Fundamentals of Business MCQ Quiz in தமிழ் - Objective Question with Answer for Fundamentals of Business - இலவச PDF ஐப் பதிவிறக்கவும்

The correct answer is the Processing industry.

Key Points

•  The industry that combines various ingredients into a new product is commonly known as the processing industry or the manufacturing industry. This industry involves transforming raw materials or components into finished goods through different processes such as mixing, assembling, refining, or modifying the ingredients.
• In the processing industry, companies take raw materials or intermediate products and apply a series of operations or transformations to create a final product. This can involve activities such as blending, mixing, cooking, cutting, packaging, and other manufacturing processes. The goal is to convert the ingredients or components into a finished product that meets specific quality standards and customer requirements.
• The processing industry is diverse and encompasses various sectors such as food processing, chemical manufacturing, pharmaceutical production, textile manufacturing, electronics assembly, and many others. Each sector within the processing industry has its own set of specific processes and technologies tailored to the type of product being manufactured.
• The industry relies on efficient manufacturing practices, quality control measures, and adherence to safety and regulatory standards to ensure that the final products meet customer expectations. It plays a crucial role in adding value to raw materials or intermediate products by transforming them into consumer-ready goods.

The correct answer is Work for others.

Key Points

• A business is an organization engaged in the exchange of goods and services on a regular basis.
• It involves risk and uncertainties as there is always a chance of loss or failure.
• The exchange can be in terms of money or other forms of payment.

Important Points

• Exchange of goods and services: The core activity of a business involves the exchange of goods or services for money or other forms of payment.
• Exchange on a regular basis: A business operates on a regular basis, with a steady flow of goods or services being exchanged with customers.
• Risk and uncertainties: A business involves risk and uncertainties, as there is always a chance of loss or failure.

Examples:

• A retail store selling clothing and accessories is a business that involves the exchange of goods and services for money.
• A restaurant that serves food and beverages on a regular basis is a business that operates on a regular basis.
• A startup company developing a new technology product involves risk and uncertainties as there is always a chance of failure.

However, "work for others" is not a feature of a business, as it implies working as an employee for someone else's business rather than running one's own business.

The correct answer is actual user condition.

Key PointsEPCG Scheme - In order to improve the production quality of goods and services and boost India's competitiveness in the global manufacturing market, the EPCG Scheme was introduced in the 1990s.

Under the plan, manufacturers are not required to pay any customs duties while importing capital goods for pre-production, production, or post-production items.

Important Points

• Under the Export Promotion Capital Goods (EPCG) programmed, imports of capital equipment for use in pre-, during-, and after-production are permitted at a zero percent customs tax rate.
• Import of capital goods imported under the EPCG scheme shall be subject to Actual user condition, until the export obligation is completed
• The plan requires the authorization holder (or exporter) to export finished items worth six times the real tariff saved in value terms during a six-year period.
• Instead of the earlier stipulated term of 90 days, requests for export obligation extensions must be submitted within six months of their expiration.
• However, there is a late fee of Rs 10,000 per permission for applications submitted after six months and up to six years.

Actual User Condition:

The Actual User Condition means the importer of the goods will use the goods in manufacturing of finished goods and after that sell the finished goods to a customer.

The correct answer is Synthetical Industry.

Key Points

• Synthetical Industry:
  • This type of industry combines various raw materials or components to create a new product.
  • Examples include the chemical industry, where different chemicals are combined to produce new substances, and the pharmaceutical industry, which synthesizes different compounds to create medications.
• Incorrect Options Explained:
  • Analytical Industry: This industry involves breaking down raw materials into their constituent parts. An example is the oil refining industry.
  • Assembling Industry: This industry involves putting together various finished products or parts to make a complete new product, like the automobile industry.
  • Processing Industry: This industry includes changing the form of raw materials into finished or semi-finished products. Examples include the food processing and textile industries.

Additional Information

• Industry Categories:
  • The categorization of industries helps in understanding different manufacturing processes and their economic impacts.
• Importance of Synthetical Industry:
  • Synthetical industries are crucial for innovation and development, particularly in sectors like chemicals, pharmaceuticals, and materials science.

The correct answer is identifying, analyzing and responding to.

Key Points Risk Management can be defined as the art and science of identifying, analyzing, and responding to risk factors throughout the life cycle of a project.

Risk management is a critical part of any project, as it helps to ensure that the project is completed on time, within budget, and to the required quality standards. By identifying and managing risks early on, project managers can reduce the likelihood of problems occurring and mitigate the impact of any problems that do occur.

The risk management process typically involves the following steps:

• Risk identification: The project manager and team members identify all of the potential risks that could impact the project.
• Risk analysis: The project manager and team members assess the probability and impact of each risk.
• Risk response planning: The project manager and team develop plans for responding to each risk.
• Risk monitoring and control: The project manager and team monitor the project for risks and implement the risk response plans as needed. 

Business is an organ of society is said by Peter F. Drucker.

Key Points

• Peter F. Drucker was an Austrian-American management consultant and is widely regarded as the father of modern management.
• He emphasized that business organizations do not exist in isolation and have a responsibility towards society.
• According to him, a business organization is not just an economic entity but is also a social institution that has a role to play in the welfare of society.
• He popularized the concept of Corporate Social Responsibility (CSR) which emphasizes that businesses should not only focus on making profits but also contribute to the well-being of society.
• In this context, he famously stated that "Business is an organ of society."