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FINALTERM EXAMINATION
Spring 2010
MGT211- Introduction To Business (Session - 3)
Time: 90 min
Marks: 69

Question No: 1 ( Marks: 1 ) - Please choose one
Which of the following is/are the component/s of business?

► Industry

► Commerce

► Both industry and commerce

► Trade and aids to trade

Ans1) trade and aid to trade

Question No: 2 ( Marks: 1 ) - Please choose one

The notice calling the annual general meeting must be given to all its members at least _______________ days before the date of the meeting.

► 21 days
► 30 days
► 45 days
► 51 days

Ans 2) 21 days

Question No: 3 ( Marks: 1 ) - Please choose one
The portion of capital kept at the winding up of a company for the payment of debts is known as:

► Reserve capital
► Issued capital
► Subscribed capital
► Authorized capital
Ans3)
Question No: 4 ( Marks: 1 ) - Please choose one
Which of the following statements is false?

► Franchising is very common.
► A franchise enables one to use a larger company's trade name.
► A franchisee never has to pay the franchiser a percentage of sales revenues.
► A franchise may constrain the franchisee's independence.

Question No: 5 ( Marks: 1 ) - Please choose one
Business success can be attributed to:

► Luck.
► Hard work, drive and dedication.
► A high demand for the good or service produced.
► All of the given options

Ans 5) All of the given options

Question No: 6 ( Marks: 1 ) - Please choose one
A concept that implies that the firm should consider issues such as protecting the consumer, paying fair wages, maintaining fair hiring practices, supporting education, and considering environmental issues is:

► Financial management
► Profit maximization
► Social responsibility
► Agency theory

Question No: 7 ( Marks: 1 ) - Please choose one
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:

► Legal but not valid
► Valid but not reliable
► Reliable but not valid
► Reliable but not legal

Question No: 8 ( Marks: 1 ) - Please choose one
__________ is the process used by organizations to attract a qualified pool of job applicants.
► Socialization
► Human resource planning
► Recruitment
► Affirmation action

Question No: 9 ( Marks: 1 ) - Please choose one
Profit sharing, gain sharing and pay-for-knowledge plans are examples of:

► Individual incentives
► Company-wide incentives
► Cafeteria benefit plans
► Merit salary systems

Question No: 10 ( Marks: 1 ) - Please choose one
Which of the following statements is NOT true about services?

► They are experienced, used or consumed.
► They are often sold first, then consumed.
► They are perishable.
► They are tangible.

Question No: 11 ( Marks: 1 ) - Please choose one
Possession utility is provided when:

► A good or service is obtained and there is a right to use or consume it.
► A product is available where someone wants it.
► Someone performs a task for someone else
► Someone produces something tangible

Question No: 12 ( Marks: 1 ) - Please choose one
___________ includes all of the activities managers engage in to forecast their current and future human resource needs.


► RRecruitment and selection
► Job analysis and job design

► Selection and job design
► Human resource planning

Question No: 13 ( Marks: 1 ) - Please choose one
Specifications of a product relate to the:
► Physical characteristics and level of quality
► Types of service that are provided along with the product
► Financing available with the product
► Types of competitors offering a similar product

Question No: 14 ( Marks: 1 ) - Please choose one
Communicating information between sellers and potential buyers or others in the channel to influence attitudes and behavior is called _________________.

► Advertising
► Promotion
► Publicity
► Marketing

Question No: 15 ( Marks: 1 ) - Please choose one
A product can be:

► Tangible
► Intangible
► Something that is offered for sale
► All of the given options
Ans ) All of the given options

Question No: 16 ( Marks: 1 ) - Please choose one
Consumer goods are classified as convenience, shopping, and:

► Durable.
► Nondurable.
► Consumer.
► Specialty.

