Economics Chapter Quiz Questions! Trivia
(6).webp "Economics Chapter Quiz Questions! Trivia - Quiz")
- 1.
Which of the following expresses Maslow’s Motivation Theory best ?
- A.
Importance of motivation of customer development
- B.
Why people are driven by particular need at particular times
- C.
Where human needs are arranged in a hierarcy
- D.
All of these
- E.
Only 2 and 3
Correct Answer
D. All of theseExplanation
Maslow's Motivation Theory suggests that human needs are arranged in a hierarchy, and individuals are driven by particular needs at particular times. Additionally, the theory emphasizes the importance of motivation in customer development. Therefore, the correct answer is "All of these" as all the options mentioned in the question are valid expressions of Maslow's Motivation Theory.Rate this question:
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- 2.
SWOT analysis refers to
- A.
Marketing tool to understand constraints and potentials of self and competitor
- B.
External environment analysis
- C.
Internal environment analysis
- D.
Strategic planning for selling product
- E.
South-West organization for trade
Correct Answer
A. Marketing tool to understand constraints and potentials of self and competitorExplanation
SWOT analysis is a marketing tool used to understand the constraints and potentials of oneself and competitors. It involves analyzing the strengths, weaknesses, opportunities, and threats faced by a company or product. By conducting a SWOT analysis, businesses can identify their competitive advantages and disadvantages, as well as potential opportunities and threats in the market. This information can then be used to develop effective marketing strategies and make informed business decisions.Rate this question:
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- 3.
Which of the following forms the highest share in household savings in India ?
- A.
Deposits
- B.
Currency
- C.
Share & Debentures
- D.
Real estate
- E.
Physical asset
Correct Answer
E. Physical assetExplanation
Physical assets form the highest share in household savings in India. This includes investments in properties such as land, buildings, and houses. These assets are considered a safe and tangible form of investment, providing long-term value and potential for appreciation. Additionally, physical assets offer a sense of security and stability, making them a popular choice for households to save their money.Rate this question:
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- 4.
When you desire to promote a customer, who of the following is a customer as defined by a bank ?
- A.
A person regularly visiting bank
- B.
A person regularly getting bank drafts issued
- C.
A person regularly maintaining a loan/deposit account
- D.
A person regularly getting bank drafts encashed
- E.
A person functioning as agent for a person maintaining a deposit Account
Correct Answer
A. A person regularly visiting bankExplanation
The correct answer is "A person regularly visiting the bank." This is because a customer, as defined by a bank, refers to someone who regularly visits the bank for various purposes such as making transactions, seeking financial advice, or utilizing banking services. This person may not necessarily have a loan or deposit account with the bank, but their regular visits establish a customer-bank relationship.Rate this question:
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- 5.
I understand marketing as ________
- A.
Only selling
- B.
Meeting human and social needs profitably
- C.
To focus on customer
- D.
To focus only on producing goods/service
- E.
Only 2 and 3
Correct Answer
E. Only 2 and 3Explanation
The correct answer is "Only 2 and 3". This means that the understanding of marketing goes beyond just selling products or services. It involves meeting human and social needs in a profitable manner and focusing on the customer. This answer suggests that marketing is not solely about producing goods or services, but also about creating value for customers and society as a whole.Rate this question:
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- 6.
For an economic organization like bank. MIS means_____
- A.
Middle Income Scheme
- B.
Management Information System
- C.
Management of Information & Science
- D.
Marketing Information System
- E.
Only 2 and 3
Correct Answer
B. Management Information SystemExplanation
MIS stands for Management Information System. In the context of an economic organization like a bank, MIS refers to the system used to manage and process information for effective decision-making and operational control. It involves gathering, storing, analyzing, and reporting data related to various aspects of the organization such as finance, operations, marketing, and human resources. MIS helps in improving efficiency, productivity, and overall performance by providing timely and accurate information to managers and other stakeholders.Rate this question:
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- 7.
The balance sheet of an organization gives information regarding______
- A.
Result of operations for particular period
- B.
The financial position as on a particular date
- C.
The operating efficiency of the firm
- D.
