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 Business Awareness Questions

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Q:

A major purpose of cost accounting is to

A) measure, record and report product costs B) classify all the product costs
C) to provide information to stockholders for investment decisions D) All of the above
 
Answer & Explanation Answer: A) measure, record and report product costs

Explanation:

A major purpose of cost accounting is to measure, record and report product costs.

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Q:

Product costs are also called

A) Inventoriable Costs B) Voluntary Costs
C) Vulnerable Costs D) None of the above
 
Answer & Explanation Answer: A) Inventoriable Costs

Explanation:

Product costs are also called Inventoriable Costs, since the product costs are used to value their goods in inventory.

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Q:

A monopoly is a market that has

A) single seller B) single buyer
C) single seller and single buyer D) a seller but no buyer
 
Answer & Explanation Answer: A) single seller

Explanation:

A monopoly is a market that has a single seller of a unique product in the market. He does not have any competition in the market as he has no substitute product for the product he is selling.

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Q:

A market is said to be in equilibrium when

A) There is downward pressure on price B) The amount consumers wish to buy at the current price equals the amount producers wish to sell at that price
C) All buyers are able to find sellers willing to sell to them at the current price D) Supply equals demand
 
Answer & Explanation Answer: D) Supply equals demand

Explanation:

A market is said to be in equilibrium when market demand is equal to market Supply.

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Q:

The primary goal of a business firm is to

A) maximize profit B) increase its production
C) make a quality product D) promote workforce job satisfaction
 
Answer & Explanation Answer: A) maximize profit

Explanation:

The primary goal of a business firm is to maximize profit.

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Q:

The partnership form of business organization is

A) only two shares B) more than two shares
C) no share D) doesn't exist
 
Answer & Explanation Answer: B) more than two shares

Explanation:

A partnership is a form of business where two or more people share ownership.

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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

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Q:

The factors that affect worker productivity include

A) expenditures for best practices training B) base pay increases
C) the size of incentive payments per non-defective pair D) All of the above
 
Answer & Explanation Answer: D) All of the above

Explanation:

The factors that affect worker productivity include the size of incentive payments per non-defective pair, base pay increases, how favorably a company's compensation package compares with the industry-average compensation package, and expenditures for best practices training.

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