art mcqs

_________ as a profession refers to the act of inducing a commercial transaction through inducing the purchase of a product or service. Such act is carried out with the intent of earning remuneration.

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A) Marketing
B) Selling
C) Advertising
D) Promotion
✅ ANSWER: B
Selling as a profession refers to the act of inducing a commercial transaction through inducing the purchase of a product or service. Such act is carried out with the intent of earning remuneration.

Time and motion study is conducted by ________.

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A) time keeping department
B) personnel department
C) payroll department
D) engineering department
✅ ANSWER: D
Time and motion study is conducted by engineering department. It is a major part of scientific management (Taylorism). After its first introduction, time study developed in the direction of establishing standard times, while motion study evolved into a technique for improving work methods.

Which one of the following is the task of the Planning Commission?

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A) Preparation of the plan
B) Implementation of the plan
C) Financing of the plan
D) None of the above
✅ ANSWER: A
Preparation of the plan is the task of the Planning Commission. The Planning Commission is charged with the responsibility of making assessment of all resources in the country, augmenting deficient resources, formulating plans for the most effective and balanced utilisation of resources and determining priorities.

ERP stands for.

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A) Enterprise resolution planning
B) Enterprise reverse planning
C) Enterprise resource planning
D) None of the above
✅ ANSWER: C
ERP stands for Enterprise resource planning. It’s a business process management software that manages and integrates a company’s financials, supply chain, operations, reporting, manufacturing, and human resource activities.

During planning period, a marginal cost for raising a new debt is classified as

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A) debt cost
B) relevant cost
C) borrowing cost
D) embedded cost
✅ ANSWER: B
During planning period, a marginal cost for raising a new debt is classified as relevant cost. Relevant cost is a managerial accounting term that describes avoidable costs that are incurred when making business decisions. The concept of relevant cost is used to eliminate unnecessary data that could complicate the decision-making process.

LIFO method of pricing of materials is more suitable when _________.

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A) material prices are rising
B) material prices are falling
C) material prices are constant
D) material prices are fluctuating
✅ ANSWER: A
LIFO method of pricing of materials is more suitable when material prices are rising. LIFO method of pricing issues is suitable because materials are issued at the current market prices which are high. This method thus helps in showing a lower profit because of increased charge to production during periods of rising prices and lower profit reduces burden of income-tax.

Traditional cash value plans are also known as

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A) Unbundled plans
B) Bundled plans
C) Annuity
D) ULIP
✅ ANSWER: B
Traditional cash value plans are also known as Bundled plans. Bundled plans consist of multiple types of health coverage that a consumer can purchase together, typically with one integrated premium. The plans are generally designed to complement each other, or to provide varying benefits.