Question

Match the following components of Business Environment.

a) Economic Environment	i) Exim Policy
b) Social Environment	ii) Customs
c) Political Environment	iii) Social Values
d) Legal Environment	iv) Business Law and Banking Act

• A. (a)-(i), (b)-(ii), (c)-(iii), (d)-(iv)
• B. (a)-(iii), (b)-(iv), (c)-(ii), (d)-(i)
• C. (a)-(iii), (b)-(i), (c)-(ii), (d)-(iv)
• D. (a)-(i), (b)-(ii), (c)-(iv), (d)-(iii)

Answer 1

The correct option is A (a)-(i), (b)-(ii), (c)-(iii), (d)-(iv)

• EXIM policy is a part of external environment of a business which involves in Export and Import.
  
• Socio-cultural environment: A set of beliefs, customs, practices and behavior that exists within a population.
  
• Political Environment analyzes the social values and justification of business, defining its rights, obligations and purposes.
  
• Legal Environment deals with the legal formalities which a business have to follow and includes various Laws and Acts.