Industry & Commerce November 29, 2023 Contents Results - #1. What is the primary focus of the industry? Buying and selling of goods Buying and selling of goods Manufacturing or production of goods Manufacturing or production of goods Providing services Providing services Financial transactions Financial transactions #2. In commerce, what is the main activity? Extracting raw materials Extracting raw materials Transportation of goods Transportation of goods Exchange of goods and services Exchange of goods and services Designing and planning production processes Designing and planning production processes #3. Which term refers to the organized economic activity related to the manufacturing of goods? Commerce Commerce Trade Trade Industry Industry Marketing Marketing #4. What does commerce involve that industry does not? Production Production Distribution Distribution Manufacturing Manufacturing Extraction of raw materials Extraction of raw materials #5. Which of the following is a feature of commerce? Creation of utilities Creation of utilities Processing of raw materials Processing of raw materials Mass production Mass production Research and development Research and development #6. In which sector does industry play a vital role? Service sector Service sector Agricultural sector Agricultural sector Manufacturing sector Manufacturing sector Retail sector Retail sector #7. What is the primary motive of commerce? Profit maximization Profit maximization Job creation Job creation Innovation Innovation Resource extraction Resource extraction #8. Which is a characteristic of the industrial sector? Intangible products Intangible products Direct interaction with consumers Direct interaction with consumers Mass production Mass production Negotiation and bargaining Negotiation and bargaining #9. What does commerce facilitate between producers and consumers? Transportation Transportation Communication Communication Exchange of goods and services Exchange of goods and services Raw material extraction Raw material extraction #10. Which sector is concerned with the creation of form utility? Industrial sector Industrial sector Commercial sector Commercial sector Service sector Service sector Agricultural sector Agricultural sector #11. What is the importance of industry in economic development? Generating profits for businesses Generating profits for businesses Creating employment opportunities Creating employment opportunities Facilitating trade Facilitating trade Enhancing communication Enhancing communication #12. Which sector involves activities related to buying and selling of goods and services? Industrial sector Industrial sector Agricultural sector Agricultural sector Service sector Service sector Commercial sector Commercial sector #13. What is the primary focus of the agricultural sector? Manufacturing Manufacturing Production of goods Production of goods Cultivation of crops and livestock Cultivation of crops and livestock Exchange of goods Exchange of goods #14. Which sector is characterized by intangible products? Industrial sector Industrial sector Commercial sector Commercial sector Service sector Service sector Agricultural sector Agricultural sector #15. What is the main goal of the service sector? Profit maximization Profit maximization Job creation Job creation Providing intangible services Providing intangible services Manufacturing goods Manufacturing goods #16. Which sector involves the extraction and processing of raw materials? Industrial sector Industrial sector Commercial sector Commercial sector Agricultural sector Agricultural sector Service sector Service sector #17. In commerce, what plays a crucial role in the exchange of goods and services? Manufacturing Manufacturing Marketing Marketing Research and development Research and development Extraction of raw materials Extraction of raw materials #18. What is the primary function of the agricultural sector? Creation of utilities Creation of utilities Extraction of raw materials Extraction of raw materials Manufacturing of goods Manufacturing of goods Cultivation of crops and livestock Cultivation of crops and livestock #19. Which sector is concerned with the storage and transportation of goods? Industrial sector Industrial sector Commercial sector Commercial sector Agricultural sector Agricultural sector Service sector Service sector #20. What is the role of commerce in the distribution of goods? Manufacturing Manufacturing Transportation Transportation Research and development Research and development Exchange of goods Exchange of goods #21. What is the primary focus of the industrial sector? Exchange of goods Exchange of goods Manufacturing or production of goods Manufacturing or production of goods Transportation of goods Transportation of goods Providing services Providing services #22. Which sector involves activities related to processing and manufacturing? Commercial sector Commercial sector Service sector Service sector Agricultural sector Agricultural sector Industrial sector Industrial sector #23. In which sector is research and development crucial? Industrial sector Industrial sector Commercial sector Commercial sector Service sector Service sector Agricultural sector Agricultural sector #24. What is the significance of commerce in international trade? Manufacturing Manufacturing Transportation Transportation Exchange of goods and services Exchange of goods and services Extraction of raw materials Extraction of raw materials #25. Which sector involves the buying and selling of goods on a large scale? Retail sector Retail sector Industrial sector Industrial sector Agricultural sector Agricultural sector Commercial sector Commercial sector #26. What is a characteristic of the service sector? Mass production Mass production Intangible products Intangible products Creation of form utility Creation of form utility Manufacturing of goods Manufacturing of goods #27. What does the industrial sector contribute to the economy? Job creation Job creation Profit maximization Profit maximization Creation of form utility Creation of form utility Exchange of