Financial position during a particular period
- E.
The operating health of the firm
Correct Answer
B. The financial position as on a particular dateExplanation
The balance sheet of an organization provides information about the financial position as on a particular date. It shows the assets, liabilities, and equity of the organization at a specific point in time. This information helps stakeholders assess the organization's financial health, liquidity, and solvency. It does not provide details about the result of operations for a particular period or the operating efficiency or health of the firm, which are typically found in the income statement or other financial reports.Rate this question:
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- 8.
Effecting Marketing helps in
- A.
Boosting the purchases
- B.
Boosting the sales
- C.
Diversified business
- D.
Realization of dreams
- E.
All of these
Correct Answer
B. Boosting the salesExplanation
Effecting marketing helps in boosting the sales by implementing strategies and tactics that attract and engage customers, ultimately leading to increased purchases. It involves understanding customer needs, creating effective marketing campaigns, and utilizing various channels to reach the target audience. By effectively promoting products or services, businesses can generate more sales and revenue, contributing to their overall success and growth.Rate this question:
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- 9.
A ‘Buyer’s Market’ means
- A.
Buyers are also sellers
- B.
Sellers are also buyers
- C.
There are no sellers
- D.
Demand exceeds supply
- E.
Supply exceeds demand
Correct Answer
E. Supply exceeds demandExplanation
A 'Buyer's Market' refers to a situation where the supply of goods or services exceeds the demand from buyers. In this scenario, there are more sellers than buyers, giving buyers the advantage of having more options and the ability to negotiate for better prices and terms. This term is commonly used in the real estate market, where there are more houses available for sale than there are potential buyers.Rate this question:
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- 10.
The sequence of a sales process
- A.
A call, a lead, presentation and sale
- B.
A lead, a call, presentation and sale
- C.
Presentation, sale, lead and call
- D.
Presentation, lead, sale and call
- E.
Sale, call, lead and presentation
Correct Answer
B. A lead, a call, presentation and saleExplanation
The correct answer is "a lead, a call, presentation and sale." This sequence follows a logical flow of the sales process. First, a lead is generated, indicating a potential customer. Then, a call is made to establish contact and gather more information about the lead. Next, a presentation is given to showcase the product or service and convince the lead to make a purchase. Finally, the sale is made, completing the sales process. This sequence ensures that the salesperson has gathered enough information about the customer, built rapport, and effectively communicated the value of the product before closing the sale.Rate this question:
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- 11.
A presentation means
- A.
Display of products
- B.
Explaining the utility of product
- C.
A gift
- D.
Display of communication skills
- E.
All of these
Correct Answer
E. All of theseExplanation
A presentation encompasses various aspects such as displaying products, explaining their utility, showcasing communication skills, and even gifting. Therefore, the correct answer is "All of these" as it includes all the mentioned options.Rate this question:
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- 12.
Value-added services means
- A.
Giving full value for money
- B.
Better value for better price
- C.
Costlier service
- D.
Additional service
- E.
All of these
Correct Answer
D. Additional serviceExplanation
Value-added services refer to additional services provided by a company that enhance the value and utility of their primary product or service. These services go beyond the basic offering and provide extra benefits or features to the customers. This could include things like extended warranties, free installation, 24/7 customer support, or personalized consultations. By offering these additional services, companies aim to differentiate themselves from competitors and provide a more comprehensive and satisfying experience for their customers.Rate this question:
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- 13.
‘Niche’ Market means
- A.
A free market
- B.
A social market
- C.
Equity market
- D.
Capital market
- E.
A specified market for the target group
Correct Answer
E. A specified market for the target groupExplanation
A 'niche' market refers to a specific market that caters to a particular target group or a specialized segment of consumers. This market focuses on fulfilling the unique needs and preferences of a specific group of customers, rather than catering to the broader market. A niche market often has less competition and allows businesses to tailor their products or services to meet the specific demands of the target audience.Rate this question:
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- 14.
A Market Plan is
- A.
Company’s prospectus
- B.
Same as Memorandum of Association
- C.
A document of marketing strategies
- D.
Business goals
- E.
