WorksheetsBusiness Environment Quiz
Total questions: 30
Worksheet time: 15mins
Rishabh joined an entertainment company Avtaar, as a creative head. As a manager looking after the creative unit of the company, one of the functions he has to perform is the process of organizing. Which step of the process will he need to perform after identifying and dividing the work that has to be done in accordance with previously determined plans?
Identification and division of work
Departmentalisation
Assignment of Duties
Establishing Reporting Relationships
Which characteristic of the business environment is highlighted when changes are taking place too frequently and it becomes difficult to predict the future?
Uncertainty
Complexity
Inter-relatedness
Relativity
Aarohan Ltd. is a company manufacturing automobiles where division of work into key areas includes production, purchase, marketing, accounts and personnel. Which of the following is a disadvantage of the organization structure of Aarohan Ltd.?
It may lead to increase in cost
Managers may gain power and assert independence and ignore organization interests.
It ensures that different functions get due attention.
Heads do not get training for top management positions.
Identify the dimensions of the business environment illustrated by the picture given above in which Sapna who has joined the workforce recently is working on an accounting software.
Technological and social.
Technological and political
Political and economic
Social and legal
The government of India made an announcement regarding Demonetization of the Indian economy on November 8, 2016 with profound implications for it. The process which put restrictions on convertibility of domestic money and bank deposits was meant to create a less-cash economy. One argument against the cash-lite economy is that:
Internet connectivity is a prerequisite
More people will be introduced into the formal economy.
Financial saving will increase
Tax evasion will be reduced
Which importance of business environment and its understanding by managers is not highlighted in the text?
It helps in improving performance
It helps in assisting in planning and policy formulation
It helps in tapping useful resources
It enables a firm to identify opportunities and get first mover advantage
A mobility platform is laying off 400-500 employees to drive cost efficiency. Which objective of management will the firm not be able to achieve by carrying out this process?
Efficiency
Social
Profit
Survival
Radha started a home-cooked food delivery service. An important characteristic of the function of management being discussed is:
It is the first function of management
It is the last function of management
It is both forward looking and backward looking
It is required only in business organizations
Raman and Vasudev were caught embezzling by a software program that logged their keystrokes. Identify the function of management being discussed.
Staffing
Coordination
Controlling
Organizing
Statement-I: Transportation helps in creating time utility and warehousing helps in creating place utility. Statement-II: The process of classification of products into different groups on the basis of their important characteristics is known as standardization. Choose the correct option from the options given below:
Statement I is true and II is false
Statement II is true and I is false
Both the statements are true
Both the statements are false
________ is a number assigned to each transaction by the stock exchange and is printed on the contract note.
Client code number
Unique order code
Permanent account number
Depository participant number
One of the important decision areas under the marketing function of __________ is managing inventory.
Branding
Pricing
Promotion
Physical distribution
Which of the following statements is incorrect?
Providing liquidity to securities is one of the functions of stock exchange
Process of holding shares in electronic form is known as Dematerialization
Securities Exchange Board of India performs the regulatory function of controlling insider trading and imposing penalties for such practices.
Capital market consists of Commercial banks, Development banks and stock exchanges.
One of the following is considered to be an extension of the marketing concept, which apart from customer satisfaction pays attention to ethical and ecological aspects of marketing. Identify the concept.
Selling concept
Product concept
Production concept
Societal Marketing concept
While the product costs set the lower limits of the price for a product, the upper limit of price which a buyer would be prepared to pay is decided by:
Utility and demand of the product
The marketing manager of the firm
The Government
The competitors of the firm
Which of the following statements about Advertising is incorrect?
It is a personal form of communication
It is a paid form of communication
It is a mass selling technique.
It is inflexible as the message can’t be adjusted to the needs of the buyer.
Explain "Critical point control" with respect to Analyzing deviations, a step in the process of controlling. Give a suitable example.
It involves setting benchmarks for performance and comparing actual results.
It focuses on areas where deviations from standards are most likely to occur.
It is a method of controlling costs by reducing waste.
It involves the use of technology to monitor performance.
Which of the following is a benefit of increasing the aptitudes, skills, and abilities of employees to perform specific jobs?
Increased job satisfaction and productivity.
Reduced need for employee training.
Lower wages for skilled employees.
Decreased employee turnover.
Which of the following are barriers to communication that are concerned with problems and obstructions in the process of encoding and decoding the message into words or impressions?
Language differences, cultural barriers, noise, and emotional barriers.
Lack of internet access, outdated technology, poor lighting, and uncomfortable seating.
High employee turnover, lack of training, insufficient resources, and poor management.
Excessive workload, lack of motivation, inadequate compensation, and poor working conditions.
Which of the following is NOT a technique of Scientific Management given by F.W. Taylor?
Method study
Functional foremanship
Standardization
Unity of command
Which principle of management by Henry Fayol emphasizes that each employee should receive orders from only one superior?
Unity of command
Equity
Remuneration
Initiative
What is the main advantage of Jojo and Jojo's decision-making structure?
Centralized decision-making
Faster response time
Increased bureaucracy
Higher costs
What is the main strategy Choco Ltd. uses to market its chocolate products?
Selling products under a single brand name
Offering products at high prices
Using different brand names for different customer segments
Limiting sales to departmental stores only
What was the purpose of Choco Ltd.'s massive promotional campaign during the festive season?
To reduce production costs
To increase revenue and achieve communication objectives
To introduce new chocolate flavors
To close down less profitable stores
Which of the following is a key advantage of digital marketing over traditional marketing?
More time-consuming
Less competition
Lower costs for production
Higher reach and engagement
What is the primary focus of the 'Human Relations' approach in management?
Implementing rigid organizational structures
Enhancing employee satisfaction and motivation
Reducing costs through automation
Maximizing productivity through strict supervision
Which of the following is a disadvantage of a decentralized organizational structure?
Increased flexibility in decision-making
Potential for inconsistent decisions across departments
Faster response to local market changes
Greater employee empowerment
Which factor in the business environment is characterized by the interconnectedness of various elements that can influence each other?
Inter-relatedness
Complexity
Uncertainty
Dynamic nature
As a marketing manager, Priya needs to ensure that the promotional strategies align with the overall business objectives. What is the first step she should take in this process?
Setting marketing goals
Analyzing market trends
Budgeting for promotions
Identifying target audience
Which of the following is a key principle of effective communication in a business setting?
Clarity and conciseness
Lengthy explanations
Formal tone only
Use of jargon