Question No: 17 ( Marks: 1 ) - Please choose one
The stage of the Product life cycle where competitors appear is:

► Introduction
► Decline
► Maturity
► Growth

Question No: 18 ( Marks: 1 ) - Please choose one
Expectations that specify the role of price in a firm's marketing and strategic plans are:

► Pricing considerations
► Pricing guidelines
► pricing objectives
► Pricing policies

Question No: 19 ( Marks: 1 ) - Please choose one
Setting the highest initial price is called price:

► Penetration
► Gouging
► Parity
► Skimming

Question No: 20 ( Marks: 1 ) - Please choose one
Which type of sales promotion is used when a manufacturer places one small bottle of shampoo in a clear bag and hangs it from the door of each house in a neighborhood?

► A sample
► A deal
► A premium
► An introductory offer

Question No: 21 ( Marks: 1 ) - Please choose one
The activities and processes used in making both tangible and intangible products is known as _____________.

► Operations.
► None of the given options
► Making
► Production.

Question No: 22 ( Marks: 1 ) - Please choose one
Under which cost flow assumption is the ending inventory composed of the earliest purchased merchandise?

► FIFO
► LIFO
► Average cost
► Specific identification

Question No: 23 ( Marks: 1 ) - Please choose one
The preferred method for achieving total quality in process output is to:

► Rely on a team of highly trained and dedicated inspectors.
► Rely on operator self-inspection and self-correction.
► Build and install an error-proof process and maintain it.
► Perform inspection at the next process.

Question No: 24 ( Marks: 1 ) - Please choose one
What is data?

► All of the facts that are collected, stored, and processed by an information system.
► All of the debit and credit information about each transaction.
► The same thing as information.
► All of the given options.

Question No: 25 ( Marks: 1 ) - Please choose one
Which of the following is defined as large scale information system used for organizing and managing a firm’s processes across product lines, departments and geographic locations?
► Expert System
► Decision Support System
► Enterprise Resource Planning
► Electronic Data Interchange

Question No: 26 ( Marks: 1 ) - Please choose one
The financial statement which shows cash activity (receipts and disbursements) during the accounting period is called a(n):

► Bank statement.
► Income statement.
► Statement of cash flows.
► Bank reconciliation.

Question No: 27 ( Marks: 1 ) - Please choose one
Which of the following regarding GAAP is true?

► GAAP is the body of accounting knowledge followed by all countries in the world.
► GAAP is the abbreviation for generally accepted auditing procedures.
► Changes to GAAP must be approved by the Senate Finance Commission.
► All of the given options.

Question No: 28 ( Marks: 1 ) - Please choose one
The inventory cost flow assumption where the oldest cost of inventory items is likely to remain on the balance sheet is______________

► All of the given options.
► FIFO
► LIFO
► Average

Question No: 29 ( Marks: 1 ) - Please choose one
Which of the following would generally have unlimited liability?


► A limited partner in a partnership
► A shareholder in a corporation
► The owner of a sole proprietorship
► A member in a limited liability company (LLC)

Question No: 30 ( Marks: 1 ) - Please choose one
The situation when a country imports more than its exports is:

► A trade surplus.
► A recession.
► A trade deficit.
► An expansion.

Question No: 31 ( Marks: 1 ) - Please choose one
The marketing environment is BEST described as being
► Composed of controllable variables.
► Composed of variables independent of one another.
► An indirect influence on marketing activity.
► Dynamic and changing.

Question No: 32 ( Marks: 1 ) - Please choose one
Which one of the following statements by a company chairman best reflects the marketing concept?
► We believe that the marketing department must organise to sell what we produce.
► We try to produce only high quality, technically efficient products.
► We try to encourage company growth.

► We have organised our business to make certain that we satisfy customer needs.

