Business And Management: MBA Trivia Questions Test! Quiz

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Business And Management: MBA Trivia Questions Test! Quiz - Quiz

Below is an MBA trivia questions test on business and management. It is perfect for a student who wishes to refresh their memory on what they have learned about the business sector from their course program. Do you feel like you know just enough to give you a high score? The best way to know this is by taking the quiz. Give it a shot!


Questions and Answers
  • 1. 

    Why do companies go global?

    • A.

      Growth Strategy

    • B.

      Profit Advantage

    • C.

      Limitations in domestic market

    • D.

      Economies of scale

    • E.

      All of the above

    Correct Answer
    E. All of the above
    Explanation
    Companies go global for a variety of reasons. One reason is to pursue a growth strategy, as expanding into international markets can provide new opportunities for revenue and customer acquisition. Additionally, going global can offer a profit advantage, as companies may be able to tap into markets with higher demand or lower production costs. Another factor is limitations in the domestic market, where companies may face saturated or stagnant markets and seek growth elsewhere. Lastly, companies may go global to take advantage of economies of scale, where they can achieve cost savings through increased production and distribution efficiencies.

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  • 2. 

    What does PESTEL stand for? 

    • A.

      Political, Economical, Social, Technical, Ecological, Legal

    • B.

      Political, Economical, Social, Technical, Environmental, Legal

    • C.

      Political, Economical, Social, Technological, Environmental, Legal

    • D.

      Psychological, Economical, Social, Technical, Ecological, Legal

    • E.

      Psychological, Environmental, Social, Technical, Ecological, Legal

    Correct Answer
    C. Political, Economical, Social, Technological, Environmental, Legal
    Explanation
    PESTEL stands for Political, Economical, Social, Technological, Environmental, Legal. This framework is used to analyze and assess the external factors that can impact an organization's business environment. It helps in identifying the opportunities and threats that arise from these factors, allowing organizations to develop strategies and make informed decisions. The PESTEL analysis covers a wide range of factors, including political stability, economic conditions, social trends, technological advancements, environmental concerns, and legal regulations.

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  • 3. 

    Which of the following number is a pre-requisite for any exporting/importing company? 

    • A.

      CIE

    • B.

      ICC

    • C.

      CEC

    • D.

      IEC

    • E.

      CIC

    Correct Answer
    D. IEC
    Explanation
    The correct answer is IEC. IEC stands for Importer Exporter Code, which is a mandatory requirement for any exporting/importing company in order to engage in international trade. It is a unique 10-digit code issued by the Directorate General of Foreign Trade (DGFT) in India. This code helps in identifying the company and is used for customs clearances and documentation purposes.

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  • 4. 

    Which of the following country is not a CIVETS country?

    • A.

      South Korea

    • B.

      Indonasia

    • C.

      Turkey

    • D.

      Vietnam

    • E.

      Columbia

    Correct Answer
    A. South Korea
    Explanation
    South Korea is not considered a CIVETS country. CIVETS is an acronym for Colombia, Indonesia, Vietnam, Egypt, Turkey, and South Africa, which are identified as emerging economies with significant growth potential. South Korea, although an emerging economy, is not included in the CIVETS group.

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  • 5. 

    IBRD is the original name for? 

    • A.

      IMF

    • B.

      World Bank

    • C.

      WTO

    • D.

      ITC

    • E.

      Indian Bank for Rural Development

    Correct Answer
    B. World Bank
    Explanation
    The correct answer is World Bank. IBRD, which stands for International Bank for Reconstruction and Development, is the original name for the World Bank. The World Bank was established in 1944 to provide financial and technical assistance to developing countries for development projects and poverty reduction. It aims to promote economic growth, reduce poverty, and improve living standards in member countries.

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  • 6. 

    Which of the following is not an entry strategy under the category of "strategic alliances"? 

    • A.

      Marketing Tie-up

    • B.

      Take Over

    • C.

      Wholly Owned Subsidiary Company

    • D.

      Mergers & Acquisition

    • E.

      Resource sharing arrangement

    Correct Answer
    C. Wholly Owned Subsidiary Company
    Explanation
    A wholly owned subsidiary company is not considered an entry strategy under the category of "strategic alliances" because it involves a company establishing a new subsidiary in another country and fully owning and controlling it. In strategic alliances, companies typically form partnerships or collaborations with other organizations to leverage their resources, capabilities, and market presence. Wholly owned subsidiary companies do not involve any external partnerships or collaborations, as the parent company has complete ownership and control over the subsidiary.

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  • 7. 

    Who is the author of the book "The Borderless World"?

    • A.

      Michael Porter

    • B.

      Amartya Sen

    • C.

      Thomas Friedman

    • D.

      Kenichi Ohmae

    • E.

      Adam Smith

    Correct Answer
    D. Kenichi Ohmae
    Explanation
    Kenichi Ohmae is the author of the book "The Borderless World". This book discusses the concept of globalization and how it has transformed the business world. Ohmae argues that traditional borders and barriers are becoming less relevant in today's globalized economy, and that companies need to adapt to this new reality in order to thrive. His book has had a significant impact on the field of international business and has influenced many business leaders and policymakers.

