Super Sure MCQs on ManagementCommerce PART 15.pdf

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SUPER SURE MCQs ON
MANAGEMENT/COMMERCE
PART - 15
ASST. PROF. VISHAL VERMA
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Assertion (A): Luxury products are sold to customers under a
skimming pricing policy.
Reason (R): In the beginning, the products are sold at a higher price
to people with high status and later the middle- income group is
targeted.
Codes:
(a) (A) and (R) are correct and (R) is the correct explanation of (A)
(b) (A) and (R) are correct but (R) is not the correct explanation of (A)
(c) (A) is incorrect, but (R) is correct
(d) (A) is correct, but (R) is incorrect
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Correct Option/Answer: (a) (A) and (R) are correct and (R) is the
correct explanation of (A)
Explanation: Luxury products are sold to customers with the
skimming pricing policy. The products are sold at a higher price in
the beginning for the people with a high status; later, the middle
income group is targeted.
Therefore, both assertion and reason are correct and the reason
explains the assertion correctly.

Which among the following is/are the tool(s) of sales promotion?
1. Samples
2. Frequency programs
3. Prizes
4. Personal selling
5. Advertisement banners
Options:
(a) 2, 3 and 4
(b) 1, 2 and 5
(c) 1, 2 and 3
(d) 3, 4 and 5

Correct Option/Answer: (c) 1, 2 and 3
Explanation: The tools of sales promotion include the following:
1. Samples
2. Refunds
3. Price Packs
4. Premium
5. Frequency Programs
6. Prizes
7. Patronage Awards
8. Free Trails
9. Product Warranties
10. Tie-in Promotions
11. Cross Promotion
12. Demonstrations

Which of the following state(s) the factor(s)that influence consumer behaviour?
1. Cultural Factors
2. Social Factors
3. Personal Factors
4. Legal Factors
Options:
(a)3 and 4
(b)1, 2 and 4
(c)1, 2, 3 and 4
(d) 1, 2 and 3

Correct Option/Answer: (d) 1, 2 and 3
Explanation: The factors influencing consumer behaviour include the
following:
1. Cultural Factors
2. Social Factors
3. Personal Factors
4. Psychological Factors

Statement I: Professor Francesco M Nicosia developed the Nicosia Model of
consumer behaviour in 1966.
Statement II: The model is divided into four major fields, namely the firm’s and
customer’s attribute, search and evaluation, the act of purchase and the feedback
of the sales results.
Options:
(a) Statement I is correct, but statement II is incorrect
(b) Statement II is correct, but statement I is incorrect
(c) Both statements are correct
(d) Both statements are incorrect

Correct Option/Answer: (c) Both statements are correct
Explanation: Both the statements are correct as Professor Francesco
M Nicosia developed the Nicosia Model of consumer behaviour in
1966. The model is divided into four major fields, namely the firm’s
and customer’s attribute, search and evaluation, the act of purchase
and the feedback of sales results.

What is Nicosia model of consumer Behaviour?
Nicosia model is a structural model of the purchase decision-making process by
an individual consumer or a whole family. ... They arise between them for mutual
communication - company communicates with consumers through promotional
activities, while consumers by making purchases.
The model proposed by Francesco Nicosia in the 1970s, was one of the
first models of consumer behavior to explain the complex decision process that
consumers engage in during purchase of new products.

Which among the following levels of Keller’s Brand Equity Model
signifies, “Who are you”?
Options:
(a) Brand Identity
(b) Brand Meaning
(c) Brand Resonance
(d) Brand Response

Correct Option/Answer: (a) Brand Identity
Explanation: The model of Keller’s Brand Equity has four levels in
order to understand the brand.
The four levels of Keller’ Brand Equity Model are as follows:
1. Brand Identity signifies “Who are you?”
2. Brand Meaning signifies “What are you?”
3. Brand Response signifies “What about you?”
4. Brand Resonance

What is Keller's brand equity model?
Overview. Keller's Brand Equity Model is also known as the Customer-Based
Brand Equity (CBBE) Model. ... You have to build the right type of experiences
around your brand, so that customers have specific, positive thoughts, feelings,
beliefs, opinions, and perceptions about it.
The Keller model is a pyramid shape and shows businesses how to build from a
strong foundation of brand identity upwards towards the holy grail of brand
equity 'resonance': where customers are in a sufficiently positive relationship with
a brand to be advocates for it.

When was Keller's brand equity model created?
1993
The standout CBBE model was developed by Kevin Lane Keller, a
Professor of Marketing, in his 1993 book
Strategic Brand Management. Through this model, Keller looked to
illustrate the journey of customers' relationships with brands – from
recognition at the bottom, through to resonating with the brand at
the peak.