Question No: 33 ( Marks: 1 ) - Please choose one
When Nayer Carpets develops new carpets that are highly stain resistant and durable, it must educate consumers about the product's benefits. This calls for activity in which of the following marketing mix variables?
► Price
► Promotion
► Product
► Packaging

Question No: 34 ( Marks: 1 ) - Please choose one
The three major categories of influences that are believed to influence the consumer buying decision process are personal, psychological, and:
► Person-specific
► Social
► Demographic
► Situational

Question No: 35 ( Marks: 1 ) - Please choose one
Nestle yoghurt represents which type of product for most consumers?
► Convenience
► Shopping
► Speciality
► Unsought

Question No: 36 ( Marks: 1 ) - Please choose one
As the production manager of an engineering firm, you went out and bought a metal cutting machine. What you have purchased can best be classified as
► a processed component.
► a component part.
► raw material.
► an industrial product.

Question No: 37 ( Marks: 1 ) - Please choose one
Physical distribution functions influence
► primarily pricing and product decisions.
► primarily promotion and pricing decisions.
► all elements of the marketing mix.
► primarily pricing decisions.

Question No: 38 ( Marks: 1 ) - Please choose one
All elements of the marketing mix are influenced by physical distribution functions. For this reason, it is important for marketers to remember that
► physical distribution decisions must be made prior to any other marketing strategy consideration.
► physical distribution costs often rise as customer service requirements decrease.
► over 75 percent of all marketing costs are associated with physical distribution expenditures.
► no single distribution system is ideal for all situations and target markets.

Question No: 39 ( Marks: 1 ) - Please choose one
A fruit and vegetable wholesaler buys a loaded truck of strawberries from a local farmer and then divides them into 10 kg baskets to sell to grocery stores. This sorting function is called:
► Allocation.
► assorting.
► accumulation.
► sorting out.

Question No: 40 ( Marks: 1 ) - Please choose one
A product's ability that it cannot be used for various purposes in different capacities and under different conditions is termed as__________
► Flexibility of a product
► Inflexibility of a product
► Availability of a product
► All of the given options

Question No: 41 ( Marks: 1 ) - Please choose one
Which of the following statements is most suitable for Quality assurance?
► It refers to the prevention of product defects
► It is an auditing function that provides feedback to the project team and client about the quality of output being produced
► It is the technical process that includes the construction of control charts
► None of the given options

Question No: 42 ( Marks: 1 ) - Please choose one
Which of the following is considered as the pillar of quality?
► Quality is free
► Doing it right the first time
► Process improvement
► None of the given options

Question No: 43 ( Marks: 1 ) - Please choose one
A person needs to buy a medicine in midnight and gets it from a pharmacy, the availability of medicine in the midnight represents following
► Time utility
► Form utility
► Place utility
► None of the given options

Question No: 44 ( Marks: 1 ) - Please choose one
Flow of communication from top to bottom is known as_______
► Downward communication
► Upward communication
► Combination of Downward and upward communication
► None of the given options

Question No: 45 ( Marks: 1 ) - Please choose one
Auditors who are working within the organization are known as_______
► Internal auditors
► External auditors
► Both internal auditors and external auditors
► None of the given options

Question No: 46 ( Marks: 1 ) - Please choose one
Assets which can not be physically touched are termed as___________
► Intangible assets
► Tangible assets
► Good will
► None of the given options

Ans 46) Intangible assets

Question No: 47 ( Marks: 1 ) - Please choose one
Profit and loss account is also termed as ___________
► Income statement
► Balance sheet
► Trial Balance
► None of the given options

Question No: 48 ( Marks: 1 ) - Please choose one
A plan or an estimate for future expenses and revenues is termed as_________
► Budgeting
► Balance sheet
► Income statement
► None of the given options

Question No: 49 ( Marks: 3 )
Explain the nature and general purpose of financial statements.?

Question No: 50 ( Marks: 3 )
What is meant by the term ‘Just-in-Time’ Inventory system?


Question No: 51 ( Marks: 5 )
Differentiate between push and pull strategies for promotion.

Question No: 52 ( Marks: 5 )
Define the term “Material Management”. What are the problems faced by materials managers in today’s world?

Question No: 53 ( Marks: 5 )
Define channel of communication, discuss different types of channels of business communication.

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today 14-08-2010 MGT211 Spring 2010 Final Term Paper
See the attached file pls
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