Action plan for better production
Correct Answer
C. A document of marketing strategiesExplanation
A Market Plan is a document of marketing strategies. It outlines the specific actions and tactics that a company will undertake to promote and sell its products or services. It includes details on target markets, marketing objectives, pricing strategies, promotional activities, and distribution channels. The market plan helps the company to identify and understand its customers, competitors, and market trends, and provides a roadmap for achieving its marketing goals.Rate this question:
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- 15.
Competition helps to
- A.
Diminish sales
- B.
Boost sales
- C.
Neutral effect
- D.
All of these
- E.
None of these
Correct Answer
B. Boost salesExplanation
Competition helps to boost sales because it encourages businesses to improve their products and services in order to attract customers. When there are multiple companies offering similar products, they have to compete with each other by offering better quality, lower prices, or unique features. This competition ultimately benefits the consumers as they have more options to choose from and can get better value for their money. Additionally, competition can also lead to increased marketing and advertising efforts, which can further drive sales.Rate this question:
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- 16.
Negotiation skills help in
- A.
Arriving at a consensus
- B.
Breaking the ice
- C.
Carry marketing further
- D.
Mutual win-win result of bargaining
- E.
All of these
Correct Answer
E. All of theseExplanation
Negotiation skills are essential in various situations. They help in arriving at a consensus by facilitating effective communication and understanding between parties. Breaking the ice is another aspect of negotiation skills as it involves creating a comfortable and open atmosphere for discussions. Negotiation skills also play a crucial role in carrying marketing further by enabling successful deal-making and building strong business relationships. Ultimately, negotiation skills aim to achieve a mutual win-win result of bargaining, where all parties involved benefit. Therefore, the correct answer is that negotiation skills help with all of these aspects.Rate this question:
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- 17.
Good Public Relations indicate
- A.
Improved Marketing skills
- B.
Improved Brand Image
- C.
Improved Customer Service
- D.
All of these
- E.
None of these
Correct Answer
D. All of theseExplanation
Good public relations can lead to improved marketing skills because positive relationships with the public can help a company better understand its target audience and tailor its marketing efforts accordingly. It can also lead to improved brand image as positive interactions with the public can enhance the perception of the company and its products or services. Additionally, good public relations can result in improved customer service as maintaining positive relationships with the public can help a company better understand and meet the needs of its customers. Therefore, all of these options are correct.Rate this question:
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- 18.
Market Plan is
- A.
An action plan for day-to-day marketing
- B.
Effective selling steps
- C.
Effective buying steps
- D.
A comprehensive documents for marketing strategies
- E.
All of these
Correct Answer
D. A comprehensive documents for marketing strategiesExplanation
The correct answer is "a comprehensive document for marketing strategies." This answer is the most accurate because a market plan is a detailed and comprehensive document that outlines the strategies and tactics to be used in marketing a product or service. It includes information about target markets, marketing objectives, pricing, distribution channels, and promotional activities. It is a crucial tool for businesses to plan and execute their marketing efforts effectively.Rate this question:
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- 19.
Target group means
- A.
All employees
- B.
Short-listed group
- C.
All the marketing staff
- D.
Sales representatives
- E.
Group of people likely to buy the identified product
Correct Answer
E. Group of people likely to buy the identified productExplanation
The term "target group" refers to a specific segment of people who are likely to purchase a particular product or service. It is a group of individuals who have been identified as potential customers based on their demographics, interests, needs, or purchasing behavior. This group is the focus of marketing efforts and strategies, as companies aim to tailor their products and messages to meet the needs and preferences of these potential buyers.Rate this question:
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- 20.
The target group for Home Loans are
- A.
Individuals
- B.
Salaried persons
- C.
Businessmen
- D.
Professionals
- E.
All of these
Correct Answer
E. All of theseExplanation
The target group for Home Loans includes individuals, salaried persons, businessmen, and professionals. This means that anyone belonging to any of these categories can apply for a home loan. The answer "All of these" indicates that the target group for home loans encompasses all these categories, making it an inclusive option for anyone who falls under these classifications.Rate this question:
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