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1) Gross profit does NOT include: a. Rent of land owned by the firm b. Interest on capital owned by firm c. Pure profit d. Taxes
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2) Some economists say that profit earner is a kind of: a. Rent receiver b. Interest receiver c. Wage earner d. Govt. officer
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3) Risks in the business arise because of: a. Introduction of the new products b. Uncertain policy of rival firms c. Changes in tastes d. All the above
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4) According to Professor Knight risks are of _____ kinds: a. 2 b. 3 c. 4 d. many
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5) This is not a function of the entrepreneur: a. Supervise b. Innovate c. Lend money d. Prepare plan
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6) Business can be defined as: a. Selling of goods b. Buying of goods c. A market place d. Trade, commerce and industry
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7) What can be the maximum number of partners in a partnership firm? a. 10 b. 15 c. 20 d. 25
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8) Which form of business organisation would be most suitable for a capital intensive business? a. Sole proprietorship b. Partnership c. Co-operative society d. Joint-stock company
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9) According to the systems approach, a system is the: a. Sum total of all its components b. Orderly arrangement of its components in a coordinated manner c. A combination of some of the components d. A systemic view of the organisation
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10) A business organistion has constant and invisible interaction with its: a. Employees b. Suppliers and customers c. External environment d. Government
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11) The asset limit above which a company or group would be covered under the MRTP in India for concentration of economic power is: a. Rs 50 lakh b. Rs 1 crore c. Rs 20 crore d. Rs 100 crore
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12) Which one of the following refers to 'factoring services'? a. Guaranteeing realisation from debtors b. Financing working capital c. Providing project consultancy d. None of the above
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13) A consumer complaint is registered by the MRTP Commission in India on a complaint made by at least: a. 5 consumers b. 25 consumers c. 50 consumers d. 100 consumers
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14) Vertical combination implies: a. Formation of pools and cartels b. Integration of enterprises engaged in different stages of production of a particular product c. A group 01 organisations having common sales set-up d. Integration of enterprises engaged in manufacturing similar products
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15) An indirect tax is one where: a. Tax is levied on wealth b. Tax is levied always on products c. Points of impact and incidence are the same d. Points of impact and incidence are different
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16) Which one of the following is an example of indirect tax? a. Corporation tax b. Wealth tax c. Income tax d. Sales tax
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17) The incidence of tax refers to: a. The effect produced by the tax b. The rate of taxation c. One who bears the ultimate money burden of the tax d. One who is immediately responsible to pay the tax
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18) Who is generally regarded as the father of modern management? a. F.W.Taylor b. Henry Fayol c. James D.Mooney d. Alan C. Reiley
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19) The term Managerical Rovolution refers to the prediction that with the expansion in size of business units, world affairs will eventually be in the hands of a few powerful managers. Who made use of this term? a. J.Burnham b. F.W.Taylor c. Alfred Marshall d. J.K.Galbraith
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20) The principle of scientific management implies: a. Replacement of rules of thumb by scientific principles of management b. Managing business in a scientific way c. Use of science in business d. Human approach to management
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21) Objectives in the context of management may be defined as: a. Laying down targets to be achieved over a period of time b. The end result, which an organisation tries to attain c. The purpose for the organization's survival d. Parameters for unified planning
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22) The two key factors in 'management by objectives' are: a. Performance evaluation and objectives b. Democratic goal-setting and verifiable objectives c. Systems approach and long-range planning d. Short-run goods and flexibility
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23) An informal organisation is one where: a. There is no division of work b. Jobs of individuals are not precisely defined c. The structure is not prescribed by formal authority d. There are no fixed hours of work
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24) The first level of needs in Maslow's 'need hierarchy is: a. Social needs b. Security needs c. Physiological needs d. Esteem needs
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25) Planning and control are related in such a way that: a. Planning precedes control b. Control precedes planning c. Both are concurrent d. Both go hand-in-hand with each other in a cyclical manner
