Commerce My Pride Quiz Contest

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  • 1/10 Questions

    Which of the following will not be classified as a liability?

    • Bank loans
    • Accounts payable
    • Retained earnings
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Commerce My Pride Quiz Contest - Quiz

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  • 2. 

    Inflation is _____

    • Is an upward movement in the general level of prices

    • Is an downward movement in the general level of prices

    • Is a boundary between upward and downward movement in the general level of prices

    Correct Answer
    A. Is an upward movement in the general level of prices
    Explanation
    Inflation refers to the upward movement in the general level of prices. This means that over time, the prices of goods and services tend to increase. Inflation can be caused by various factors such as increased demand, rising production costs, or changes in government policies. When inflation occurs, the purchasing power of money decreases as more money is required to buy the same goods and services. This can have various effects on the economy and individuals, such as reducing the value of savings and increasing the cost of living.

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  • 3. 

    The satisfaction derived from consumption of goods and services is called ________ in economics

    • Demand

    • Utility

    • Wants

    Correct Answer
    A. Utility
    Explanation
    In economics, the satisfaction derived from the consumption of goods and services is referred to as "utility". Utility represents the level of satisfaction or happiness that individuals gain from consuming a particular good or service. It is a subjective measure that varies from person to person and is influenced by factors such as personal preferences, income, and scarcity of the good or service. Understanding utility is essential in analyzing consumer behavior and making decisions regarding production, pricing, and allocation of resources in the economy.

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  • 4. 

     If Coke were to cut prices, what would be the most likely impact on Pepsi

    • Sales would remain unchanged

    • Sales would increase

    • Sales would decrease

    Correct Answer
    A. Sales would decrease
    Explanation
    If Coke were to cut prices, it would likely attract more customers due to the lower prices. This would lead to a decrease in sales for Pepsi as some customers would switch to Coke to take advantage of the lower prices. Therefore, the most likely impact on Pepsi if Coke were to cut prices would be a decrease in sales.

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  • 5. 

    Who is the current finance minister of India?

    • Arun Jaitley

    • Rajnath Singh

    • Nitin Gadkari

    Correct Answer
    A. Arun Jaitley
    Explanation
    Arun Jaitley is the correct answer because he was the finance minister of India at the time this question was asked. He held this position from 2014 to 2019, serving under the government led by Prime Minister Narendra Modi. Jaitley played a significant role in shaping India's economic policies and was responsible for key financial decisions during his tenure.

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  • 6. 

    __________ is excess value paid over the fair value of a business acquired

    • Goodwill

    • Amortization

    • Fair Value

    Correct Answer
    A. Goodwill
    Explanation
    Goodwill is the excess value paid over the fair value of a business acquired. It represents intangible assets such as brand reputation, customer loyalty, and employee morale that are not separately identifiable. Goodwill is recorded on the balance sheet when a company acquires another company for a price higher than its net assets. It represents the value of the acquired company's reputation and future earnings potential.

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  • 7. 

    Which of the following is going to be most valuable to you?

    • $100 in hand today

    • $100 received after 5 years

    • $50 in hand today and $50 received after 5 years

    Correct Answer
    A. $100 in hand today
    Explanation
    The most valuable option is $100 in hand today because it has immediate value. The other options involve waiting for a certain period of time to receive the full amount or splitting the amount into two payments. By choosing $100 in hand today, you have the flexibility to use the money immediately for any purpose or investment, potentially earning more than the other options over time.

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  • 8. 

    The balance sheet typically provides information on

    • A particular date

    • For a particular period

    • Depends on company

    Correct Answer
    A. A particular date
    Explanation
    The balance sheet typically provides information on a particular date, as it is a financial statement that presents a snapshot of a company's financial position at a specific point in time. It includes assets, liabilities, and shareholders' equity, providing a summary of what the company owns and owes on that specific date. This information is crucial for assessing the company's financial health and making informed decisions about its operations and investments.

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  • 9. 

    If there is an increment in a firm’s Marketing & administration expenses. Which of the following would be the impact on gross profit?

    • It will increase.

    • It will decrease.

    • It will remain same.

    Correct Answer
    A. It will remain same.
    Explanation
    If there is an increment in a firm's Marketing & Administration expenses, the impact on gross profit would be that it will remain the same. This means that the increase in expenses will not have any effect on the firm's gross profit.

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  • 10. 

    A performance improvement approach which focuses on continuous improvement at every level of firm is

    • Business Process Reengineering

    • Benchmarking

    • Kaizen

    Correct Answer
    A. Kaizen
    Explanation
    Kaizen is a performance improvement approach that emphasizes continuous improvement at every level of a firm. It involves making small, incremental changes to processes, systems, and practices to achieve better results over time. This approach encourages employees to identify and address inefficiencies, waste, and bottlenecks in their work, leading to increased productivity, quality, and customer satisfaction. Kaizen promotes a culture of continuous learning and improvement, involving all employees in the process and fostering a sense of ownership and responsibility for the company's success.

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  • Current Version
  • Mar 16, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Sep 12, 2014
    Quiz Created by
    Sana
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