goods Exchange of goods #28. Which sector involves the development and implementation of new ideas and technologies? Agricultural sector Agricultural sector Commercial sector Commercial sector Service sector Service sector Industrial sector Industrial sector #29. What is the role of commerce in the global economy? Transportation of goods Transportation of goods Creation of utilities Creation of utilities Exchange of goods and services Exchange of goods and services Research and development Research and development #30. Which sector is associated with the creation of place utility? Agricultural sector Agricultural sector Industrial sector Industrial sector Commercial sector Commercial sector Service sector Service sector #31. The term 'entrepreneurship' refers to: The process of setting up and running a business The process of setting up and running a business The study of government policies The study of government policies The art of negotiation The art of negotiation The act of buying and selling goods The act of buying and selling goods #32. Business ethics involve: Maximizing shareholder wealth at any cost Maximizing shareholder wealth at any cost Conducting business in a socially responsible manner Conducting business in a socially responsible manner Ignoring customer needs Ignoring customer needs Exploiting employees for profit Exploiting employees for profit #33. What is the primary objective of corporate governance? Maximizing shareholder wealth Maximizing shareholder wealth Ensuring fair and transparent business practices Ensuring fair and transparent business practices Minimizing employee satisfaction Minimizing employee satisfaction Eliminating competition Eliminating competition #34. Which type of business organization has the advantage of limited liability and centralized management? Sole proprietorship Sole proprietorship Partnership Partnership Corporation Corporation Cooperative Cooperative #35. A memorandum of association is a legal document that: Defines the internal rules and regulations of a company Defines the internal rules and regulations of a company Lists the names of shareholders Lists the names of shareholders Describes the business's day-to-day operations Describes the business's day-to-day operations Specifies the location of the business Specifies the location of the business #36. What does SWOT analysis stand for in the context of business strategy? Strengths, Weaknesses, Opportunities, Threats Strengths, Weaknesses, Opportunities, Threats Sales, Workforce, Organization, Technology Sales, Workforce, Organization, Technology Strategy, Workforce, Operations, Training Strategy, Workforce, Operations, Training Success, Wealth, Objectives, Targets Success, Wealth, Objectives, Targets #37. Which of the following is not a factor of production in business? Land Land Labor Labor Capital Capital Advertising Advertising #38. The process of converting raw materials into finished goods is known as: Marketing Marketing Production Production Distribution Distribution Finance Finance #39. Which type of business environment includes factors like economic conditions, political stability, and technological advancements? Internal environment Internal environment External environment External environment Microenvironment Microenvironment Macroenvironment Macroenvironment #40. What is the role of a mission statement in a business organization? Describing the financial goals of the company Describing the financial goals of the company Outlining the day-to-day operations of the company Outlining the day-to-day operations of the company Defining the company's purpose and core values Defining the company's purpose and core values Listing the names of company executives Listing the names of company executives #41. Which financial statement provides a snapshot of a company's financial position at a specific point in time? Income statement Income statement Cash flow statement Cash flow statement Balance sheet Balance sheet Statement of retained earnings Statement of retained earnings #42. The process of identifying and attracting potential customers to a product or service is known as: Production Production Marketing Marketing Distribution Distribution Financing Financing #43. What is the purpose of a business plan? Identifying competitors Identifying competitors Providing a roadmap for the company's future Providing a roadmap for the company's future Listing employee grievances Listing employee grievances Analyzing macroeconomic trends Analyzing macroeconomic trends #44. Which of the following is an advantage of a partnership business structure? Limited liability Limited liability Easy transfer of ownership Easy transfer of ownership Centralized management Centralized management Perpetual succession Perpetual succession #45. In a sole proprietorship, who bears the unlimited liability for the business's debts? Shareholders Shareholders Partners Partners Owner Owner Creditors Creditors #46. The process of dividing work into tasks and coordinating them to achieve organizational goals is known as: Centralization Centralization Decentralization Decentralization Coordination Coordination Specialization Specialization #47. Which of the following is an example of an intangible asset for a business? Machinery Machinery Inventory Inventory Brand reputation Brand reputation Land Land #48. What is the significance of human resource management in business organizations? Maximizing profits Maximizing profits Minimizing employee satisfaction Minimizing employee satisfaction Attracting and retaining talent Attracting and retaining talent Ignoring employee needs Ignoring employee needs #49. Which economic system allows businesses to operate with minimal government interference? Command economy Command economy Mixed economy Mixed economy Market economy Market economy Traditional economy Traditional economy #50. The concept of 'supply and demand' is a fundamental principle in which economic system? Command economy Command economy Mixed economy Mixed economy Market economy Market economy Traditional economy Traditional economy Finish