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BUSINESS STUDIES QUIZ

Total questions: 70

Worksheet time: 2hrs 20mins

Name
Class
Date
1.

What is a sole trader?

a)

A person who is the exclusive owner of a business.

b)

Two people who own a business.

c)

A group of people who own a business

2.
An entrepreneur is someone 
a)
Someone who works for a new business
b)
Someone who starts a new business
c)
Someone who takes over an existing business
d)
Someone who does not want to work
3.

What is business?

a)

A business is any person or organisation trying to make profit.

b)

A small house trying to lose profit when they sell it for a price lower than they bought it for.

c)

A big house trying to make business by selling it more than they bought for.

d)

A medium house by selling the house for a medium price but making a bit of profit.

4.

What is an example of a service?

a)

Bus

b)

Bus Ticket

c)

Bus Stop

d)

All of the above.

5.

Who is the richest man on the Earth

a)

Queen Elizabeth II

b)

Me

c)

Jeff Bezos

d)

Donald Trump

6.
The possibilities of inadequate profits or even losses due to uncertainties are known as _______
a)
Business contingencies
b)
Business risks
c)
Business ventures 
d)
 None of these
7.
Name the two broad categories of business activities.
a)
 Trade and commerce 
b)
 trade and industry 
c)
industry and commerce
d)
none of these
8.
Commerce includes activities relating to trade and ____________
a)
Supporting 
b)
subsidiaries 
c)
auxiliaries to trade
d)
none of these
9.
 'Earning of profit is considered to be the subsidiary objective of the business.' The given statement is 
a)
True
b)
 false
c)
 cannot say
d)
on
10.
Following are the characteristics of business risks. One of then is not correct. Please identify it.
a)
Loss is the reward for risk bearing 
b)
Business risks are due to uncertainties 
c)
 Risk is an essential component of every business 
d)
Degree of risk depends mainly upon the nature and size of business
11.
Which of the following is not an example of non-economic activity?
a)
Patriotism 
b)
 teaching 
c)
sentiment 
d)
sympathy
12.
Which of the following is not a type of external trade-
a)
export 
b)
import
c)
entrepot
d)
retail 
13.
Hindrance of risk is removed by:
a)
Advertisement
b)
warehousing
c)
Insurance
d)
Transport
14.
Cooking food by mother for her family is:
a)
Economic activity
b)
non-economic activity
c)
both
d)
none
15.
Poultary farms come under which type of industry?
a)
Extractive
b)
Genetic
c)
Constructive
d)
Manufacturing
16.
Hindrance of place is removed by:
a)
Communication
b)
Advertisement
c)
Warehousing
d)
Transportation
17.
In which activity, specialised knowledge is required?
a)
Business
b)
Profession
c)
Employment
d)
All of the three
18.
The industry which provides support services to other industries are known as:
a)
Primary
b)
Secondary
c)
Teritary
d)
Commercial
19.
Name the economic activities in which Rishab is involved who is working as manager in a bank?
a)
Profession
b)
Business
c)
Employment
d)
None of these
20.
Business risk is not likely to arise due to:
a)
Good management
b)
Changes in government policy
c)
Employee Dishonesty
d)
Power failure
21.

Items that can be seen and touched are known as...

a)

Goods

b)

Services

22.

Q1. Identify the activity which is not an auxiliary to trade?

a)

(a) Banking

b)

(b) Warehousing

c)

(c) Insurance

d)

(d) Mining

23.

The central bank of India is--------

(a)  

24.

The commercial banks of India are governed by (a)  

25.

The banking services provided through internet is called

a)

a)C – banking

b)

b) Exchange banking

c)

c)E – banking

d)

d) Wide banking

26.

Identify the name of the bank

(a)  

27.

.........................emphasises on full disclosure of material facts related to the subject matter by both insurer and insured.

a)

Principle of the Utmost faith

b)

Principle of Subrogation

c)

Principle of Proximate cause

d)

NONE of the above.

28.

Identify the Principle which says that,'The insured should have pecuniary interest in the subject matter'.

a)

Principle of the Utmost faith

b)

Principle of Contribution

c)

Principle of Indemnity

d)

Principle of Insurable Interest

29.

After the claim, the right of the property is transferred to the Insurance Company. Under no circumstances, the insured is allowed to make any profit by sale of scrap. Identify the Principle.

a)

Principle of indemnity

b)

Principle of mitigation

c)

Principle of Subrogation

d)

Principle of proximate cause.

30.

The central idea/s of an insurance is to make sure that:

a)

An insured is put back to the position as or she was before loss.

b)

As insured under no circumstance should make profit.

c)

As insured should have a cover over his risk.

d)

All the above.

31.

Which of the following are “Principles of Insurance”. Select as many as you think are correct.

a)

Indemnity

b)

Intimidation

c)

Subrogation

d)

Alliteration

e)

Insurable Interest

32.

This is the cash that is generated by the business when it operates successfully

a)

Retained profits

b)

Share capital

c)

Angel investor

d)

Owner savings

33.

An amount of money that is paid back within an agreed amount of time, with interest

a)

Bank loan

b)

Angel investment

c)

Overdraft

d)

Retained profit

34.

A short-term source of finance from a bank that usually is only used in an emergency/when needed

a)

Overdraft

b)

Loan

c)

Share capital

d)

Credit card

35.
What is an advantage of owners' funds?
a)
There will be little or no interest
b)
You can pay in smaller installments
c)
They take a long time to arrange
d)
You don't have to pay it back
36.

