Business Environment and Law, OM & MM

1. Which of the following does not fall within the jurisdiction of MRTP commission? ( D )
A. Prevention of Monopolistic Trade practices B. Prevention of Restrictive trade practices
C. Prohibition of Unfair Trade Practices D.Regulation of Combinations
2. Company images and brand equity is factor affecting business ( A )
A. Externally B. Internally C. Government Policy D. None of these
3. ________ is an economic system based on the principal of free enterprise. ( A )
A. Capitalism B. Socialism C. Mixed Economy D. Marxism
4. Which of the following is the vital question in the economic system? ( D )
A. What to produce B. How to produce C. For whom to produce D. All of the above
5. Which one is not the main objective of Fiscal Policy in India? ( A )
A. To increase liquidity in economy B. To promote price stability
C. To minimize the inequalities of income and wealth D. To promote employment opportunities
6. Which among the following is not the instrument of monetary policy ( B )
A. Statutory liquidity Ratio B. Deficit financing C. Cash reserve ratio D. Open market operation
7. Assertion (A). The new Industrial policy was announced on July 24, 1991. ( C )
Reason (R). The new industrial policy was announced by the V.P. Singh Government.
A. (A) is true but (R) is false.
B. Both (A) and (R) are true but (R) is not the correct explanation of (A).
C. Both (A) and (R) are true and (R) is the correct explanation of (A).
D. (A) is false but (R) is true.
8. Which one is not an element of internal environment? ( C )
A. Marketing capabilities B. Operational Capabilities
C. Money and capital market D. Personal Capabilities
9. Which among these can be condition for the success of privatisation? ( B )
A. Alternative institutional arrangements B. Barriers to enter the market
C. Measurability of performance D. All of the above
10. Assertion (A). In 1991 government decided to allow all foreign investment to any industries
without
any restrictions.
Reason (R). Government has enhanced the investment limit of small scale industries units. ( D )
A. Both (A) and (R) are true and (R) is the correct explanation of (A).
B. Both (A) and (R) are true but (R) is not the correct explanation of (A).
C. (A) is true but (R) is false.
D. (A) is false but (R) is true.
11. in a contract for the sale of goods, the goods must be: ( D )
A. of a satisfactory size and shape B. Satisfactory to the buyer
C. Satisfactory to all involved in its sale D. Of satisfactory quality
12. where the transfer of the property in the goods is to take place at a future time, the contract is
called: ( B )
a) sale b) an agreement to sell. c) provisional sale d) conditional sale
13. A stipulation collateral to the main purpose of the contract of sale of goods, is called: ( B )
a) a condition b) warranty c) guarantee d) stipulation
14. A contract of sale may be made: ( D )
a) in writing b) by word of mouth,
c) may be implied from the conduct of the parties. d) all options are correct
15. Law is enforced by ( A )
a) Parliament b) Legislature c) Executive d) Society
16. The parties to a contract must be competent to contract. The flaw in capacity to contract may be
due to- ( D )
a) minority b) lunacy c) idiocy d) any of the three mentioned as options A,B,C
17. A saves B's life. B promises to pay A Rs. One lac out of gratitude. ( A )
a) There is no consideration, hence the contract is void
b) It is a void contract as Rs. One lac is too little for saving life.
c) it is a valid contract because the consideration for B's promise is present consideration
d) it is a valid contract because the consideration for B's promise is past consideration
18. Any transaction which is outside the scope of the powers specified in the objects clause of the
Memorandum: ( C )
a) requires prior sanction of the central government
b) must be informed to the members in the annual report
c) is ultra-vires the company and therefore void
d) requires unanimous consent of the Board of Directors
19. Every person dealing with the company is presumed to have read The Memorandum and Articles
and understood them in their true perspective. This is known as Doctrine of: ( B )
a) indoor management b) Constructive Notice c) Ultra vires d) Caveat Emptor
20. Company is called a legal person or and artificial person, it implies that: ( D )
a) is not a human being.
b) It is created with the sanction of law, and is clothed with certain rights and obligations
c) company cannot file a suit in a court of law
d) Only options A and B are correct
21. A strategy which aims to produce the maximum amount of goods at the lowest possible price
is called: ( A )
a) Production orientation. b) Selling orientation. c) Societal marketing. d) Cost orientation.
22. Which kind of labour force is required in case of Jobbing Production? ( A )
a) Highly Skilled b) Semi skilled c) Unskilled d) Any of the above
23. Evaluation of profitability of each segment is called ( C )
a) Positioning b) Market segmentation c) Targeting d) Differentiation
24. In effective target market, marketers should focus on: ( D )
a) Market segmentation b) Market Targeting c) Market positioning d) All of the above
25. Who proposed 4Cs in marketing? ( C )
a) Neilsen b) Lorie and Robert c) Lauterborn d) Philip Kotler
26. Which P is not included in the 7Ps of marketing mix? ( B )
a) People b) Purpose c) Promotion d) Physical environment
27. Which is not a part of 4Cs in marketing? ( D )
a) Communication b) Consumer c) Cost d) None of these
28. _________________ is the best promotion tool in any type of marketing. ( B )
a) Creativity b) Publicity c) Telecalling d) Communication
29. Who suggested product, pricing, place, promotion all these in a company represents “Market
Mix”? ( C )
a) Philip Kotler b) Stephen Morse c) Neil Borden d) Neilsen
30. __________ refers to the system that assists the organization in delivering the service ( B )
a) Product b) Process c) Physical environment d) Promotion