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  • 8. 

    Which of the following is not a theory/method in determining the foreign exchange rate between two currencies?

    • A.

      GDP Comparative Ratio

    • B.

      BOP Theory

    • C.

      Big Mac Index

    • D.

      PPP Theory

    • E.

      Law of One Price

    Correct Answer
    A. GDP Comparative Ratio
    Explanation
    The GDP Comparative Ratio is not a theory/method in determining the foreign exchange rate between two currencies. The GDP Comparative Ratio is a measure used to compare the size of different economies, but it does not directly determine the exchange rate between currencies.

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  • 9. 

    Which of the following is not a transaction in Foreign Exchange Market?

    • A.

      Swap transaction

    • B.

      Exchange transaction

    • C.

      Spot transaction

    • D.

      Forward transaction

    • E.

      Short transaction

    Correct Answer
    B. Exchange transaction
    Explanation
    An exchange transaction is not a transaction in the Foreign Exchange Market. In the Foreign Exchange Market, currencies are traded between different countries. A swap transaction involves the simultaneous purchase and sale of a currency for different settlement dates. A spot transaction involves the immediate exchange of currencies at the current market rate. A forward transaction involves the purchase or sale of currencies at a predetermined rate for future delivery. However, an exchange transaction does not specify the type of transaction and is not commonly used terminology in the Foreign Exchange Market.

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  • 10. 

    Which of the following is a similarity between international and domestic marketing?

    • A.

      Identical political factors

    • B.

      Same financial systems

    • C.

      Similar market characteristics

    • D.

      Equal risk factors

    • E.

      Aim at satisfying the needs of customers

    Correct Answer
    E. Aim at satisfying the needs of customers
    Explanation
    The similarity between international and domestic marketing is that both aim at satisfying the needs of customers. In both cases, the ultimate goal is to understand and meet the demands and preferences of the target market in order to create value and build customer loyalty. Whether operating in the international or domestic market, businesses need to focus on customer satisfaction to achieve success.

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  • 11. 

    The most important social factors that affect the international marketing are:

    • A.

      Language of the country

    • B.

      Culture of the country

    • C.

      Environment & climate of the country

    • D.

      Ethnic factors of the country

    • E.

      All of the above

    Correct Answer
    E. All of the above
    Explanation
    The correct answer is "All of the above" because all the mentioned factors - language, culture, environment & climate, and ethnic factors - play a significant role in influencing international marketing. Language determines the communication barrier and the need for translation services. Culture affects consumer behavior, values, and preferences, which impact marketing strategies. The environment and climate affect product suitability and demand. Ethnic factors relate to the diversity and demographics of the target market, requiring tailored marketing approaches. Therefore, considering all these factors is crucial for successful international marketing.

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  • 12. 

    Some of the benefits that a company enjoys after acquiring globalization are:

    • A.

      Increased economy of scale of its products

    • B.

      Provides a good position in the global market

    • C.

      Possibility of combining product development, marketing and purchasing activities in different countries

    • D.

      Standardisation of operations & processes

    • E.

      All of the above

    Correct Answer
    E. All of the above
    Explanation
    Acquiring globalization can bring several benefits to a company. Firstly, it can lead to increased economy of scale for its products, meaning that the company can produce goods in larger quantities, resulting in lower production costs per unit. Secondly, it provides the company with a good position in the global market, allowing it to reach a wider customer base and potentially increase sales. Thirdly, globalization enables the company to combine product development, marketing, and purchasing activities in different countries, taking advantage of different resources and markets. Lastly, it promotes standardization of operations and processes, which can lead to greater efficiency and effectiveness in the company's overall operations. Thus, all of the mentioned benefits are valid reasons why a company may enjoy after acquiring globalization.

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  • 13. 

    Which of the following is not a Driver of Globalisation?

    • A.

      Emergence of new markets

    • B.

      Emergence of regional blocs

    • C.

      Increasing gap between the rich and the poor

    • D.

      Falling barriers to trade and investment

    • E.

      Technological innovation

    Correct Answer
    C. Increasing gap between the rich and the poor
    Explanation
    The increasing gap between the rich and the poor is not considered a driver of globalization. Globalization is driven by factors such as the emergence of new markets, the emergence of regional blocs, falling barriers to trade and investment, and technological innovation. While the increasing gap between the rich and the poor is a social and economic issue, it does not directly drive the process of globalization.

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  • 14. 

    Which of the following is not a phase of international supply chain management?

    • A.

      Generation of requirements

    • B.

      Sourcing the suppliers

    • C.

      Development of pricing

    • D.

      Negotiating with the customers

    • E.

