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Test: Business Environment - 1 - B Com MCQ


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10 Questions MCQ Test Business Environment - Test: Business Environment - 1

Test: Business Environment - 1 for B Com 2024 is part of Business Environment preparation. The Test: Business Environment - 1 questions and answers have been prepared according to the B Com exam syllabus.The Test: Business Environment - 1 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Business Environment - 1 below.
Solutions of Test: Business Environment - 1 questions in English are available as part of our Business Environment for B Com & Test: Business Environment - 1 solutions in Hindi for Business Environment course. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free. Attempt Test: Business Environment - 1 | 10 questions in 10 minutes | Mock test for B Com preparation | Free important questions MCQ to study Business Environment for B Com Exam | Download free PDF with solutions
Test: Business Environment - 1 - Question 1
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What is the business environment?

Detailed Solution for Test: Business Environment - 1 - Question 1
The business environment refers to the combination of internal and external factors that have a direct and indirect influence on the functioning and growth of a business. It includes both factors within the business itself (internal environment) and factors outside the business (external environment).
Test: Business Environment - 1 - Question 2
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Which of the following is a characteristic of the business environment?

Detailed Solution for Test: Business Environment - 1 - Question 2
One of the characteristics of the business environment is that it is aggregative, meaning it consists of various internal and external forces that influence the operations and decision making of a business. It is not static, independent, or constant as it keeps on changing over time.
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Test: Business Environment - 1 - Question 3
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Why is environmental scanning important for a business?

Detailed Solution for Test: Business Environment - 1 - Question 3
Environmental scanning is important for a business because it helps in identifying opportunities and threats. It also helps in better understanding the market by studying the composition of the market and the changes taking place at the national and international levels. Therefore, option D, "All of the above," is the correct answer.
Test: Business Environment - 1 - Question 4
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Which method of environmental scanning involves the opinion of top executives?
Detailed Solution for Test: Business Environment - 1 - Question 4
The method of environmental scanning that involves the opinion of top executives is the executive opinion method. In this method, forecasts and scanning are based on the opinions, conceitedness, and views of top executives in the organization. They provide their judgment and expertise to analyze the business environment.
Test: Business Environment - 1 - Question 5
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Which of the following is a part of the macro environment of a business?
Detailed Solution for Test: Business Environment - 1 - Question 5
The macro environment of a business includes activities that are uncontrollable and need proper attention from the business enterprise. The economic environment, which refers to all the economic factors that have a bearing on the functioning of a business unit, is a part of the macro environment. Customers, suppliers, and labour are part of the micro environment.
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Which of the following is a part of the micro environment of a business?
Detailed Solution for Test: Business Environment - 1 - Question 6
The micro environment of a business consists of the forces in the company's immediate environment that directly affect its performance. Competitors are a part of the micro environment as they play a vital role in running the business enterprise. The economic, political, and technological environments are part of the macro environment.
Test: Business Environment - 1 - Question 7
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Which method of environmental scanning involves building scenarios of possible futures?
Detailed Solution for Test: Business Environment - 1 - Question 7
The method of environmental scanning that involves building scenarios of possible futures is scenario building. This method helps decision-makers by providing a context for assessing, planning, and programming based on different possible future scenarios. It helps in exploring alternative futures and clarifying present actions and consequences.
Test: Business Environment - 1 - Question 8
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Which method of environmental scanning uses past information to predict the future?
Detailed Solution for Test: Business Environment - 1 - Question 8
The method of environmental scanning that uses past information to predict the future is the extrapolating method. It involves using time series, trend analysis, and regression analysis to forecast future trends based on past data and patterns. This method assumes that the future will follow a similar pattern as the past.
Test: Business Environment - 1 - Question 9
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Which method of environmental scanning involves intuitive and unbiased judgment?
Detailed Solution for Test: Business Environment - 1 - Question 9
The method of environmental scanning that involves intuitive and unbiased judgment is intuitive reasoning. This method relies on rational and logical thinking, free from past experiences or personal biases. It allows scanners to make judgments based on gut feelings, instincts, or inner senses. However, the reliability and validity of such judgments cannot be evaluated.
Test: Business Environment - 1 - Question 10
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Which method of environmental scanning involves the opinion of outside experts?
Detailed Solution for Test: Business Environment - 1 - Question 10
The method of environmental scanning that involves the opinion of outside experts is the expert opinion method. In this method, forecasts and scanning are based on the opinions and expertise of specialists or enthusiasts who have a deep knowledge and understanding of market conditions and customer preferences.
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