Introduction To Business MCQs | MGT211 MCQs | Set 3
Introduction To Business MCQs | MGT211 MCQs | Set 3
MCQs (Multiple Choice Questions)
1) Star Electronics sales TV of different styles, colour TV black and white TV different sizes of screeen it is called:
a) Product development
b) Product mix
c) Product line
Correct Answer:
The correct answer is 'b'.
Explanation:
The term "Product mix" refers to the complete range of products that a company offers to its customers. In this case, Star Electronics sells TVs of different styles, colors, types (black and white), and screen sizes represent a variety of products within their product mix. Each individual type of TV (styles, colors, etc.) makes up a part of the broader product mix that the company provides. Product line (c) refers to a subset of the product mix, consisting of related products that serve a similar market segment or have similar characteristics. Product development (a) typically refers to creating new products or enhancing existing ones.
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2) Management, marketing and finance are key points of a/an:
a) Accounting plan
b) Business plan
c) Information systems
Correct Answer:
The correct answer is 'b'.
Explanation:
A business plan typically includes key points related to management, marketing, and finance. It outlines the overall strategy, goals, and operations of a business. Management details how the business will be organized and operated, marketing covers how products or services will be promoted and sold, and finance addresses the financial aspects such as budgeting, funding, and projections. An accounting plan (a) might focus more specifically on accounting-related aspects, and information systems (c) could refer to technology and data management aspects of a business.
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3) A stratergy in which promotional campaign is targeted on end buyer is called:
a) Pull stratergy
b) Penetration stratergy
c) Push stratergy
Correct Answer:
The correct answer is 'a'.
Explanation:
A pull strategy is a marketing strategy in which promotional efforts are focused on the end buyer or consumer. The goal of a pull strategy is to create demand from the consumers, so they actively seek out and request the product from retailers or distributors. This approach often involves using advertising, social media, influencer marketing, and other consumer-focused tactics to generate interest and demand for the product.
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4) Four cost concepts are important in pricing descisions, total cost, fixed cost, variable cost and:
a) Spending cost
b) Promotion cost
c) Product cost
Correct Answer:
The correct answer is 'c'.
Explanation:
In pricing decisions, four important cost concepts include total cost, fixed cost, variable cost, and product cost. Product cost refers to the cost associated with producing a specific product or service. It includes both fixed and variable costs that are directly attributed to the production of that particular product. This information helps businesses determine a suitable pricing strategy to cover their costs and achieve desired profit margins.
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5) At the time of midnight, Amir visits 2KM away from hospital photocopy shop due to unavailability of the facility in University, it is called:
a) Time utility
b) Form utility
c) Place utility
Correct Answer:
The correct answer is 'c'.
Explanation:
Place utility refers to the value or usefulness that is created by making a product or service available at a convenient location for customers. In this scenario, Amir's visit to a photocopy shop that is 2 kilometers away from the university (where the facility is unavailable) demonstrates the concept of place utility. The shop's location adds value to the product (photocopying service) by making it accessible to customers who need it in that specific place.
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6) A firm can charge a higher price without losing its customers it doe snot have much:
a) Production
b) Industry demand
c) Advertising
d) Competition
Correct Answer:
The correct answer is 'd'.
Explanation:
If a firm operates in an environment with limited or weak competition, it can charge higher prices without losing customers. When there are few or no direct competitors offering similar products or services, customers might have fewer alternatives to choose from. As a result, the firm has more pricing power and can set higher prices without facing immediate customer defection.
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7) The degree to which a tool or text measures what is supposed to measure is known as :
a) Validity
b) Reliability
c) Dependability
Correct Answer:
The correct answer is 'a'.
Explanation:
Validity refers to the extent to which a tool, test, or measurement accurately assesses what it is intended to measure. In other words, it measures the degree to which the results of a test represent the true qualities or characteristics of the subject being tested. Reliability (b) refers to the consistency and stability of a measurement over time and across different conditions. Dependability (c) is related to the consistency and trustworthiness of research findings and can be seen as similar to reliability.
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8) Which of the following is not included as a basic idea in the definition of marketing concepts.
a) Total company effort
b) Profit
c) Productivity
d) Customer satisfaction
Correct Answer:
The correct answer is 'c'.
Explanation:
The concept of productivity is not typically included as a basic idea in the definition of marketing concepts. Marketing concepts focus on customer-centric approaches to creating and delivering value to customers, which ultimately leads to customer satisfaction and organizational success. While productivity is important for overall business efficiency, it is not a fundamental aspect of marketing concepts.
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9) Which of the following is the oldest form of business organization:
a) Cooperative society
b) Sole proprietorship
c) Partnership
d) Company
Correct Answer:
The correct answer is 'b'.
Explanation:
Sole proprietorship is the oldest and simplest form of business organization. It involves a single individual who owns and operates the business. This form of business has been practiced for centuries, with individuals conducting trade and providing services on their own.
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10) Mr Mohsin is a software developer and has its own business in the same field. Most of the time he purchased dfferent kinds of softwares from somewhere else and sold them domestically. Mr Mohsin is invloved in:
a) Imports
b) Exports
c) Trading
d) Globalization
Correct Answer:
The correct answer is 'c'.
Explanation:
Mr. Mohsin's activity of purchasing different kinds of software from somewhere else and selling them domestically falls under the category of trading. Trading involves buying and selling goods or products, often without altering their form, to earn a profit. The act of importing (a) refers to bringing goods into a country from abroad, while exporting (b) involves sending goods to other countries for sale. Globalization (d) is a broader concept that refers to the interconnectedness of economies and cultures on a global scale.
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