      Post-award activities like development of supplier, technical assistance & trouble shooting

    Correct Answer
    D. Negotiating with the customers
    Explanation
    Negotiating with the customers is not a phase of international supply chain management. The phases listed in the question are all part of the supply chain management process, which involves activities such as generating requirements, sourcing suppliers, developing pricing, and post-award activities like supplier development and technical assistance. Negotiating with customers, on the other hand, is typically part of the sales or marketing process, rather than the supply chain management process.

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  • 15. 

    The main function of World Bank is:

    • A.

      To provide income for the people who are below the povert line (BPL)

    • B.

      To provide long-term capital assistance to its member countries for their reconstruction & development

    • C.

      To supply food materials for underdeveloped countries

    • D.

      To encourage export of essential goods to developing and underdeveloped member countries

    • E.

      To provide financial assistance to the various non-governmental organisations (NGO) for their projects in eradicating poverty, hunger and unemployment

    Correct Answer
    B. To provide long-term capital assistance to its member countries for their reconstruction & development
    Explanation
    The main function of the World Bank is to provide long-term capital assistance to its member countries for their reconstruction and development. This means that the World Bank provides financial support to countries in need, helping them fund projects and initiatives that aim to improve their infrastructure, economy, and overall development. This assistance is crucial for countries to overcome challenges and achieve sustainable growth.

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  • 16. 

    Which of the following is a factor affecting the currency trading?

    • A.

      Budget introduced by the government of the country

    • B.

      Demand & trade of goods & services of the country in the international market

    • C.

      Political conditions

    • D.

      Market psychology

    • E.

      All of the above

    Correct Answer
    E. All of the above
    Explanation
    All of the factors mentioned in the options can affect currency trading. The budget introduced by the government can impact the value of the currency as it reflects the country's economic policies. The demand and trade of goods and services in the international market can also influence the currency's value. Political conditions, such as stability or instability, can create uncertainty and impact currency trading. Lastly, market psychology, including investor sentiment and perception, can also have an effect on currency trading. Therefore, all of these factors play a role in currency trading.

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  • 17. 

    Which of the following is not a key investment objective of a multinational country?

    • A.

      Improve foreign investment climate

    • B.

      Ensure that the operations of enterprises are in harmony with government policies

    • C.

      Bring political and economic stability in the country

    • D.

      Strengthen the basis of mutual confidence between enterprises and the societies in which they operate

    • E.

      Enhance contribution of enterprise to sustainable development

    Correct Answer
    C. Bring political and economic stability in the country
    Explanation
    The correct answer is "Bring political and economic stability in the country". This is not a key investment objective of a multinational country because it is typically the responsibility of the government to bring political and economic stability in the country, not the multinational companies. Multinational companies may contribute to stability indirectly through their operations and investments, but it is not their primary objective. The other options listed are all key investment objectives that multinational companies strive to achieve.

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  • 18. 

    Which of the following is not a major category of risk associated with export credit?

    • A.

      Country risk

    • B.

      Foreign exchange risk

    • C.

      Financial risk

    • D.

      Quality risk

    • E.

      Business risk

    Correct Answer
    D. Quality risk
    Explanation
    Quality risk is not a major category of risk associated with export credit. Export credit typically focuses on risks related to the country, foreign exchange, financial, and business aspects of the transaction. Quality risk refers to the risk of the exported goods or services not meeting the expected standards or specifications, which is not directly related to the credit aspect of the export.

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  • 19. 

    Milton Friedman's thesis on corporate social responsibility argues that

    • A.

      Business corporations have only one responsibility and that is to increase their profits

    • B.

      Businesses have social responsibilty and it should create employment to people and improve the society

    • C.

      Business enterprises should follow the Triple BottomLine (TBL) concept in sustainable development

    • D.

      The business of a business is not only to do business

    • E.

      A business entity should contribute to development of society and should not harm the ecology & environment

    Correct Answer
    A. Business corporations have only one responsibility and that is to increase their profits
    Explanation
    Milton Friedman's thesis on corporate social responsibility argues that business corporations have only one responsibility, which is to increase their profits. According to Friedman, businesses should prioritize maximizing profits for their shareholders rather than focusing on social or environmental concerns. He believes that businesses are not equipped to solve societal problems and that it is the role of government and individuals to address these issues. This perspective emphasizes the importance of the free market and the pursuit of economic efficiency.

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  • 20. 

    The current Foreign Trade Policy of India is

    • A.

      Foreign Trade Policy 2012-2017

    • B.

      Foreign Trade Policy 2011-2016

    • C.

      Foreign Trade Policy 2010-2015

    • D.

      Foreign Trade Policy 2009-2014

    • E.

      Foreign Trade Policy 2008-2013

    Correct Answer
    D. Foreign Trade Policy 2009-2014
    Explanation
    The correct answer is "Foreign Trade Policy 2009-2014" because it is the only option that falls within the given time frame. The question asks for the current Foreign Trade Policy of India, and based on the options provided, the policy that is most current is the one that covers the years 2009-2014.

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  • Current Version
  • Mar 22, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Nov 29, 2013
    Quiz Created by
    Chandramana
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