Statement I: Production, inventory, price, transportation and information are the
five drivers of supply chain management.
Statement II: The efficient supply chain helps in boosting the customer service to
have a strong position in the market.
Options:

Correct Option/Answer: (b) Statement II is correct, but statement I
is incorrect
Explanation: The first statement is incorrect as production,
inventory, location, transportation and information are the five
drivers of supply chain management.
The second statement is correct as an efficient supply chain helps in
boosting the customer service to have a strong position in the
market.

Which among the following includes the introduction of new
flavours, colours or packaged sizes?
Options:
(a) Multi Branding
(b) Co-branding
(c) Brand Extension
(d) Line Extension

Correct Option/Answer: (d) Line Extension
Explanation: The brand strategy decision can take place by line
extension, brand extension, multi-brand and co-branding.
Introducing new flavours, colours or packaged sizes of the products
that already exist in the market is included in line extension.

What is line extension example?
Meaning-of-Line-Extension
A product line extension is when an existing brand launches new products in a
product category they already offer products within. For example, when a soft
drink company offers a new flavor of soda.
A product line extension is the use of an established product brand name for a
new item in the same product category. Line extensions occur when a company
introduces additional items in the same product category under the same brand
name such as new flavors, forms, colors, added ingredients, package sizes.

Assertion (A):Educating can be a marketing strategy of service firms as providing
knowledge and educating about the offered services is important.
Reason (R): The demonstration strategies can be in the form of seminars,
webinars or lunch meetings.
Codes:

Correct Option/Answer:(d) (A) is correct, but (R) is incorrect
Explanation: The assertion is correct but the reason is incorrect as
educating can be a marketing strategy of the service firms as
providing knowledge and education about the offered services is
important. The education of marketing strategies can be in the form
of seminars, webinars or lunch meetings.

Assertion (A): The focus of the company is to build a strong relationship with
every customer as this would help them in increasing their sales.
Reason (R): Offering loyalty points, special discounts, connecting the customers
through social networking sites are examples of different strategies that are used
for building customer relationships.
Codes:

Correct Option/Answer: (a) (A) and (R) are correct and (R) is the
correct explanation of (A)
Explanation: The focus of the company is to build a strong relationship with every
customer as this would help them in increasing their sales. Offering loyalty points,
special discounts, connecting the customers through social networking sites are
examples of different strategies that are used for building customer relationships.
Therefore, both assertion and reason are correct and option (a) is the correct
answer.

Statement I: A speciality store is a type of retail outlet with a narrow product line
and deep assortments.
Statement II: Supermarket is a type of retail outlet in which the products are
large, low cost and have a low margin and a high volume.
Codes:

Correct Option/Answer:(c) Both statements are correct
Explanation: Both statements are correct as the speciality store is a
type of retail outlet with a narrow product line and deep
assortments. The supermarket is a type of retail outlet in which the
products are large, low cost and have a low margin and a high
volume.

A specialty store is a shop/store that carries a deep assortment of brands, styles,
or models within a relatively narrow category of goods. Furniture stores, florists,
sporting goods stores, and bookstores are all specialty stores. Stores such as
Athlete's Foot (sports shoes only) are considered superspecialty stores.
What do you mean by Speciality stores?
A specialty retail store is a retail store that focuses on specific product categories,
as opposed to retailers who sell a large number of consumer goods categories.
When you think of specialty retail, think of a specialized yoga-wear store like
Lululemon rather than the big-box, everything-in-one store, Walmart.

Supermarket, large retail store operated on a self-service basis, selling groceries,
fresh produce, meat, bakery and dairy products, and sometimes an assortment of
nonfood goods. ... Convenience stores, often attached to a gasoline station, offer
snack foods, dairy items, and notions.
What is a supermarket in business?
A large retail market that sells food and other household goods and that is
usually operated on a self-service basis. any business or company offering an
unusually wide range of goods or services: a financial supermarket that sells
stocks, bonds, insurance, and real estate.

What is the correct full form of COBRA?
Options:
(a) Consumers Online Brand Related Adventure
(b) Consumer’s Offline Brand Related Activities
(c) Consumer’s Online and Bearer Related Activities
(d) Consumers Online Brand Related Activities

Correct Option/Answer: (d)Consumers Online Brand Related
Activities
Explanation: Consumers Online Brand Related Activities is the
correct full form of COBRA. It is a method that is used by the
advertisers in order to promote the product.

Consumers' Online Brand-Related Activities (COBRAs)
COBRAs represent a behavioral measure of consumer engagement that
corresponds to how practitioners measure the effectiveness of their social media
communications efforts (Ashley and Tuten, 2015, Schivinski, 2019, Schivinski et al.,
2016).

Match the following:
Codes:
A B C D
(a) 4 1 2 3
(b) 3 1 2 4
(c) 1 3 2 4
(d) 2 1 3 4
List 1 List-2
Longer Payment Terms Providing free of cost services
Warranties and Discounts Stretching loans for a longer period.
Special Event Pricing Offering special prices in special seasons to attract customers
Psychological Discounting Setting a high artificial price and then offering discounts

Correct Option/Answer: (d) A-2, B-1, C-3, D-4
Longer payment terms mean stretching loans for a longer period in order to lower
the monthly instalments. Warranties and discounts mean providing free of cost
services. Special event pricing is a type of pricing under which special prices are
offered in special seasons to attract customers. Psychological discounting includes
setting a high artificial price and then offering discounts.
List 1 List-2
A. Longer Payment Terms 2. Stretching loans for a longer period
B. Warranties and Discounts 1. Providing free of cost services
C. Special Event Pricing 3. Offering special prices in special seasons to
attract customers
D. Psychological Discounting 4. Setting a high artificial price and then
offering discounts

Which among the following options is incorrect for primary data?
Options:
(a) Questionnaires is an example
(b) Original data
(c) Cost of data collection is high
(d) Saves time

Correct Option/Answer: (d) Saves time
Explanation: Primary data can be understood as original data that
has a high cost of data collection. It is time consuming and involves
a huge collection cost. A questionnaire is an example of primary
data. The data collected is reliable as well as creditable. Controlling
the quality of data is in their hands.

Calculate the arithmetic mean of the data given below.
(a) 325.52
(b) 350.54
(c) 343.33
(d) 320.45
Class Interval X F
50-150 100 4
150-250 200 6
250-350 300 3
350-450 400 7
450-550 500 10

Correct Option/Answer: (c) 343.33
Mean = Sigma Xf/ Sigma f
Mean = 10,300/30
Mean = 343.33
Class Interval X F Xf
50-150 100 4 400
150-250 200 6 1200
250-350 300 3 900
350-450 400 7 2800
450-550 500 10 5000
TOTAL 10,300

Which among the following is the correct formula for testing a
sample by the Chi-square test?
Options:
A. Summation of (E-O)2/ E
B. Summation of (O-E)2/ O
C. Summation of (E-O)2/ O
D. Summation of (O-E)2/ E

Correct Option/Answer: (d) Summation of (O-E)2/ E
Explanation:
The formula to test a sample by the Chi-square test is as follows:
Summation of (O-E)2/ E
Where, O stands for observed frequency and E stands for expected
frequency. It is used in calculating the goodness of fit.

Statement I: The numbers of trials under binomial distribution are independent of
each other.
Statement II: The probability of success is determined by p, while the probability
of failure is determined by (1-p).
Options:

Explanation: Both statements are correct as the numbers of trials
under binomial distribution are independent of each other. The
probability of success is determined by p, while the probability of
failure is determined by q = (1-p).

Which of the following comprises non-probability sampling?
1. Quota Sampling
2. Snowball Sampling
3. Cluster Sampling
4. Convenience Sampling
Options:
(a) 2 and 4
(b)1 and 4
(c) 1, 3 and 4
(d) 1, 2 and 4

Correct Option/Answer: (d) 1, 2 and 4
Explanation: The non-probability sampling technique comprises of the following:
1. Convenience Sampling
2. Judgement Sampling
3. Quota Sampling
4. Snowball Sampling
Probability sampling techniques consists of the following:
1. Simple Random Sampling
2. Stratified Sampling
3. Cluster Sampling
4. Systematic Sampling
5. Multistage Sampling

Which of the following modules of ERP handles the methods and
procedures of collecting raw material?
Options:
A. Sales and Marketing
B. Purchase
C. Human Resource
D. Inventory

Correct Option/Answer: (b) Purchase
Explanation: Under Enterprise Resource Planning, the purchase
module handles all the methods and procedures that are related to
the process of collecting raw materials or items in the organisation.
The ERP Modules include supply chain management, sales and
marketing, purchase, human resource, inventory and finance and
accounting.

Statement I: Under group layout, team attitude and job
enlargement tend to occur.
Statement II: Under process layout, specialised supervision is not
possible.
Options:

Correct Option/Answer: (b) Statement I is correct, but statement II
is incorrect
Explanation: Statement one is correct as under group layout, team
attitude and job enlargement tend to occur. Statement two is
incorrect as under process layout, specialised supervision is possible.