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26) Communication is complete when the: a. Message is sent by the sender b. Message is received by the receiver c. Message is received and understood by the receiver d. Message is further transmitted by the receiver
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27) A private company must have at least: a. 2 members b. 5 members c. 7 members d. 10 members
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28) Unless the Articles of Association otherwise provide, the quorum for a general meeting of a public company is: a. One-third of the total members b. Five members personally present c. Seven members personally present d. Twenty members personally present
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29) A Special resolution is one, which is passed in a general meeting by: a. A simple majority of votes b. Two-third majority of votes c. Three-fourth majority of votes d. Three-fifth majority of votes
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30) A share warrant can be issued by: a. Private companies only b. Public companies only c. Both public and private companies d. Government companies only
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31) What is the minimum number of shareholders necessary for a public company? a. 5 b. 7 c. 11 d. 20
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32) The share capital of a company refers to: a. Equity share capital b. Preference share capital c. Equity and preference share capital d. Equity and preference share capital and debentures
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33) Within how many days of the declaration of divident must divident warrants be posted to shareholders? a. 21 days b. 30 days c. 42 days d. 60 days
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34) In which year was the Indian Contract Act passed? a. 1850 b. 1872 c. 1926 d. 1939
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35) Any agreement by a minor which is beneficial to him is a: a. Void agreement b. Illegal agreement c. Valid contract d. Void contract
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36) The liability of partners in a partnership firm is: a. Joint and several b. Joint and alternative c. Alternative d. Joint
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37) What is the maximum number of partners necessary in a partnership firm carrying on banking business? a. 5 b. 10 c. 15 d. 20
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38) The suit for specific performance in case of breach of contract may be filed only where the subject matter relates to: a. Movable goods b. Immovable property c. Perishable goods d. Personal skill and qualifications
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39) Which one of the following is a void agreement? a. Agreement in restraint of trade b. Agreement whose object is illegal c. Agreement in respect of sale of goodwill d. Service agreements containing negative stipulations during the tenure of service
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40) Crossing a cheque 'Not Negotiable' affords security against: a. Negotiation of cheque b. The ft of cheque c. Payment to wrong banker or account d. None of the above
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41) Non-registration of a partnership does not affect the: a. Suit by a partner against the firm or other co-partners b. Suit by the firm against third parties c. Suit by third parties against the firm d. Claim of set-off or other proceedings on a contract by the firm
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42) Organisation Theory is concerned with the: a. Development of an organisation as an economic unit b. Study to explain the nature and composition of organisations as a social or human group c. Rules governing an organisation d. Human behaviour at work
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43) With which of following is Behavioural Science in management related? a. Organizational response to its environment b. Scientific study of human behaviour c. Superior-subordinate behaviour within an organisation d. None of the above
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44) Job-enrichment means: a. More tasks of the same general nature b. More tasks providing greater challenge c. Change or variation of job after a time perior d. None of the above
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45) An organisation structure refers to the: a. Nature of superior-subordinate relationship b. Relationships and dependencies within an organisation c. Extent of delegation of authority in the organisation d. Flow of authority and responsibility
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46) Finance is concerned with: a. Arrangement of funds b. Identification of sources of funds c. Recording utilisation of funds d. All of the above
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47) Current Ratio is the ratio of: a. Current assets to current liabilities b. Current liabilities to current assets c. Fixed assets to total liabilities d. Current assets to total liabilities
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48) Debt Equity Ratio refers to the ratio of: a. Debtors to equity share capital b. Long term debt to shareholders' equity c. Total debt to equity share capital d. Long term debt to equity share capital
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49) Trading on eqrity' means: a. Use of equity share capital for trade financing b. Use of fixed-interest borrowed funds for getting a higher return on equity c. Having no borrowed funds d. Trading in equity share capital
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50) Cost of goods sold refers to: a. Sales minus gross profits b. Sales minus profits c. Cost of materials, labour and overheads d. None of the above
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