Minimum number of members to form a private company is------------

a)

2

b)

3

c)

5

d)

7

37.

Minimum number of members to form a public company is-------------

a)

5

b)

7

c)

12

d)

21

38.

Application for approval of name of a company is to be made to------------------------------

a)

SEBI

b)

Registrar of Companies

c)

Government of India

d)

Government of the State in which Company is to be registered

39.

A proposed name of Company is considered undesirable-----------------

a)

It is identical with the name of an existing company

b)

It resembles closely with the name of an existing company

c)

It is an emblem of Government of India, United Nations etc.

d)

In case of any of the above

40.

A company cannot come into existence without:

a)

Electing Directors

b)

Getting certificate of incorporation

c)

Issuing a prospectus

d)

All of these

41.

Internal Trade

a)

buying and selling of goods and services within the geographical limits of a country.

b)

The payment are made and received in the home country only.

c)

There are no or very few formalities to be completed by the traders.

d)

All the the above.

42.

The person who carries on wholesale trade is known as___________.

a)

Retailer

b)

Promoter

c)

Wholesaler

d)

Trader

43.

Which of the following are not Services provided by Wholesalers (to Retailers and Manufactures).

a)

Large scale production

b)

Home delivery

c)

Risk sharing

d)

Storage

e)

Availability of goods

44.

If vegetable Oil produced in a factory in any part of the country are to reach millions of consumers throughout the country, the help of _________and________ are required.

a)

Employee

b)

Manufacturer

c)

Retailer

d)

Wholesaler

45.

Other names of Internal Trade

a)

International trade

b)

Domestic Trade

c)

Home Trade

d)

External Trade

46.

Depatmental stores are generally located at a (a)   .

47.

Chain stores are also called as Multiple Shops

a)

True

b)

False

48.

Select all the Services of Retailers to Consumers (Select 3)

a)

Storage

b)

New products information

c)

Convenience in buying

d)

Wide selection

49.

Select all the Limitations of Chain Store.

a)

Lack of initiative and motivation

b)

Risk due to change in taste

c)

Inconvenient Location

d)

Limited choice

50.
Watches made in Norway are worn by people in California.
a)
import 
b)
export
51.
Chairs made in North Carolina are flown to Mexico.
a)
import
b)
export
52.
Import means
a)
buying goods from another country
b)
selling goods to another country
c)
only making one kind of product
53.
Export means
a)
buying goods from another country
b)
selling goods to another country
c)
only making one kind of product
54.

Select the options which are the forms of Public Sector Enterprises.

a)

Non Profit Organisations

b)

Government Companies

c)

Public Companies

d)

Co-operative Societies

e)

Departmental Undertakings

55.

Employees of Departmental undertakings are

a)

Not government officials

b)

Government Officials

c)

Private Employees

d)

Personal Employees

56.

Select the appropriate examples for Departmental Undertakings.

a)

BHEL

b)

Railways

c)

Defence Establishments

d)

LIC

e)

Telephone

57.

Air India is an Exmple of ?

a)

Departmental Undertakings

b)

Statutory corporation

c)

Government Companies

d)

None of these

58.

The oldest form of organisation of public enterprises

a)

Statutory corporation

b)

Departmental undertakings

c)

Government company

d)

Multi- national corporation

59.

............... And ............. are important documents of Government company

a)

Prospectus and article of association

b)

Memorandum and Article of association

c)

Memorandum and annual report

60.

Public Sector Enterprises are owned by ?

a)

State Government

b)

Central Government

c)

Both of these

d)

None of these

61.

Which of the following is related to a specific ministry ?

a)

Indian Railway

b)

FCI

c)

Coal India

d)

BHEL

62.

What is social responsibility?

a)

Developing and promoting environmentally sound products and practices to gain a competitive edge

b)

Doing business to meet the needs of the current generation, without harming the ability of future generations to meet their needs

c)

The protection deliberately or promotion of the interests of consumers

d)

An ethical theory, in which individuals are accountable for fulfilling their civic duty

63.
COMPANIES NEED TO MAKE SURE THAT THE COMPANY ITSELF IS PROFITABLE
a)
ECONOMIC RESPONSIBILITY
b)
LEGAL RESPONSIBILITY
c)
PHILANTHROPIC RESPONSIBILITY
d)
RULES AND PROCEDURES
64.
REQUIREMENTS PLACED ON COMPANY BY LAW
a)
LEGAL RESPONSIBILITY
b)
PHILANTHROPIC RESPONSIBILITY
c)
ETHICAL RESPONSIBILITY
d)
SOCIAL RESPONSIBILITY
65.

Social responsibility is a broader concept than (a)   Responsibility.

66.

What are moral principles that governs behavior?

a)

facts

b)

ethics

c)

codes

d)

social responsibilities

67.
Taking more money out of your account than is available​ is called?
a)
Overdraw
b)
Deposit
c)
Withdraw
d)
Balance
68.
Liam wants cash from his bank, but it is closed, He will use the ATM.
a)
credit card
b)
debit card
c)
savings account
69.

Which of the following best describes a LOAN?

a)

Money borrowed that can be paid back if one feels like it.

b)

Money borrowed

c)

Money borrowed with the expectation of paying it back in a timely manner.

d)

Money gifted to someone with no expectation of payback.

70.

Which of the following is not a synonym for EXPENSES?

a)

Costs

b)

Wage

c)

Bills

d)

Expenditures

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