Bst test

Business Studies Chapter 1 MCQ Quiz

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1. What is the primary objective of business?

a) Profit b) Service c) Social Responsibility d) All of the above

2. Which of the following is not a characteristic of business?

a) Exchange of goods and services b) Profit motive c) Risk element d) Charity

3. Which of the following is an economic activity?

a) Teaching b) Farming c) Social Work d) Charity

4. Which of the following is a feature of business risk?

a) Arises due to uncertainties b) Essential for business growth c) Cannot be insured d) All of the above

5. Which of the following is not a type of economic activity?

a) Business b) Profession c) Employment d) Charity

6. Which of the following is a characteristic of a profession?

a) Requires specialized knowledge b) Motive is to earn profit c) No code of conduct d) No formal education required

7. Which of the following is an example of a non-economic activity?

a) Teaching b) Social work c) Farming d) Trading

8. Which of the following is a feature of employment?

a) No fixed income b) No employer-employee relationship c) Regular income d) No fixed working hours

9. Which of the following is not a type of industry?

a) Primary b) Secondary c) Tertiary d) Quaternary

10. Which of the following is an example of a secondary industry?

a) Mining b) Manufacturing c) Banking d) Agriculture

11. Which of the following is a feature of commerce?

a) Production of goods b) Exchange of goods c) Extraction of raw materials d) None of the above

12. Which of the following is not a function of commerce?

a) Transport b) Warehousing c) Insurance d) Mining

13. Which of the following is a type of trade?

a) Internal trade b) External trade c) Both a and b d) None of the above

14. Which of the following is an example of internal trade?

a) Import b) Export c) Wholesale trade d) International trade

15. Which of the following is a function of a retailer?

a) Bulk buying b) Warehousing c) Selling to consumers d) Importing goods

16. Which of the following is a feature of a wholesaler?

a) Sells directly to consumers b) Buys in bulk c) No storage facilities d) No link between manufacturer and retailer

17. Which of the following is a type of external trade?

a) Import b) Export c) Entrepot d) All of the above

18. Which of the following is a function of insurance?

a) Risk sharing b) Warehousing c) Transportation d) Advertising

19. Which of the following is a feature of warehousing?

a) Time utility b) Place utility c) Both a and b d) None of the above

20. Which of the following is a function of transport?

a) Movement of goods b) Storage of goods c) Risk sharing d) Advertising

Quiz Results

Your Score: 0 out of 20

Correct Answers

Correct Answers for All Questions

Question 1: a) Profit

Question 2: d) Charity

Question 3: b) Farming

Question 4: d) All of the above

Question 5: d) Charity

Question 6: a) Requires specialized knowledge

Question 7: b) Social work

Question 8: c) Regular income

Question 9: d) Quaternary

Question 10: b) Manufacturing

Question 11: b) Exchange of goods

Question 12: d) Mining

Question 13: c) Both a and b

Question 14: c) Wholesale trade

Question 15: c) Selling to consumers

Question 16: b) Buys in bulk

Question 17: d) All of the above

Question 18: a) Risk sharing

Question 19: c) Both a and b

Question 20: a) Movement of goods