Tag: elements of business

Questions Related to elements of business

The profits earned by consumer cooperative stores during a year are utilized for declaring bonus to members according to purchases made by them.

elements of business large scale retail trade forms of large scale retail stores types of retail organisation types of retailing

  1. True

  2. False

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Correct Option: A
Explanation:

Consumers' co-operatives are enterprises owned by consumers and managed democratically which aim at fulfilling the needs and aspirations of their members. They operate within the market system, independently of the state, as a form of mutual aid, oriented toward service rather than pecuniary profit.

Which of the following is not a feature of Chain store?

elements of business large scale retail trade forms of large scale retail stores types of retail organisation types of retailing

  1. The manufacturing/procurement of merchandise for all the retail units is centralized at the head office.

  2. Each retail shop is under the direct supervision of a Branch Manager.

  3. As the size of these stores is very large, they are generally formed as a joint stock company.

  4. The prices of goods in such shops are fixed and all sales are made on cash basis.

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Correct Option: C
Explanation:

Chain store is that it deals in one type of product. Thus the idea behind multiple shops is specialisation. Thus we can say that chain stores mean a group of stores, handling similar lines of merchandise with single ownership and scattered location

From below mentioned which is a large-scale industry?

elements of business large scale retail trade forms of large scale retail stores types of retail organisation types of retailing

  1. Fertilizer

  2. Natural gas

  3. Banking

  4. All of the above

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Correct Option: D
Explanation:

Large scale industry refers to that industry which has huge capital, huge equipments, large number of skilled labour etc. Fertilizer, natural gas and banking industries have these characteristics. Hence, they are all large scale industries.

The benefits of large scale operations are enjoyed by_____________ in respect of purchase of goods.

elements of business large scale retail trade forms of large scale retail stores types of retail organisation types of retailing

  1. chain stores

  2. consumer cooperative stores

  3. departmental stores

  4. all of the above

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Correct Option: C
Explanation:

Large retail establishment with an extensive assortment in variety and range of goods, organized into separate departments. All departments are housed under the same roof to facilitate buying, customer service, merchandising, and control.

Name the fixed shop large retailer which have certain flexibility in respect of the goods marketed.

elements of business large scale retail trade forms of large scale retail stores types of retail organisation types of retailing

  1. Mail order housing

  2. Chain stores

  3. Departmental stores

  4. None of the above

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Correct Option: C

Name the fixed shop large retailer which satisfies all the needs of customers under one roof.

elements of business large scale retail trade forms of large scale retail stores types of retail organisation types of retailing

  1. Chain stores

  2. Consumer cooperative store

  3. Mail order housing

  4. Departmental stores

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Correct Option: D
Explanation:

A department store is a retail establishment offering a wide range of consumer goods in different product categories known as "departments".

Name a fixed shop large retailer in which the number of shops with similar appearances are located in different parts of the country.

elements of business large scale retail trade forms of large scale retail stores types of retail organisation types of retailing

  1. Chain stores

  2. Departmental stores

  3. Mail order houses

  4. Consumer cooperative store

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Correct Option: A

Name the advantages offered by Multiple shops to its customers.

elements of business large scale retail trade forms of large scale retail stores types of retail organisation types of retailing

  1. Economies of scale

  2. Low cost

  3. Diffusion of risk

  4. All of the above

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Correct Option: D

What restricts the purchasing power of buyers from Super markets?

elements of business large scale retail trade forms of large scale retail stores types of retail organisation types of retailing

  1. No credit facility.

  2. No personal attention.

  3. Huge operating costs.

  4. None of these.

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Correct Option: A
Explanation:

Buyers power refers to the pressure buy can exert on businesses by raising prices, lowering quality, or reducing the availability of their products. Further more, a strong buyer can make an industry more competitive and decrease the profit potential for the buyer.

The chances of incurring loses in departmental stores are high as a result of _________________.

elements of business large scale retail trade forms of large scale retail stores types of retail organisation types of retailing

  1. high operating costs

  2. large scale operations

  3. small scale operations

  4. both A and B

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Correct Option: D