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 Business Awareness Questions

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Q:

The demand curve facing a perfectly competitive firm is

A) Line sloping upwards B) Horizontal line
C) Line sloping downwards D) Vertical line
 
Answer & Explanation Answer: B) Horizontal line

Explanation:

The demand curve facing a perfectly competitive firm is a horizontal straight line equal to the equilibrium price of the entire market because a perfectly competitive firm can sell all units brought to market at the same price.

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Exam Prep: AIEEE , Bank Exams , CAT , GATE
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Q:

Making Optimal decisions at the margin requires

Answer

Making Optimal decisions at the margin requires "Weighing the costs and benefits of a decision before deciding if it should be pursued".


 

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Subject: Business Awareness Exam Prep: AIEEE , Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO

3 1001
Q:

An increase in the price of a good will

A) decrease demand B) increase quantity demanded
C) increase demand D) decrease quantity demanded
 
Answer & Explanation Answer: D) decrease quantity demanded

Explanation:

In economics we study that, if the price of a good increases the demand in its quantity decreases or the demand for its complimentary good increases.

 

For example, if the rice of a good increased by 5%, the demand in its quantity decreases by 10% approximately.

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Exam Prep: AIEEE , Bank Exams , CAT
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2 995
Q:

Which of the following does not fall into the functions ofPayments Banks?

A) acceptance of demand deposits B) Internet banking
C) remittance services D) lending services
 
Answer & Explanation Answer: D) lending services

Explanation:
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Exam Prep: Bank Exams

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Q:

Performance goals are used to

A) measure productivity B) determine a worker's attitude
C) measure effectiveness, but not efficiency D) communicate nonverbally
 
Answer & Explanation Answer: A) measure productivity

Explanation:

Performance goals are used to measure productivity.

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Exam Prep: AIEEE , Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO

2 979
Q:

The Business Entity concept means that

Answer

The Business Entity concept is also called as Separate Entity or Economic Entity concept. This concept states that the transactions and all the balances related or associated with a business must be recorded or accounted separately from other businesses or the individual personal transactions.

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Subject: Business Awareness Exam Prep: AIEEE , Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO

3 931
Q:

For a good that is a luxury demand

A) has unit elasticity B) tends to be inelastic
C) tends to be elastic D) cannot be represented
 
Answer & Explanation Answer: C) tends to be elastic

Explanation:

For a good that is a luxury demand tends to be elastic.

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Exam Prep: AIEEE , Bank Exams , CAT
Job Role: Analyst , Bank Clerk , Bank PO

3 927
Q:

Debts owed by a business are referred to as

A) Liabilities B) Credits
C) Account receivables D) Owner's Equity
 
Answer & Explanation Answer: A) Liabilities

Explanation:

Debts owed by a business are referred to as Liabilities. Liabilities include all loans, outstanding expenses, mortgages, creditors, etc...

 

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