Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Fundamentals of Business Economics and ManagementTotal Number of Question: 40Time: 41 MinutesPlease check your email after completion of test for result.All the best... Name Phone No Email State 1. The central problem of an economy is: Unlimited wants Scarcity of resources Economic growth High population None 2. The concept of opportunity cost is: The cost of producing one additional unit The cost of the next best alternative foregone The cost of using resources The cost incurred to produce a good None 3. In a capitalist economy, resources are allocated by: The government Central planning authority Market forces International organizations None 4. Demand for a good is said to be elastic when: Price changes do not affect quantity demanded Quantity demanded changes more than price Quantity demanded changes less than price Price remains constant None 5. Which of the following is a feature of monopolistic competition? Homogeneous products No barriers to entry Single seller Perfect knowledge of market conditions None 6. When total revenue equals total cost, the firm is said to: Make a profit Incur a loss Break even Be at maximum profit None 7. The law of demand states that: Price and demand are directly proportional. Price and demand are inversely proportional Demand and supply are unrelated. None of the above. None 8. In the long run, all costs are: Fixed Variable Sunk Margina None 9. The slope of a production possibility curve represents: Opportunity cost Marginal cost Total revenue Elasticity of demand None 10. Which market structure has the least competition? Perfect competition Oligopoly Monopoly Monopolistic competition None 11. Henry Fayol is known as: The father of scientific management The father of modern management theory The father of administrative management The father of quality management None 12. Management is: A science only An art only Both a science and an art Neither science nor art None 13. The process of setting objectives and determining how to accomplish them is called: Organizing Planning Directing Controlling None 14. The primary function of management is: Staffing Organizing Planning Controlling None 15. Motivation is related to: Planning Organizing Directing Staffing None 16. Which of the following is a part of Maslow's hierarchy of needs? Legal needs Social needs Technological needs Economic needs None 17. Delegation involves: Transferring decision-making authority Eliminating responsibilities Increasing organizational hierarchy Avoiding supervision None 18. A good control system ensures: Planning is accurate Organizational goals are achieved Higher profits Employee satisfaction None 19. Leadership that focuses on clear rules and authority is: Democratic leadership Transformational leadership Autocratic leadership Laissez-faire leadership None 20. In a SWOT analysis, opportunities are: Internal conditions favorable to the organization External conditions that could benefit the organization o Strengths within the organization o Weaknesses of competitors None 21. A business cycle refers to: The periodic fluctuations in economic activity The growth of a single industry over time The lifespan of a business The supply chain of a product None 22. Which of the following is NOT a function of management? Planning Staffing Marketing Organizing None 23. The principle of division of work was introduced by: F.W. Taylor Henry Fayol Max Weber Peter Drucker None 24. Elasticity of demand can be expressed as: % change in price ÷ % change in demand % change in demand ÷ % change in price Price ÷ demand Demand ÷ price None 25. Fiscal policy deals with: Interest rates Taxation and government spending Money supply Stock market None 26. The break-even point occurs when: Total revenue equals fixed cost Total revenue equals variable cost Total revenue equals total cost Marginal cost equals fixed cost None 27. The primary objective of financial management is to: Maximize profits Maximize the wealth of shareholders Ensure liquidity Minimize costs None 28. Which of these is an economic activity? Cooking at home Teaching in a school for salary Gardening for personal pleasure Volunteering at an NGO None 29. The study of individual economic units is called: Macroeconomics Microeconomics Econometrics Monetary economics None 30. The main aim of advertising is to: Reduce competition Generate employment Promote sales Lower costs None 31. The process of decision-making in an organization begins with: Implementing solutions Identifying the problem Allocating resources Monitoring performance None 32. Marginal cost is the cost of: Producing one more unit of a good Producing all units of output The fixed costs of production Marketing a product None 33. A supply curve typically slopes: Upward from left to right Downward from left to right Vertically Horizontally None 34. A budget is primarily used for: Hiring new employees Planning and controlling financial resources Setting long-term goals Conducting market research None 35. An organization structure that groups similar activities together is called: Functional structure Matrix structure Divisional structure Network structure None 36. The key determinant of price elasticity of demand is: Availability of substitutes Cost of production Government policies Distribution channels None 37. Which theory states that employees are motivated by their perception of fairness? Maslow's Hierarchy of Needs Herzberg's Two-Factor Theory Equity Theory Theory X and Theory Y None 38. In which type of economy does the government decide what to produce and for whom? Mixed economy Market economy Command economy Traditional economy None 39. What is the primary purpose of the organization function in management? To ensure employee satisfaction To assign tasks and allocate resources To measure performance To motivate employees None 40. A major advantage of division of labor is: Improved job satisfaction Decreased production speed Increased productivity and efficiency Reduced need for training None 1 out of 4 Great job on taking the INCOC Test! We appreciate your interest in test.Look out for results and future opportunities.Stay Connected !! Your quiz time is about to finish. Few seconds left. 1 2 3 4 Time's upYou cannot switch tabs while taking this quiz!You are not allowed to switch tabs violation has been recorded.you cannot minimize full screen mode!You are not allowed to minimize full screen while taking this quiz, violation has been recorded.Access denied! To begin the quiz, please grant this quiz access to your camera.Time is Up!Time is Up!
