Class 11 Organisation of Commerce and Management – Daily Revision MCQ (English Medium)
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When wheat is exchanged directly for rice without using money, it is called:
Chapter 1: Introduction of Commerce and Business
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Answer: B. barter exchange
Exchange of goods or services for other goods or services, with no money involved, is barter exchange.An Indian trader imports goods from Japan and re-exports the same goods to Africa. This is:
Chapter 2: Trade
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Answer: D. entrepot trade
Entrepot trade combines import and export: goods are imported from one country and resold to another.While setting up a small scale business, assessing the project from economic, financial, technical, market, social and managerial points of view is called:
Chapter 3: Small Scale Industry and Business
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Answer: A. project appraisal
The book explains project appraisal as the assessment of a project, done carefully from all these points of view before setting up the enterprise.As per the textbook, the maximum number of partners permitted in a partnership firm is:
Chapter 4: Forms of Business Organisation - I
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Answer: C. 50
A partnership needs at least two persons, and the book states that the maximum number of partners permitted is 50.In a co-operative society, voting at meetings follows the rule of:
Chapter 4: Forms of Business Organisation - I
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Answer: B. one member, one vote
Co-operatives are managed democratically: every member has one vote whatever the number of shares held.A statutory corporation such as the Reserve Bank of India or LIC is created by:
Chapter 5: Forms of Business Organisation - II
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Answer: A. a special Act of Parliament or state legislature
A statutory corporation is an autonomous body created by a special Act of Parliament or a state legislature with defined powers and duties.NABARD, the apex institution for agricultural finance, came into existence on:
Chapter 6: Institutes Supporting Business
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Answer: D. 12 July 1982
NABARD was set up on July 12, 1982 under the NABARD Act, 1981, a special Act of Parliament.Who founded the Grameen Bank in Bangladesh and is known as the Father of Microfinance?
Chapter 6: Institutes Supporting Business
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Answer: C. Dr. Muhammad Yunus
Economist Dr. Muhammad Yunus founded the Grameen Bank in 1983 to give small loans to the poor; the idea is behind women's self help groups.India's New Economic Policy introduced on 24 July 1991 is known as the LPG policy. LPG stands for:
Chapter 7: Business Environment
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Answer: A. Liberalisation, Privatisation and Globalisation
The 1991 New Economic Policy is called the LPG policy: Liberalisation, Privatisation and Globalisation.Who defined management as 'to forecast and plan, to organise, to command, to coordinate and to control'?
Chapter 8: Introduction to Management
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Answer: B. Henry Fayol
Henry Fayol's definition stresses the functions of management carried out in a systematic way to achieve goals.
Class 11: MCQ in other subjects
All questions are written by PadhaiNotes in our own words from the chapters of the official Maharashtra State Board Balbharati textbook (ebalbharati.in). Each question shows its chapter.