What’s better than using your phone while being online and enhancing your knowledge skills? It is always great to learn about things that could benefit us in various ways. Here we are with yet another interesting quiz that contains general knowledge questions about Economics and Business. So, take this quiz and see how much you know about this subject and enhance your knowledge. Read on!
1. Who is the father of modern economics?
Answer: Adam Smith
2. What is not an example of direct tax?
3. Name three examples of direct tax?
Answer: Individual income tax, estate tax and property taxes
4. The co-existence of inflation and unemployment is called?
5. The critical minimum effort theory is associated with the name?
Answer: H Leibenstein
6. The National Income is equal to?
Answer: Net National Product – Indirect Taxes + Subsidies
7. In macroeconomics disposable income refers to what?
Answer: After-tax income
8. If the total expenditure on a commodity increases after a price increase, what will be the elasticity of demand?
Answer: Less than one
9. Rational Expectation Theory is associated with whom?
10. How would you describe an authoritarian or controlling management style?
Answer: A manager who likes to make all decisions by himself
11. Describe democratic management style?
Answer: A manager who also involves employees in decision making
12. A plan is a proposed method used to achieve the organization’s objectives and goals
13. What are the types of activity within demand management?
Answer: Activity based, business activity patterns and user profiles
14. Sales commissions are classified as?
Answer: Period costs
15. Name the four functions of management?
Answer: Controlling, leading, organizing and planning
16. Informal structure often works well for?
Answer: Small businesses
17. Name one characteristic of a formal structure.
18. A firm that has a centralized organization concentrates authority with whom?
Answer: Top managers