Business And Commerce MCQ

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About This Quiz

Here we bring you a Business and Commerce MCQ. Commerce relates to the exchange of goods and services, especially on a large scale. A manager is an integral part of a business and helps a company meet its shareholder's expectations. The quiz below tests your knowledge of commerce and what it entails. Give it a try an all the best!

Business And Commerce MCQ - Quiz

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  • 2. 

    What are the four management roles?

    • Negotiating, Communicating, Problem solving

    • Planning, Organising, Leading, Controlling

    • Time keeping, Communication, Organisation, Considerate

    • Kind, Friendly, Caring, Nice

    Correct Answer
    A. Planning, Organising, Leading, Controlling
    Explanation
    The four management roles are planning, organizing, leading, and controlling. These roles are essential for effective management. Planning involves setting goals and determining the best course of action to achieve them. Organizing involves arranging resources and tasks to accomplish the goals. Leading involves guiding and motivating employees to work towards the goals. Controlling involves monitoring progress and making adjustments to ensure that goals are being met. These roles are crucial for managers to effectively manage their teams and achieve success.

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  • 3. 

    What sentence best sums up leading?

    • Ability to motivate, inspire and control employees

    • Process of looking after fellow colleagues

    • Process of motivating, inspiring and influencing employees to work to their best potential.

    Correct Answer
    A. Process of motivating, inspiring and influencing employees to work to their best potential.
    Explanation
    The sentence "Process of motivating, inspiring and influencing employees to work to their best potential" best sums up leading because it encompasses the key aspects of leading, which include motivating, inspiring, and influencing employees to perform at their highest level. Leading involves guiding and directing employees towards achieving their goals and maximizing their potential.

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  • 4. 

    The management role organising requires managers to take into account resources, time and money.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The management role of organizing involves the process of arranging and coordinating resources, time, and money in order to achieve organizational goals effectively. This includes allocating resources efficiently, scheduling tasks and activities, and managing budgets. Therefore, it is true that managers need to consider resources, time, and money in the organizing function of management.

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  • 5. 

    What sentence best sums up controlling?

    • Process of delegating jobs to employees.

    • Process of evaluating performance and taking action to ensure that objects are being achieved.

    • Process of taking charge and telling employees what to do

    • Running the bussiness

    Correct Answer
    A. Process of evaluating performance and taking action to ensure that objects are being achieved.
    Explanation
    Controlling is a process that involves evaluating the performance of employees and taking necessary actions to ensure that organizational objectives are being achieved. It focuses on monitoring and measuring progress, identifying any deviations from the desired outcomes, and implementing corrective measures as required. This involves setting performance standards, comparing actual performance against these standards, analyzing the reasons for any variances, and taking appropriate actions to bring performance back on track. Controlling is an essential management function that helps in maintaining efficiency and effectiveness within an organization.

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  • 6. 

    Performance Reports%=Amount ÷ Budget x 100

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The given statement is true. Performance reports are calculated by dividing the amount achieved by the budget and then multiplying it by 100 to get the percentage. This formula helps in evaluating the performance of a project or activity by comparing the actual amount achieved with the budgeted amount.

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  • 7. 

    A ------------- is a new idea or invention or an improved existing product.

    Correct Answer
    Innovation
    Explanation
    An innovation refers to a new concept, invention, or an enhanced version of an existing product. It involves the introduction of something novel or a significant improvement that brings about positive change. Innovations can be in various fields such as technology, science, business, or even in everyday life. They often result from creative thinking, problem-solving, and the desire to make advancements in different areas. Innovations play a crucial role in driving progress and shaping the future by introducing fresh ideas and solutions to meet evolving needs and challenges.

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  • 8. 

    Performance Reports(AMT-amount)AMT=Actual-Budgeted

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The given statement is true. Performance reports typically compare the actual amount spent or earned with the budgeted amount. The formula mentioned, AMT = Actual - Budgeted, supports this idea by calculating the difference between the actual and budgeted amounts. Therefore, the answer is true.

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  • 9. 

    Which best describes the manager skill, communication?

    • Getting along with others

    • Being a good talker

    • Process of transferring information from one party to another, visual, verbal or written

    • Being able to convey your ideas and thoughts

    Correct Answer
    A. Process of transferring information from one party to another, visual, verbal or written
    Explanation
    The manager skill of communication refers to the process of transferring information from one party to another, whether it is through visual, verbal, or written means. It involves effectively conveying ideas and thoughts to ensure clear understanding and successful communication between individuals or groups.

