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PROBLEM SOLVING AND PYTHON PROGRAMMING QUIZ

1) What is the first step in problem-solving? A) Writing code B) Debugging C) Understanding the problem D) Optimizing the solution Answer: C 2) Which of these is not a step in the problem-solving process? A) Algorithm development B) Problem analysis C) Random guessing D) Testing and debugging Answer: C 3) What is an algorithm? A) A high-level programming language B) A step-by-step procedure to solve a problem C) A flowchart D) A data structure Answer: B 4) Which of these is the simplest data structure for representing a sequence of elements? A) Dictionary B) List C) Set D) Tuple Answer: B 5) What does a flowchart represent? A) Errors in a program B) A graphical representation of an algorithm C) The final solution to a problem D) A set of Python modules Answer: B 6) What is pseudocode? A) Code written in Python B) Fake code written for fun C) An informal high-level description of an algorithm D) A tool for testing code Answer: C 7) Which of the following tools is NOT commonly used in pr...

FIRM'S TYPES

          The types of firms are classified as follows
1. Individualistic Institutions
          1) Sole trading
          2) Partnership
          3) Joint stock company
               a) public Ltd
               b) private Ltd
          4) Co-operative
          5) Multinational Companies
2. Government Institutions
          1) Public Corporation
          2) Government Company
          3) Government Department
Individualistic Institutions:
1. Sole trading:
          If a business is owned and controlled by a single person / individual then it is sole trading business. He himself enjoys the profits and bear all losses.
2. Partnership:
          Partnership is the association of two or more person's to carry on business and to share profits or losses. Partnership is created by an agreement and the partners will share the profit or loss on the basis of capital contribution.
3. Jointstock Company:
          Company is an association of many persons who contribute money or money's worth and also share the profit or loss.
          There are two types of joint stock companies 
          1) Private Limited Company
          2) Public Limited Company
Private Limited Company:
          The number of members required to start private company is 50 members. They are prohibited to issue prospectus to the public for issuing shares.
Public Limited Company:
          The minimum number of members is 7 and maximum is unlimited. Capital is collected from the public by issuing shares. They can transfer the shares.
4. Co-operative:
It is the voluntary association of persons for mutual benefit and it's aims are accomplished through self help and collective effort. Every state Government has appointed a register of Cooperative societies for controlling and supervising societies.
5. Multinational Companies:
          MNC's are companies that manufacture and market products or services in several countries. MNC's can promote quality products at lower cost. It can avail better technology used all over the world.
Government Institution:
1. Government Department:
          It includes postal, railway, telegraph, radio& Television and power station etc
2. