Sales
Question : Statement 1: Selling concept focuses on customer satisfaction through understanding their needs.
Statement 2: Marketing concept solely relies on aggressive promotional tactics to drive sales.
Option 1: Both statements are correct.
Option 2: Statement 1 is correct, and statement 2 is false.
Option 3: Both statements are incorrect.
Option 4: Statement 2 is correct, and statement 1 is incorrect.
Correct Answer: Statement 1 is correct, and statement 2 is false.
Solution : The correct answer is (b) Statement 1 is correct, and statement 2 is false.
Statement 1 is true. The selling concept does focus on customer satisfaction through understanding their needs. This concept involves understanding customer needs and wants and then developing strategies to meet those needs and sell products or services that address those wants.
Statement 2 is false. The marketing concept does not solely rely on aggressive promotional tactics to drive sales. The marketing concept emphasizes understanding customer needs and wants, creating valuable products or services to meet those needs, and delivering value to customers. It's not just about promotion; it's about a holistic approach that involves product development, pricing, distribution, and promotion based on understanding and satisfying customer needs.
Question : Sara, Sita and Meena were partners in a firm sharing profits and losses in the ratio of 2: 2: 1. Sara died on 30th June, 2017, whereas the firm closes its books on 31st March every year. According to their Partnership Deed Sara's representatives would be entitled to get share in the interim profits of the firm calculated on sales basis. Sales and profit for the year 2016-17 were Rs.6,00,000 Rs.1,80,000 respectively and sales in the year 2017-18, till the date of her death amounted to Rs.1,20,000. Sara's share of interim profit will be
Option 1: Rs 14,000
Option 2: Rs 14,600
Option 3: Rs 14,400
Option 4: None of the above.
Correct Answer: Rs 14,400
Solution : Answer = Rs 14,400 Profit= 1,80,000 Sales= 6,00,000 Profit=$\frac{1,80,000}{6,00,000} \times 1,20,000$= 36,000. Sara's share of profit= 36,000×$\frac{2}{5}$= 14,400. Hence, the correct option is 3.
Question : Ayaan got selected as a sales officer in one of the leading sales companies. He was given a brief introduction about the company and its policies and regulations. Identify the step in the process of staffing which ayaan is going through.
Option 1: Selection
Option 2: Employment interview
Option 3: Orientation or induction
Option 4: Training and development
Correct Answer: Orientation or induction
Solution : Orientation refers to introduction of new employees to the existing employees large organisation organise orientation programme to familiarise the new employee with the existing whereas in small organisation superior takes the new employees on round and introduces him to the existing employees. Hence, option 3 is the correct answer.
Question : Aman, Raman and Suman were partners sharing profits a ratio of 3:2:1 respectively. The profit and sales for the year ended 31 March 2017 were Rs.3 lakh and Rs.10 lakh respectively. Aman died on 30th November, 2017. Calculate the share of a deceased partner in the profits for the period from 1st April 2017 to 30th November 2017, if the same is calculated: Q. On the basis of sales which were Rs.8 lakh from 1st April 2017 to 30th November 2017.
Option 1: Rs 1,20,000
Option 2: Rs 1,40,000
Option 3: RS 2,00,000
Option 4: Rs 70,000
Correct Answer: Rs 1,20,000
Solution : Answer = Rs 1,20,000
Decreased Partner's Share of Profit = Profit/Sales x Profit = 3,00,000/10,00,000 x 8,00,000 =2,40,000 x 3/6 = 1,20,000 Hence, the correct option is 1.
Question : Statement 1: Marketing concept focuses on delivering superior value to customers.
Statement 2: Selling concept solely relies on product features to drive sales.
Statement 1 is correct. The marketing concept indeed focuses on delivering superior value to customers. It emphasizes understanding and meeting customer needs and wants by offering products or services that provide value and benefits to the customers.
Statement 2 is false. The selling concept does not solely rely on product features to drive sales. While product features may be a part of the selling approach, the selling concept emphasizes aggressive promotional tactics and sales techniques to maximize short-term sales.
Therefore, statement 1 is correct, and statement 2 is false.
Question : Assertion: Sales promotion techniques aim to boost long-term customer loyalty
Reason: Sales promotion techniques focus solely on short-term sales increases.
Option 1: Both assertion and reason are true, and the reason is the correct explanation of the assertion.
Option 2: Both assertion and reason are true, but the reason is not the correct explanation of the assertion.
Option 3: Assertion is true, but the reason is false.
Option 4: Assertion is false, but the reason is true.
Correct Answer: Assertion is true, but the reason is false.
Solution : The correct answer is (c) Assertion is true, but the reason is false.
The assertion is true. Sales promotion techniques do aim to boost customer loyalty, but they also aim to achieve short-term sales increases. While the immediate goal of sales promotions is often to increase sales in the short term, a well-designed sales promotion strategy can also contribute to long-term customer loyalty. For example, promotions can attract new customers who may become loyal in the long run through positive experiences with the brand.
The reason provided is false. Sales promotion techniques are not solely focused on short-term sales increases. While they do often have an immediate impact on sales, they can also be designed and implemented strategically to enhance customer loyalty over the long term.
Question : Sharma, Verma and Goyal are partners in a firm. On 1st April 2012 the balances in their Capital Accounts were as follows: Sharma Rs. 4,00,000; Verma Rs. 4,20,000 and Goyal Rs. 3,70,000. The firm closes its accounts every year on 31st March. Verma died on 30th September 2012. In the event of the death of any partner following are the provisions in the Partnership Deed: (i) Interest on Capital will be calculated at the rate of $10 \%$ p.a. (ii) The deceased partner; 's legal representative will be paid Rs. 35,000 for his share of goodwill. (iii) The firm had a Reserve Fund of Rs. 2,10,000. The deceased partner will be paid his share in the Reserve Fund. (iv) His share of profit till the date of death will be calculated on the basis of sales. It is also specified that the sales during the year 2011-12 were Rs. $15,00,000$. The sales from 1st April 2012 to 30th September 2012 were Rs. 3,00,000. The profit of the firm for the year ending 31st March 2012 was Rs. 3,00,000. Question: Amount of Interest on capital will be
Option 1: Rs 24,000
Option 2: Rs 21,000
Option 3: Rs 20,000
Option 4: None of the above
Correct Answer: Rs 21,000
Solution : Answer = Rs 21,000
$\frac{3,00,000}{15,00,000}$×3,00,000= 60,000$\times \frac{1}{3}$= 20,000. Hence, the correct option is 2.
Question : The defense cooperation between India and the US has been strengthened through:
Option 1: Joint military exercises
Option 2: Arms sales agreements
Option 3: Intelligence sharing
Option 4: All of the above
Correct Answer: All of the above
Solution : The defense cooperation between India and the US has been strengthened through joint military exercises, arms sales agreements, and intelligence sharing, enhancing their strategic partnership.
Question : _____________ratio establishes a relationship between gross profit and Revenue from Operations, i.e. Net Sales.
Option 1: Net profit ratio
Option 2: Operating profit ratio
Option 3: Gross profit ratio
Correct Answer: Gross profit ratio
Solution : Answer = Gross profit ratio. The gross profit Ratio Establishes the relationship between gross profit and revenue from the operation. The gross profit ratio evaluates the proportion of gross profit generated from revenue. It measures the efficiency of production and sales processes, indicating the percentage of revenue retained after deducting the cost of goods sold. Hence, the correct option is 3.
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