1. Which one of the following is a current liability? a. Closing inventory b. Opening inventory c. Petty cash d.

Bank overdraft

2. Line diagram depicting broad outlines of an organizations structure is a. Organization structure b. Organizational design c. Organization chart d. Organization rotation

3. A legally established maximum price for a good or service is called: a. Price Floor b. Price Ceiling c. Price War

4. The arithmetical accuracy of books of account is verified through: a. Journal b. Trial Balance c. Ledger

5. Sales is the step of a sales process.( closing) 6. Capacity to affect the behavior of others is called .(Power) 7. Differences between Current assets and current liabilities is called (Net working capital) 8. Voluntary limitation of country on its exports to any specific nation in order to prevent the other nation from implementing trade barriers is said to be __________________( Voluntary export restrictions)

9. Talking to ourselves about our own thoughts or actions for the purpose of increasing our self-efficacy and navigating through decision in future event is called self-talk. a. True b. False 10.The New York Stock Exchange is a primary market. a. True b. False 11.Reinforce the behavior after a fixed times is fixed ratio schedule. a. True b. False 12.The process of perceiving everything as a whole rather than focusing on specific elements of the perceptual field is called splatter vision. a. True b. False

13.An object, act, event or quality serving as a vehicle for conveying meaning is a a. True b. False 14.The ability to exclude those people form benefiting from any specific product that does not pay for it is named as Exclusion principle a. True b. False 15.The increase in overall anticipated profit of a firm by purchasing capital is called Expected rate of return a. True b. False 16.The price which earns its producers a normal profit and which is equal to the average total cost is called Fair-return price a. True b. False 17.Any resource the quantity of which cannot be changed in the short run is called fixed resource a. True b. False 18.A historical system of fixed exchange rates in which nations defined their currency in terms of gold, maintained a fixed relationship between their stock of gold and their money supplies is named as International Gold Standard a. True b. False

19.The methods used by a Labor Union and a firm to settle disputes is called Grievance Procedure a. True b. False 20.Strategy involving an organization selling a part of business is called Divestiture. a. True b. False