Business Awareness Questions

Q:

A binding price floor causes

A) Excess demand for the goods B) Surplus supply of goods
C) Less supply of goods D) No demand for the goods
 
Answer & Explanation Answer: B) Surplus supply of goods

Explanation:

A price floor is the minimum price that can be charged. A binding price floor occurs when the government sets a required price on goods at a price above equilibrium. Because the government requires that prices not drop below this price, that price binds the market for that good.

A binding price ceiling is one that is set below equilibrium price.

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Q:

The buying and selling of goods is called

A) Commerce B) Telecommunication
C) Trade D) Business
 
Answer & Explanation Answer: C) Trade

Explanation:

The buying and selling of goods is called Trade. Trade is a part of business where goods and services are exchanged for mney and mainly to earn profit. Commerce is used to describe trade and all the other business activities and services which make trade possible like banking, insurance, transport and advertising.

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Q:

Inclusive unionism is practiced mostly by

A) industrial unions B) professional and semiprofessional employees
C) craft unions D) small unions comprised of skilled workers, such as the bricklayers
 
Answer & Explanation Answer: A) industrial unions

Explanation:

Inclusive unionism is practiced mostly by industrial unions. The practice of a labor union of including as members all workers employed in an industry is called as Inclusive unionism.

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Q:

Product costs are also called

A) Inventoriable Costs B) Voluntary Costs
C) Vulnerable Costs D) None of the above
 
Answer & Explanation Answer: A) Inventoriable Costs

Explanation:

Product costs are also called Inventoriable Costs, since the product costs are used to value their goods in inventory.

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Q:

A major purpose of cost accounting is to

A) measure, record and report product costs B) classify all the product costs
C) to provide information to stockholders for investment decisions D) All of the above
 
Answer & Explanation Answer: A) measure, record and report product costs

Explanation:

A major purpose of cost accounting is to measure, record and report product costs.

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Q:

Black markets are associated with

A) Price floors and the resulting product shortages B) Ceiling prices and the resulting product shortages
C) Price floors and the resulting product surpluses D) Ceiling prices and the resulting product surpluses
 
Answer & Explanation Answer: B) Ceiling prices and the resulting product shortages

Explanation:
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Q:

The partnership form of business organization is

A) only two shares B) more than two shares
C) no share D) doesn't exist
 
Answer & Explanation Answer: B) more than two shares

Explanation:

A partnership is a form of business where two or more people share ownership.

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Q:

Which one of the following statements with regard to Antrix Corporation Limited is correct?

A) It is a commercial arm of the Department of Industrial Policy and Promotion. B) It is under the administrative control of the Department of Space. 
C) It is under the administrative control of the Ministry of Health and Family Welfare. D) It is a commercial arm of the Department of Science and Technology.
 
Answer & Explanation Answer: B) It is under the administrative control of the Department of Space. 

Explanation:

Antrix Corporation Limited (ACL), Bengaluru is a wholly owned Government of India Company under the administrative control of the Department of Space. Antrix Corporation Limited was incorporated as a private limited company owned by Government of India in September 1992 as a Marketing arm of ISRO for promotion and commercial exploitation of space products, technical consultancy services and transfer of technologies developed by ISRO. As the commercial and marketing arm of ISRO, Antrixis engaged in providing Space products and services to international customers worldwide.

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