MGT211 MCQs Lectures 1-22 by BSCS

MCQs on Business Concepts

Q1. What is the primary motive of business?

o A) Social welfare o B) Earning profit o C) Creating employment o D) Producing goods o Answer: B) Earning profit

2. According to L. H. Haney, business is defined as activities directed toward:

o A) Social development o B) Acquiring wealth o C) Creating jobs o D) Satisfying consumer needs o Answer: B) Acquiring wealth

Q3. Which of the following is NOT a characteristic of a good business?

o B) Irregular transactions o C) Creation of utility o D) Sale or transfer for value o Answer: B) Irregular transactions

Q4. What does 'utility' refer to in business?

o A) Profit earned o B) Satisfaction of human needs o C) Cost of production o D) Employment generation o Answer: B) Satisfaction of human needs

Q5. Which of the following is a component of business?

o A) Marketing o B) Industry o C) Management o D) All of the above o Answer: B) Industry

Q6. What type of industry deals with the extraction of raw materials?

o A) Secondary Industry o B) Tertiary Industry o C) Primary Industry o D) Service Industry o Answer: C) Primary Industry

Q7. In which type of trade are goods sold in large quantities to shopkeepers?

o A) Retail Trade o B) Wholesale Trade o C) Foreign Trade o D) E-commerce o Answer: B) Wholesale Trade

Q8. Which of the following is NOT an aid to trade?

o A) Banking o B) Advertising o C) Production o D) Transportation o Answer: C) Production

Q9. What does SWOT analysis stand for?

o A) Strengths, Weaknesses, Opportunities, Threats o B) Sales, Wages, Organization, Training o C) Systems, Workforce, Operations, Technology o D) Strategy, Work, Objectives, Target o Answer: A) Strengths, Weaknesses, Opportunities, Threats

Q10. Which of the following is a quality of a good businessman?

o A) Indecisiveness o B) Hardworking o C) Negligence o D) Arrogance o Answer: B) Hardworking

Q11. Which economic system allows for little or no government intervention?

o A) Planned economy o B) Free market economy o C) Mixed economy o D) Socialist economy o Answer: B) Free market economy

Q12. What is the role of 'entrepreneurship' in business?

o A) Managing labor o B) Allocating resources and assuming risks o C) Funding business operations o D) Regulating market prices o Answer: B) Allocating resources and assuming risks

Q13. Which component of business is concerned with providing services?

o A) Industry o B) Commerce o C) Manufacturing o D) Extraction o Answer: B) Commerce

Q14. Which of the following is an example of a primary industry?

o A) Textile mill o B) Construction o C) Fishing o D) Banking o Answer: C) Fishing

Q15. Which of the following factors is NOT considered an internal factor?

o A) Management efficiency o B) Market competition o C) Employee skills o D) Financial resources o Answer: B) Market competition

Q16. Which type of trade involves the purchase of goods from other countries?

o A) Export Trade o B) Domestic Trade o C) Import Trade o D) Wholesale Trade o Answer: C) Import Trade

Q17. Which of the following is considered an external factor?

o A) Employee turnover o B) Market trends o C) Financial stability o D) Organizational culture o Answer: B) Market trends

Q18. What is one of the key characteristics of secondary industry?

o A) Production of raw materials o B) Construction and manufacturing o C) Extraction of resources o D) Providing services o Answer: B) Construction and manufacturing

Q19. What is the main function of warehousing in commerce?

o A) Marketing products o B) Storing goods o C) Transporting goods o D) Financing production o Answer: B) Storing goods

Q20. Which quality involves a businessman’s ability to motivate and activate workers?

o A) Cooperation o B) Activator o C) Decision making o D) Discipline o Answer: B) Activator

Q21. A good businessman must have which of the following qualities?

o A) Tactfulness o B) Laziness o C) Disinterest o D) Rudeness o Answer: A) Tactfulness