Tag: business studies

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Questions Related to business studies

Multiple choice function, distinction and objectives of chambers of commerce role of chambers of commerce & industry and trade associations internal trade commerce business studies

Write down the full form of FICCI.

  1. Federation of Indian Chamber of Companies and Industry

  2. Federation of Indian Chamber of Commerce and Industry

  3. Federation of International Chamber of Commerce and Industry

  4. None of these
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The Federation of Indian Chambers of Commerce and Industry is an association of business organisations in India. Established in 1927, on the advice of Mahatma Gandhi by GD Birla and Purushottam Das Thakurdas, it is the largest, oldest and the apex business organisation in India.

Multiple choice function, distinction and objectives of chambers of commerce role of chambers of commerce & industry and trade associations internal trade commerce business studies

The term business includes every lawful trade, occupation and profession.

  1. True

  2. False

  3. Sometimes false

  4. None of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Every business requires some form of investment and enough customers to whom its output can be sold on a consistent basis in order to make a profit.An example of a corporate business is PepsiCo, while a mom-and-pop catering business is a private enterprise.

Multiple choice function, distinction and objectives of chambers of commerce role of chambers of commerce & industry and trade associations internal trade commerce business studies

In which year FICCI was established in India?

  1. 1972

  2. 1965

  3. 1947

  4. 1975
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The Federation of Indian Chambers of Commerce and Industry is an association of business organisations in India. Established in 1927, on the advice of Mahatma Gandhi by GD Birla and Purushottam Das Thakurdas, it is the largest, oldest and the apex business organisation in India.

Multiple choice function, distinction and objectives of chambers of commerce role of chambers of commerce & industry and trade associations internal trade commerce business studies

Identify the interests and aims of Chambers of Commerce and Industry.

  1. Transportation or inter-state movement of goods.

  2. Octroi or other local levies.

  3. Harmonisation of VAT structure.

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation
Interests and aims of chambers of commerce and industry:
(i) Transportation or inter state movement of goods: The Chambers of Commerce and Industry help in many activities concerning inter state movement of goods which includes registration of vehicles, surface transport policies, construction of highways and roads.
(ii) Octroi and other local levies: Octroi and local taxes are the important sources of revenue of the local government. These are collected on the goods and from people entering the state or the municipal limits.
(iii) Harmonisation of sales tax structure and Value Added Tax: The Chambers of Commerce and Industry play an important role in interacting with the government to harmonise the sales tax structure in different states.
Multiple choice function, distinction and objectives of chambers of commerce role of chambers of commerce & industry and trade associations internal trade commerce business studies

Which international agency has Trade Review Mechanism and looks after Multilateral Trade Agreements?

  1. IBRD

  2. IMF

  3. WTO

  4. All of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The term multilateral trade negotiations initially applied to negotiations between General Agreement on Tariffs and Trade member nations conducted under the auspices of the GATT and aimed at reducing tariff and non tariff trade barriers. In 1995 the World Trade Organization replaced the GATT as the administrative body.