Assertion (A): SOT helps in delay delivery and the generation of cash.
Reason (R): Liquidity is maintained under SOT as cash might stick at jobs that are
long and do not generate cash.
Codes:

Correct Option/Answer: (c) (A) is incorrect, but (R) is correct
Explanation: Assertion is incorrect as the Shortest Operation in Time
(SOT) helps in quick delivery and generation of cash as liquidity is
maintained under SOT considering the cash might stick at jobs that
are long and do not generate cash. Therefore, the reason is correct
but the assertion is incorrect.

Statement I: International business provides the potential for growth in foreign
countries that helps in attaining higher profits.
Statement II: International business helps in removing the constraints of the
domestic market.
Options:

Explanation: Both statements are correct as an international
business provides the potential for growth in foreign countries,
which helps in attaining higher profits. International business helps
in removing the constraints of the domestic market.

Which among the following state(s) are the advantages of
international business?
Options:
(a) Benefit to consumers
(b) Over specialisation
(c) Both (a) and (b)
(d) Can lead to starvation

Correct Option/Answer: (a) Benefit to consumers
Explanation: The advantages of international business include the
following:
1. Import of goods which the country is not able to produce
2. Maximum utilisation of resources
3. Benefit to consumers
4. Trade fluctuations are removed
5. International trade brings goodwill and peace among nations
6. Surplus produce is utilised

Who among the following developed the theory of factor
endowment?
Options:
(a) Raymond Vernon
(b) Heckscher-Ohlin
(c) David Ricardo
(d) Adam Smith

Correct Option/Answer: (b) Heckscher-Ohlin
Explanation: The international trade theory of factor endowment is
developed by Heckscher-Ohlin, the product life cycle theory was
developed by Raymond Vernon. The theory of comparative cost is
given by David Ricardo. The theory of absolute advantage is given by
Adam Smith.

Which among the following is/are the type(s) of foreign investment?
Options:
(a) FDI
(b) FPI
(c) FII
(d) All of the above

Correct Option/Answer: (d) All of the above
Explanation: The types of foreign investment are as follows:
1. Foreign Direct Investment (FDI)
2. Foreign Portfolio Investment (FPI)
3. Foreign Institutional Investment (FII)

What is meant by foreign direct investment FDI?
A foreign direct investment (FDI) is an investment made by a firm or individual in
one country into business interests located in another country.
Generally, FDI takes place when an investor establishes foreign business
operations or acquires foreign business assets in a foreign company.
A foreign direct investment is an investment in the form of a controlling ownership
in a business in one country by an entity based in another country. It is thus
distinguished from a foreign portfolio investment by a notion of direct control.

What is a foreign portfolio investment?
Foreign portfolio investment (FPI) consists of securities and other financial assets
held by investors in another country. It does not provide the investor with direct
ownership of a company's assets and is relatively liquid depending on the volatility
of the market.
A foreign portfolio investment is a grouping of assets such as stocks, bonds, and
cash equivalents. Portfolio investments are held directly by an investor or
managed by financial professionals.

What is FDI FII?
It can come in two forms: foreign direct investment (FDI) and foreign institutional
investment (FII). Foreign direct investment involves in direct production activities
and is also of a medium- to long-term nature. But foreign institutional investment
is a short-term investment, mostly in the financial markets.
A foreign institutional investor (FII) is an investor or investment fund investing in
a country outside of the one in which it is registered or headquartered. The term
foreign institutional investor is probably most commonly used in India, where it
refers to outside entities investing in the nation's financial markets.

Foreign Portfolio Investment (FPI) is similar to FDI in a way that this is also direct
investment but investment in only financial assets such as stocks, bonds etc. of a
company located in another country. ... Foreign Institutional Investor (FII) is an
investor of group of investors who bring FPIs.

Which among the following state(s) the feature(s) of MIS?
Options:
(a) Manages Data
(b) Operation Control
(c) Structural Decisions
(d) All of the above

Correct Option/Answer: (d) All of the above
Explanation: The features of Management Information System (MIS) are as
follows:
1. Summary Information
2. Operation Control
3. Focus on Internal Information
4. Manages Data
5. Structural Decision

Which among the following documents under import documentation is
prepared by the importer in the prescribed form under the Bill of Entry
Regulations, 1971?
Options:
(a) Certificate of Measurement
(b) Freight Declaration
(c) Transport Documentation
(d) Bill of Entry

Correct Option/Answer: (d) Bill of Entry
Explanation: Bill of entry is a document that is prepared by a clearing agent or an
importer in the form prescribed under the Bill of Entry Regulation, 1971. The
import duty is paid by the importer and such details are provided in the
document. Therefore, option (d) is correct.

