What is a business objective?

A business objective is a statement of what the company has achieved or a statement of what the company is trying to achieve.

What is the fundamental objective of most businesses?

The main objective of any business is to earn a profit.

What is the meaning of the term Business?

A business (also known as an enterprise, a company, or a firm) is an organizational entity involved in providing goods and services to consumers.

What is the introduction to business in accounting?

The introduction to business in accounting is the understanding of cost behavior. Cost behavior is the way that a company's costs change in response to different levels of activity within the company. There are three primary types of cost behavior: fixed, variable, and mixed. Understanding how a company's costs behave is important for making informed business decisions.

What is the role of a business?

A company's main function is to provide consumers with the goods and services they need.

Introduction to Business MCQ Quiz With Answers

This test includes 25 multiple choice questions (MCQs) covering an introduction to business and business ethics.

It will be helpful for accounting and finance students as a tool to prepare for exams or interviews.

In this quiz, each question has 4 options. You need to choose the correct option to move onto the next question. Whenever you are ready, you can begin the test below.

1. Wages are paid for:

Short-term periods
Long-term periods
All of the above
None of the above

2. Which of the following is false?

One reason for the failure of small businesses is the lack of managerial experience
One reason for the failure of small businesses is that most entrepreneurs are younger than 25 years old
One reason for the failure of small businesses is negligence
One reason for the failure of small businesses is weak control systems

3. Which of the following is not a secondary industry?

Construction industry
Manufacturing industry
Genetics industry
Service industry

4. How many types of industries are there?

Two
Three
Four
Five

5. Primary industries are further divided into:

Extractive
Genetic
Both (1) and (2)
None of the above

6. Secondary industries are further divided into:

Construction
Manufacturing
Service
All of the above

7. Which one of the following statements is false?

There is no partnership income tax; the individual partners pay a personal income tax on their portion of partnership profits.
If the partnership agreement does not specify otherwise, profits will be shared equally by the partners.
A partnership balance sheet is similar to that of a proprietorship.
The death of a partner dissolves the partnership and all assets must be liquidated.

8. Which of the following are relevant to marketing?

Potential customer needs
The production process
Identifying customer needs
All of the given options

9. Which one of the countries shown below has a more collectivist culture?

USA
Japan
Pakistan
UK

10. New and revised products may be tested through:

Commercialization
Product life cycle
Family brands
Marketing research

11. In which of the following practices do two or more organizations collaborate on a project for mutual gain?

Limited partnership
Joint venture
Public corporation
Strategic alliance

12. When a manager focuses on making whatever products are easy to produce, and then trying to sell them, that manager has what kind of orientation?

Marketing orientation
Production orientation
Sales orientation
Profit orientation

13. What is the name given to the standards of moral behavior?

Legality
Loyalty
Integrity
Ethics

14. What is the process of locating, identifying, and attracting capable applicants called?

Downsizing
Human resource inventory report
Recruitment
Strategic human resource planning

15. Which of the following is excluded from the advantages of sole proprietorship?

Unlimited liability
Personal satisfaction
Entire profit
Independence

16. What is the combination of a product's qualities and features, its price, the way it is promoted and sold, and the places at which it is sold called?

Marketing mix
Product mix
Product differentiation
Product positioning

17. What is the name for the typical sequence of changes in demand for a product that occurs over time?

Business version statement
Product life cycle
Marketing research
Customer-oriented approach

18. Key controllable factors in global marketing are:

Marketing activities and plans
Social and technical changes
Government policy and legislation
All of the above

19. Which one of the following is an element of business?

Industry
Commerce
Both industry and commerce
Trade and aids to trade

20. What is the name for the first stage in evaluating a business?

Industrial revolution
Marketing era
Entrepreneurship
Globalization

21. Which of the following business types is associated with the longest lifetime?

Sole proprietorship
Partnership
Joint stock company
All of the above

22. Which of the following business types is required to pay double the level of taxes to the government?

Sole proprietorship
Partnership
Joint stock company
Cooperative societies

23. What is the name given to the set of rules and regulations needed to manage the internal affairs of a company?

Memurandum of association
Article of association
Prospectus
All of the above

24. General information such as the apportionment, election, and powers of directors, along with voting rights and transfer of shares, is mentioned where?