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  • 10. 

    In a Social Responsibility Management (SRM) section what two statements would you expect to find?

    • Environmental Impact Statement

    • Fundraising Goals Statement

    • Go Green Statement

    • Community Awareness Statement

    Correct Answer(s)
    A. Environmental Impact Statement
    A. Community Awareness Statement
    Explanation
    In a Social Responsibility Management (SRM) section, it is expected to find an Environmental Impact Statement and a Community Awareness Statement. The Environmental Impact Statement would outline the organization's efforts and strategies to minimize their impact on the environment. This could include initiatives to reduce waste, conserve energy, and promote sustainable practices. The Community Awareness Statement would detail the organization's commitment to engaging with and supporting the local community. This could include initiatives such as volunteering, partnerships with local organizations, and community outreach programs.

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  • 11. 

    The product definition, Location, Ownership structure and Pricing policy are located in the Operational plan?

    • True

    • False

    Correct Answer
    A. False
    Explanation
    All but the pricing policy are

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  • 12. 

    What are the components of a Marketing Plan?

    • S.W.O.T. analysis

    • Competitive analysis

    • Target market

    • Promotional strategy

    • Pricing policy

    Correct Answer(s)
    A. S.W.O.T. analysis
    A. Competitive analysis
    A. Target market
    A. Promotional strategy
    A. Pricing policy
    Explanation
    The components of a marketing plan include conducting a S.W.O.T. analysis to assess the strengths, weaknesses, opportunities, and threats of the business. A competitive analysis is also crucial to understand the market landscape and identify competitors. Defining the target market is essential to tailor marketing efforts effectively. Developing a promotional strategy helps in determining how to reach and communicate with the target audience. Lastly, pricing policy is an important component to set competitive prices that align with the business objectives.

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  • 13. 

    What are some forms of income?

    • Phone bill

    • Wages/Salary

    • Government payments

    • Gifts

    • Investment income

    Correct Answer(s)
    A. Wages/Salary
    A. Government payments
    A. Gifts
    A. Investment income
    Explanation
    The given answer lists different forms of income, including wages/salary, government payments, gifts, and investment income. Wages/salary refers to the income earned from employment, while government payments include benefits or subsidies provided by the government. Gifts refer to money or items received without any expectation of repayment. Investment income includes profits or returns earned from investments such as stocks, bonds, or real estate. These forms of income represent different sources of financial gain for individuals or households.

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  • 14. 

    What are the stages of problem solving? 

    • Gather the facts

    • Discuss the issue

    • Monitor and review

    • Identify the problem

    • Select alternatives

    • Panic

    • Implement

    • Research

    • Develop alternatives

    Correct Answer(s)
    A. Gather the facts
    A. Monitor and review
    A. Identify the problem
    A. Select alternatives
    A. Implement
    A. Develop alternatives
    Explanation
    The stages of problem solving are as follows: gathering the facts, monitoring and reviewing, identifying the problem, selecting alternatives, implementing the chosen alternative, and developing additional alternatives. These steps help to systematically approach and resolve a problem by first collecting relevant information, assessing the situation, identifying the root cause of the problem, considering different options for solving it, taking action, and continuously evaluating and adapting the chosen solution. The stage of "panic" mentioned in the options is not a valid stage in problem solving.

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  • 15. 

    A good leader should take into account their employees...

    • Informational qualities

    • Interpersonal qualities

    • Communication qualties

    • Decision making qualities

    Correct Answer(s)
    A. Informational qualities
    A. Interpersonal qualities
    A. Decision making qualities
    Explanation
    A good leader should take into account their employees' informational qualities to ensure that they have access to the necessary knowledge and expertise to make informed decisions. They should also consider their interpersonal qualities to foster positive relationships and effective teamwork. Additionally, decision-making qualities are crucial for a leader to make sound and strategic decisions that benefit the team and organization. Communication qualities are not explicitly mentioned in the question, so they may or may not be relevant to a good leader.

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Quiz Review Timeline (Updated): Nov 16, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Nov 16, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Jun 09, 2015
    Quiz Created by
    Annabel_b
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