Statement I: Export Promotion Capital Good (EPCG), Duty Entitlement Passbook
Scheme (DEPB), Market Development Assistance (MDA) are incentives and
schemes for exports.
Statement II: Companies that have exports up to Rs 40 crore are eligible for MDA
assistance.
Options:

Correct Option/Answer: (a) Statement I is correct, but statement II is incorrect
Explanation: Statement one is correct as Export Promotion Capital Good (EPCG),
Duty Entitlement Passbook Scheme (DEPB), and Market Development Assistance
(MDA) are incentives and schemes for exports. Statement two is incorrect as
companies that have exports up to Rs 30 crore are eligible for MDA assistance.

Export Promotion Capital Goods (EPCG) scheme allows import of capital goods
including spares for pre production, production and post production at zero duty
subject to an export obligation of 6 times of duty saved on capital goods imported
under EPCG scheme, to be fulfilled in 6 years reckoned from Authorization issue.
DEPB (Duty Entitlement Pass Book ) is an export incentive scheme of Indian
Government provided to Exporters in India. Duty Entitlement Pass Book Scheme
(DEPB) is an export incentive scheme. The objective of DEPB is to neutralise the
incidence of Customs duty on the import content of the export product.

What is market development assistance scheme?
A Market Development Assistance Scheme is currently operated by the Ministry
of Commerce with a view to encourage exporters (including MSME exporters) to
access and develop overseas markets. The scheme offers funding for participation
in international fairs, study tours abroad, trade delegations, publicity, etc.

Assertion (A): IMF has an objective that it shorter the duration and controls the
disequilibrium in BOP.
Reason (R): The exchange stability is promoted and international monetary
cooperation is promoted.
Codes:
(c) Both (A) and (R) are incorrect

Correct Option/Answer:
Explanation: Both assertion and reason are correct but reason doesn’t explain the
assertion as the two statements given above are the objectives of IMF. IMF has
the objective that it shorter the duration and controls the disequilibrium in BOP.
The exchange stability is promoted and international monetary cooperation is
promoted.

Assertion (A): DSS enhances the procedure of making decisions at the enterprise
and managerial level.
Reason (R): Decisions are of two types, namely programmable and non-
programmable. The programmable decisions are computerised while the non-
programmable decisions are predetermined.
Codes:

Correct Option/Answer: (d) (A) is correct, but (R) is incorrect
Explanation: DSS enhances the procedure of making decisions at the enterprise
and managerial level. The decisions are of two types, namely programmable and
non-programmable. The programmable decisions are computerised while the
non-programmable decisions are not predetermined.
Therefore, option (d) is the correct answer.

Which of the following types of entrepreneurs are not open to change or
creativity?
Options:
(a) Drone entrepreneur
(b) Fabian entrepreneur
(c) Induced entrepreneur
(d) Cognitive entrepreneur

Correct Option/Answer: (a)Drone entrepreneur
Explanation: The word entrepreneur is derived from a French word that means “to
undertake.” Drone entrepreneurs are people who are not open to creativity or
change. Such people are not very successful as they continue following traditional
methods.

Assertion (A): The theory of model personality is developed byCocharn and is a
social theory of supply of entrepreneurs.
Reason (R): Emphasis is placed on role expectation, cultural values and social
sanctions.
Codes:

Correct Option/Answer: (a) (A) and (R) are correct and (R) is the correct
explanation of (A)
Explanation: The theory of model personality is developed by Cocharnand is a
social theory of supply of entrepreneurs. Emphasis is placed on role expectation,
cultural values and social sanctions.
Therefore, both assertion and reason are correct and the reason correctly explains
the assertion.

Assertion (A): The person that has a clear vision and is action-oriented is known
as an intrapreneur.
Reason (R): The intrapreneurial grid developed by Pinchot states that a person
with high action and low vision is an ideal generator but a person with high action
and high vision is intrapreneur.
Codes:

Correct Option/Answer: (d) (A) is correct, but (R) is
incorrect
Explanation: The assertion is correct because the person who is action- oriented
and has a high vision is known as an intrapreneur. The reason is incorrect as the
intrapreneurial grid developed by Pinchot states that a person with high action
and low vision is a valuable worker but a person with high action and high vision is
an intrapreneur. Therefore, option (d) is the correct answer.

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