Business GK for MBA- One-liner quiz questions with answers, along with one-liner explanations
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Business GK for MBA- One-liner
Round 1: General Business Knowledge
What is the full form of CEO?
Answer: Chief Executive Officer. Explanation: The CEO is the highest-ranking officer in a company or organization responsible for making major corporate decisions.
What is the process of combining two or more companies called?
Answer: Merger. Explanation: A merger is a business combination in which two or more companies join to form a single entity.
What is the difference between revenue and profit?
Answer: Revenue is the income a company generates from sales, while profit is the income left over after deducting expenses. Explanation: Revenue is the total amount of money a company receives from its sales, while profit is what’s left over after all expenses are paid.
What is the meaning of the term “market capitalization”?
Answer: Market capitalization is the total value of a company’s outstanding shares of stock. Explanation: Market capitalization is calculated by multiplying a company’s current stock price by the total number of outstanding shares.
Who is responsible for preparing a company’s financial statements?
Answer: The Chief Financial Officer (CFO). Explanation: The CFO is responsible for preparing and presenting a company’s financial statements to its shareholders and other stakeholders.
Round 2: Accounting and Finance
What is the formula for calculating Return on Investment (ROI)?
Answer: ROI = (gain from investment – cost of investment) / cost of investment. Explanation: ROI measures the amount of return on an investment relative to its cost.
What is the difference between a debit and a credit in accounting?
Answer: Debits increase asset and expense accounts, while credits increase liability, equity, and revenue accounts. Explanation: In accounting, debits and credits are used to record financial transactions in an organization’s books.
What is the purpose of a balance sheet in accounting?
Answer: A balance sheet provides a snapshot of a company’s financial position at a specific point in time. Explanation: A balance sheet shows a company’s assets, liabilities, and equity, and provides a measure of its financial strength.
What is the difference between fixed and variable costs?
Answer: Fixed costs remain the same regardless of changes in production levels, while variable costs change based on production levels. Explanation: Fixed costs are expenses that remain constant, such as rent, while variable costs increase or decrease based on production levels, such as raw materials.
What is the meaning of the term “liquidity” in finance?
Answer: Liquidity refers to a company’s ability to meet its short-term obligations using its current assets. Explanation: A company’s liquidity is an important measure of its ability to pay its bills and meet its financial obligations.
Business GK for MBA- One-liner quiz questions with answers
Round 3: Marketing and Advertising
What is the difference between marketing and advertising?
Answer: Marketing encompasses all activities related to promoting and selling a product or service, while advertising specifically refers to paid promotional activities. Explanation: Marketing includes research, product development, branding, and sales, while advertising focuses on creating and delivering targeted messages to potential customers.
What is the term used to describe the process of dividing a market into smaller groups based on common characteristics?
Answer: Segmentation. Explanation: Market segmentation is the process of dividing a market into smaller groups based on common characteristics such as age, income, or geographic location.
What is the difference between a brand and a product?
Answer: A brand is a unique identifier that encompasses a company’s products, services, and reputation, while a product is a specific item
What is the term used to describe the marketing strategy of creating a unique image or personality for a brand?
Answer: Branding. Explanation: Branding is the process of creating a unique image or personality for a brand that sets it apart from competitors.
What is the difference between a sales promotion and a public relations campaign?
Answer: A sales promotion is a short-term marketing tactic used to boost sales, while a public relations campaign is a long-term effort to build and maintain a positive public image. Explanation: Sales promotions are typically time-limited and focused on increasing sales, while public relations campaigns are focused on building and maintaining a positive image of a company or brand over the long term.
Round 4: Operations and Supply Chain Management
What is the term used to describe the process of producing goods or services?
Answer: Operations. Explanation: Operations management involves the planning, coordination, and control of the production process.
What is the difference between a supply chain and a value chain?
Answer: A supply chain is the network of suppliers, manufacturers, distributors, and retailers involved in producing and delivering a product, while a value chain is the entire process of creating value for a customer. Explanation: Supply chains are focused on the physical production and delivery of a product, while value chains encompass all activities involved in creating and delivering value to a customer.
What is the term used to describe the system of managing and tracking inventory levels?
Answer: Inventory management. Explanation: Inventory management involves the tracking of inventory levels, ordering, and replenishment to ensure that a business has enough products to meet customer demand.
What is the difference between a push and a pull supply chain strategy?
Answer: A push strategy is when products are produced based on forecasted demand, while a pull strategy is when products are produced based on actual customer demand. Explanation: Push strategies are focused on producing and delivering products based on anticipated demand, while pull strategies are focused on producing and delivering products based on actual customer orders.
What is the term used to describe the process of improving the efficiency and effectiveness of a business’s operations?
Answer: Process improvement. Explanation: Process improvement involves the identification, analysis, and optimization of business processes to increase efficiency and effectiveness.
Round 5: Human Resource Management
What is the difference between a job description and a job specification?
Answer: A job description outlines the duties and responsibilities of a job, while a job specification outlines the qualifications and skills required to perform the job. Explanation: Job descriptions focus on what the job entails, while job specifications focus on the necessary qualifications and skills of the job holder.
What is the term used to describe the process of recruiting, selecting, and training employees?
Answer: Human resource management. Explanation: Human resource management involves the management of all aspects of the employment relationship, from recruitment to training and development to performance management.
What is the difference between a salary and a wage?
Answer: A salary is a fixed amount of pay given to an employee for a set period of time, while a wage is an hourly rate of pay. Explanation: Salaries are typically given to salaried employees, while wages are given to hourly employees.
What is the term used to describe the process of evaluating and compensating employees based on their performance?
Answer: Performance management. Explanation: Performance management involves the evaluation and compensation of employees based on their job performance.
What is the difference between training and development?
Answer: Training focuses on specific job-related skills, while development focuses on broader skills and knowledge needed for future career growth
Round 6: Finance
What is the difference between accounting and finance?
Answer: Accounting focuses on recording and reporting financial transactions, while finance focuses on managing and investing money. Explanation: Accounting is focused on accurately recording financial transactions, while finance is focused on using financial information to make decisions about managing and investing money.
What is the term used to describe the cost of borrowing money?
Answer: Interest. Explanation: Interest is the cost of borrowing money, typically expressed as a percentage of the amount borrowed.
What is the difference between a stock and a bond?
Answer: Stocks represent ownership in a company, while bonds represent a loan to a company. Explanation: Stocks give investors ownership in a company and the potential for dividends and capital gains, while bonds provide a fixed income stream to investors.
What is the term used to describe the process of determining the value of a company or asset?
Answer: Valuation. Explanation: Valuation is the process of determining the value of a company or asset, typically based on financial metrics such as revenue, earnings, and cash flow.
What is the difference between a balance sheet and an income statement?
Answer: A balance sheet shows a company’s assets, liabilities, and equity at a specific point in time, while an income statement shows a company’s revenues and expenses over a period of time. Explanation: Balance sheets provide a snapshot of a company’s financial position, while income statements show a company’s financial performance over a period of time.
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