. sleeping partner
    3. Senior Partner
    4. None of the given

16. It is difficult to transfer the rights of ownership in?

    1. Sole proprietorship
    2. Partnership
    3. Joint stock company
    4. None of the given

17. Election of directors and appointment of auditors is the objectives of ________.

    1. Annual general meeting
    2. Statutory meeting
    3. Extra ordinary general meeting
    4. None of the given

18. Those countries where people are earning below US $ 765 are known as:

    1. Middle income countries
    2. High income countries
    3. Low income countries
    4. None of the given

19. In franchising, all of the following are the rights of franchisee except:

    1. Right to use name
    2. Right to use trade mark
    3. Right to use factory location
    4. Right to use systems and researches

20. ________ are paid for short term period, e.g. for a day or for an hour or on the basis of units completed.

    1. Salary
    2. Bonus
    3. Wages
    4. None of the given

21. A part of organization that requires separate planning is called ________.

    1. Functional/Operational Level Strategies
    2. Corporate Level Strategies
    3. Strategic Business Unit (SBU)
    4. None of the given

22. Who signs the documents on behalf of the joint stock company?

    1. one of the directors
    2. Chief executive officer
    3. common seal is used for its signature
    4. General manager

23. Which of the following issues the initial public offering (IPO)?

    1. A Partnership firm
    2. A private company
    3. A public limited company
    4. a multinational company

24. Which theory describes that behavior can be encouraged or discouraged by means of rewards or punishments?

    1. Theory X
    2. Theory y
    3. Reinforcement Theory
    4. Agency theory

25. All of the following are the main features of a comparative form of organization, EXCEPT:

    1. Voluntary association
    2. One man one vote
    3. Service motive
    4. Religious and political extremism

26. Competitor analysis is discussed under the following part?

    1. Marketing part
    2. Financial part
    3. Production part
    4. All of the given

27. Competitor analysis is discussed under the following part?

    1. Marketing part
    2. Financial part
    3. Production part
    4. All of the given options

28. Total income of the country/Total population is the formula to calculate.

    1. Per Capita Income
    2. Average Income
    3. Population Income
    4. Country Income

29. Employees' tendency to leave the job in an organization is called ________.

    1. Replacement chart
    2. Skill inventory
    3. Turnover
    4. Retention

30. Decision about activities performed by the workers is called

    1. Planning
    2. Leading
    3. Controlling
    4. Organizing

31. Those countries where people are earning below US $765?

    1. Middle income countries
    2. High income countries
    3. Low income countries
    4. None of the given

32. Which one of the following is NOT a type of business organization?

    1. A company
    2. Partnership
    3. Sole creditorship
    4. Co-operative societies

33. A written statement of what a job holder does, how a job is done, and why a job is done is a_______:

    1. Job description.
    2. Human resource inventory report.
    3. Job analysis.
    4. Job specification.

34. In democratic style of leadership there is:

    1. Upward communication
    2. Upward and downward communication
    3. Occasional communication
    4. Downward communication

35. Which of the following factor(s) contribute to success of new businesses.

    1. Hard work
    2. Market Demand
    3. Luck
    4. All of the given

36. Filling out the vacant positions is called ______.

    1. Leading
    2. Organizing
    3. Planning
    4. Staffing

37. In which leadership style, there will be downward communication only.

    1. Charismatic leadership style
    2. Autocrtic Style
    3. Democratic style
    4. Free Rein Style

38. Which of the following can be the wearkness of an organization?

    1. High employees turnover
    2. Presence of few competitors
    3. Potential change in the consumer taste
    4. Presence of non-price competitors

39. Sellers feel the needs of an organized institution that coordinates all activities related to sales in ________ .

    1. Prodution oriented stage
    2. Product oriented stage
    3. Sales oriented stage
    4. Societal marketing stage

40. Sole proprietorship always enjoys:

    1. Limited liability
    2. 100% of profit after tax
    3. 100% of profit before tax
    4. All of the given

41. Which of the following Selection devices are based upon physical condition of the candidates:

    1. Application forms
    2. Medical tests
    3. Background investigations
    4. Aptitude tests

42. Business may be define as an economic activity undertaken with a motive of earning profit by satisfying human needs in society. The term economic activity includes the activities with the motive of:

    1. Social justice
    2. Earning profits
    3. Collective benefits
    4. Personal satisfation

43. The word "limited" at the end of the company name means:

    1. It has limited capital
    2. It has limited shareholders
    3. Shareholders has limited liability
    4. All of the given

44. Which of the following is not an example of non-profit making organization?

    1. NGO's
    2. Trusts
    3. Cooperative societies
    4. Partnership

45. Which of the following is not the objective of the Directors' meeting?

    1. To allot the share
    2. To recommend dividend
    3. To issue debentures
    4. To make loans

46. Which of the following can be categorized as opportunity for an organization?

    1. High employee turnover
    2. Establishing online sales
    3. Good product development
    4. Effective internal control

47. The two major sources of raising funds or financing a business are:

    1. Owner's capital & borrowed funds
    2. Short term and long term loans
    3. Debentures and drafts
    4. Assets and long term loans

48. The law relating to joint stock company has been laid in Companies Ordinence, 1984 which came into force on ________ in Pakistan.

    1. Dec-84
    2. Jan-85
    3. Aug-85
    4. None of the given

49. Which of the following is included in a economic factors?

    1. Religion
    2. Value system
    3. Norms
    4. Exchange rate

50. What is mean by global organization?

    1. Customizing the product range for each segment in part.
    2. Craeting standardized products
    3. Producing products for specific country
    4. None of the given

51. A document containing information regarding internal and external matters of the business is called:

    1. Business plan
    2. Partnership deed
    3. Feasibility report
    4. None of the given

52. Which one of the following statements about marketing is inaccurate?

    1. The growing number of products in all categories has made it easier for marketers to capture the attention of customers.
    2. Marketing has to do with persuading customers a product meets their needs.
    3. The mass market has fragmented into many different groups of customers.
    4. Marketing is an organizational function and a set of processes for creating, communicating, and delivering value to customers.

53. In which economy, the government decides that how many resources have to be generated and how the resources should be allocated?

    1. Free market economy
    2. Planned economy
    3. Open economy
    4. Closed economy

54. In which type of Needs, Organizations encourage informal organizational activities. For example, combined lunch or dinner, Sports, Fun fair, Musical Programs etc.

    1. Safety Needs
    2. Biological Needs
    3. Social Needs
    4. Self Actualization

55. A distribution channel represents the path of a product from a producer to:

    1. Retailer
    2. Wholesaler
    3. Consumer
    4. Manufacturer

56. Which of the following is not the example of primary industry?

    1. Coal mining
    2. Construction
    3. Fish farming
    4. Poultry farm

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