BUSINESS QUIZ

1. ____________ is the sum total of those processes which are engaged in the
removal of hindrances of persons, places and time in the exchange of
commodities.

(a) Business (b) Commerce

(c) Industry (d) Trade

2. An industry that plays a critical role in a nation’s economy is known as

____________

(a) Growth Industry (b) Key Industry

(c) Primary Industry (d) None of these

3. The French term ‘BOURSE’ refers to ____________

(a) Bank (b) Business

(c) Stock Market (d) Wealth

4. A cheque that becomes payable and negotiable on a future date specified.

(a) Ante-dated cheque (b) Bounced cheque

(c) Post-dated cheque (d) Stale cheque

5. ATM stands for

(a) Automatic Transfer of money

(b) Automatic Teller Mechanism
(c) Automate Transfer Machine
(d) Automated Teller Machine

6. LPG stands for

(a) Liberalization, Privatisation and Globalisation

(b) Liberalisation, Privatisation and Growth
(c) Liberation, Performance and Growth
(d) Liberalisation, performance and Globalisation

7. ____________ is the watch dog of Indian Capital market.

(a) RBI (b) Ministry of Finance

(c) SEBI (d) None of these
8. GST stands for

(a) Government Sales Tax (b) General Sales Tax

(c) Goods and Services Tax (d) Goods Supply Tax

9. ____________ refers to the minimum number of members present at a meeting to

enable decisions to be valid.

(a) Agenda (b) Proxy

(c) Minutes (d) Quorum

10. ____________ means finding an outside person or organization to carry out part
of year work process in order to cut costs or to obtain better service.

(a) Vetting (b) Wagering

(c) Poaching (d) Outsourcing

11. ____________ is the idea that the owners are financially responsible only for the
amount they have invested in the business rather than their personal wealth.

(a) Limited Liability (b) Unlimited Liability

(c) Contingent Liability (d) Outstanding Liability

12. ____________ means bringing a new idea into being within the market place or
workplace.

(a) Invention (b) Innovation

(c) Illusion (d) Diffusion

13. Blue Chip company refers to ____________

(a) Company dealing in illegal activities

(b) Company dealing in fishing and allied activities
(c) A company that produces films with ‘A’ certificate.
(d) A company that is well established and financially sound.

14. Heavy amount spend for the development of new products is called
____________

(a) Revenue Expenditure (b) Capital Expenditure

(c) Deffered Revenue Expenditure (d) Fixed Assets
15. Accounting Cycle is the complete sequence of accounting procedures which are
repeated in the same sequence in each year beginning with the recording of
transaction in the journal and ending with the preparation of

(a) Trial balance (b) Closing entries

(c) Final Accounts (d) Adjusting Entries

16. Goodwill, Patents, Copy Rights, etc. are examples of

(a) Fictitions Assets (b) Circulating Assets

(c) Outstanding Assets (d) Intangible Assets

17. A cheque on which two parallel lines are drawn on the face of it is said to be
____________

(a) A marked cheque (b) A crossed cheque

(c) An order cheque (d) A bearer cheque

18. The present Companies Act in force in India is the ____________ Indian
Companies Act of

(a) 1956 (b) 1991

(c) 1932 (c) 2013

19. Reserve bank of India is an example of a ____________ company.

(a) Chartered (b) Statutory

(c) Registered (d) Government

20. Pay-in slip is used to ____________

(a) Draw money from the bank (b) Apply for a DD

(c) Deposit Cash / Cheque into the bank
(d) Transfer cash from one bank to another

21. ____________ is allowed to encourage a debtor to make prompt payment

(a) Cash Discount (b) Trade Discount

(c) Quantity Discount (d) Rebate

22. ____________ is the speculator who expects the prices to rise in future.

(a) Bear (b) Bull

(c) Stag (d) Lame duck
23. In management science the concept of POSDCORB was given by

(a) PETER DRUCKER (b) HENRY FAYOL

(c) FW TAYLOR (d) LUTHER GULLICK

24. Which is the correct Accounting Equation

(a) Assets = Capital – Liabilities

(b) Assets = Liabilities – capital
(c) Capital = Assets + Liabilities
(d) Assets = capital + Liabilities

25. In marketing terminology, ‘USP’ stands for

(a) Unique Selling Principle

(b) Unique Selling Power
(c) Unique Sales Promotion
(d) Unique Selling Proposition

26. The Chartered Accountants Act was passed in the year.

(a) 1956 (b) 1951

(c) 1949 (d) 1939

27. Gilt – edged securities refer to

(a) Shares of IT companies

(b) Debentures
(c) Securities of Gold Mining Companies
(d) Government Securities

28. Actuary is a term concerned with

(a) Advertising (b) banking

(c) Insurance (d) Stock Exchanges

29. Barter system refers to ____________

(a) Exchange of goods against goods

(b) Exchange of goods against money

(c) Exchange of goods at free of cost

 (d) Exchange of goods against cheque

30. E and OE stands for

(a) Errors and Omissions Expected

(b) Errors and Omissions Excepted
(c) Errors and Omissions Exempted
(d) Errors or Omissions Expected

31. A method of displaying of financial statements to the best advantage is known as

____________

(a) Window Display (b) Window Dressing

(c) Marshalling (d) None of these

32. The word Budget has its origin in the French word Bougette, which means
____________

(a) Business (b) Estimation

(c) Leather Brief case or Bag (d) Finance

33. Identified and measured economic events should be recorded in ____________

order

(a) Serial (b) Chronological

(c) Alphabetical (d) Logical

34. ____________ means collection of facts and figures related with a particular area.

(a) Information (b) Data

(c) Survey (d)

35. ____________ in the life blood of business

(a) Human Resource (b) Technology

(c) Finance (d) None of these

36. The most important Document of a company is ____________

(a) Prospectus (b) Annual Report

(c) Memorandum of Association
(d) Articles of Association
37. The balance sheet is only ____________

(a) An Account (b) A summary of all transaction

(c) A Statement (d) None of these

38. Business means ____________

(a) Commerce (b) Industry and Commerce

(c) Trade and Commerce (d) Buying and selling of goods

39. Advertising removes which hindrance of Commerce

(a) Place (b) Person

(c) Finance (d) Information

40. Which of the following is not an economic activity?

(a) Production (b) Social Service

(c) Professional Service (d) Trading