Test: Emerging Modes Of Business - 4 - Grade 11 MCQ

Definition of e-commerce:

E-commerce, or electronic commerce, refers to the buying and selling of goods and services over the internet. It involves various online transactions and interactions between businesses, customers, and suppliers.

Options:

1. A business's interactions with its suppliers: E-commerce includes interactions with suppliers, as businesses often purchase products or services from suppliers online.


2. A business's interactions with its customers: E-commerce includes interactions with customers, as businesses use online platforms to sell products or services directly to customers.


3. Interactions among the various departments within the business: E-commerce does not primarily focus on internal departmental interactions within a business. It primarily involves external interactions with customers and suppliers.


4. Interactions among the geographically dispersed units of business: E-commerce includes interactions among geographically dispersed units of business, as online platforms enable businesses to connect and collaborate with different units or branches.

Conclusion:

The correct answer is C. E-commerce does not include interactions among the various departments within the business. It primarily focuses on the interactions with suppliers, customers, and geographically dispersed units of business.

Accounts receivable factoring, otherwise known as receivable funding is simply a type of business funding, in which the company can sell its outstanding accounts receivable to a factoring company to obtain a decided capital. Hence Factoring deals with the financial sector of a business/company, the answer is Finance.

Call Center Services
A call center is a centralized office where customer inquiries, issues, and requests are handled via telephone. Call centers can provide a variety of services, including customer support, sales, telemarketing, technical support, and more. When it comes to the type of business a call center handles, there are several possibilities:
1. Both customer facing and back end business
- This type of call center handles both customer-facing tasks and back-end business operations.
- Customer-facing tasks include answering customer inquiries, resolving complaints, providing product information, and assisting with order placements.
- Back-end business operations involve tasks such as data entry, order processing, billing, and other administrative functions.
2. Only outbound voice-based business
- Some call centers focus solely on outbound calls, which means they make calls to customers or potential customers.
- Outbound voice-based business includes activities like telemarketing, sales calls, appointment scheduling, and conducting surveys.
3. Only inbound voice-based business
- Other call centers specialize in handling inbound calls, meaning they receive calls from customers or clients.
- Inbound voice-based business involves tasks like customer support, technical assistance, order tracking, and general inquiries.
4. Both voice-based and non-voice-based business
- There are call centers that handle a combination of voice-based and non-voice-based tasks.
- Non-voice-based tasks may include email support, live chat support, social media management, and other forms of digital communication.
In conclusion, a call center can provide a range of services depending on the type of business they handle. It can be customer-facing, back-end focused, outbound voice-based, inbound voice-based, or a combination of voice-based and non-voice-based activities. The choice of service depends on the specific needs and requirements of the organization or client.

Use of ATM to withdraw money is an example of B2C (Business-to-Consumer).

• ATM: An Automated Teller Machine is a self-service banking terminal that allows individuals to perform various banking transactions without the need for human interaction.


• B2C: Business-to-Consumer refers to the transactions between a business or organization and individual consumers.

Explanation:

• When an individual uses an ATM to withdraw money, it involves the following:




• The individual, as a consumer, interacts with the ATM operated by a bank or financial institution.


• The bank, as a business, provides the service of cash withdrawal to the individual.




• This transaction is considered as a B2C transaction because it involves a business (bank) providing a service to an individual consumer.


• Some key points to support this answer are:




• ATMs are primarily used by consumers to access their personal bank accounts.


• ATMs are generally owned and operated by banks or financial institutions.


• The ATM transaction involves the transfer of funds from the individual's account to their possession, thus facilitating a consumer-oriented service.

Therefore, the correct answer is A: B2C.

Use of EDI (Electronic Data Interchange) technology to send and receive commercial documents like purchase order etc. is an example of B2B commerce.
Commercial documents are written records of commercial transactions describing various aspects of those transactions. They may include orders, invoices, shipping documents, transport papers, and certificates of origin. Such transactions are done in a B2B commerce.

This refers to transactions between the parties or persons who are the part of one firm only.It is transactions within the firm that is why it is called intrafirm.Generally, a firm has to deal with its suppliers, cutomers, employees etc. These are called intra B-commerce interactions.EX: VPN

Answer:

Transactional risk refers to the potential risks associated with conducting business transactions. It involves the possibility of a party involved in a transaction failing to fulfill their obligations. Among the given options, hacking is NOT an example of transactional risk. Here is a breakdown of the options:

• A: Hacking - Hacking refers to unauthorized access or intrusion into computer systems or networks. While hacking can pose various risks to businesses, it does not directly relate to transactional risks.



• B: Default on order taking - This refers to a situation where a party fails to fulfill their obligations related to taking and processing orders. It can include instances where orders are not accurately recorded or processed, leading to potential transactional risks.



• C: Default on payment - Defaulting on payment means failing to make the required payment for goods or services provided. This is a clear example of transactional risk as it involves a failure to fulfill financial obligations in a transaction.



• D: Default on delivery - Defaulting on delivery refers to a situation where a party fails to deliver goods or services as agreed upon in a transaction. This can result in transactional risks such as delays, breach of contract, or customer dissatisfaction.

In summary, hacking (option A) is not an example of transactional risk, while default on order taking, default on payment, and default on delivery are all examples of transactional risks.

Answer:
E-business refers to the use of electronic platforms and technologies to conduct business operations and transactions. It encompasses various applications that leverage the internet and digital technologies to enhance business processes and interactions. However, not all activities fall under the scope of e-business.
The option that is not an application of e-business is:
- Contract R &D: Contract research and development does not involve the use of electronic platforms or technologies for conducting business operations or transactions. It is a traditional approach to outsourcing research and development activities to third-party organizations.
The other options mentioned are examples of e-business applications:
- Online trading: The buying and selling of goods or services over the internet, typically through online marketplaces or e-commerce platforms.
- Online Bidding: The process of submitting bids or offers for products or services through online platforms, where buyers and sellers can interact and negotiate.
- Online Procurement: The use of electronic platforms and technologies to streamline the procurement process, including sourcing, ordering, and receiving goods or services from suppliers.
In summary, while contract R&D is a valid business activity, it does not fall under the category of e-business, which is focused on using digital technologies and platforms for conducting business operations and transactions.

 

The term VIRUS stands for:

• Vital Information Resources Under Sieze


• Vital Information Under Supervision


• Vital Individual Under Sieze


• Vital Information Under Suspicion

Detailed

The correct answer is option A: Vital Information Resources Under Sieze.

A computer virus is a type of malicious software or code that is designed to replicate itself and spread from one computer to another. The term "VIRUS" is an acronym that stands for "Vital Information Resources Under Sieze". Here's a breakdown of the acronym:

• Vital: Refers to the importance or significance of the information being targeted by the virus.


• Information: Refers to the data or content stored on a computer system.


• Resources: Refers to the computer system, network, or other technological infrastructure that the virus targets.


• Under Sieze: Indicates that the virus takes control or holds the targeted resources hostage, making them unusable or disrupting their normal functioning.

Therefore, the term "VIRUS" encapsulates the concept of a malicious program that aims to compromise and manipulate vital information resources.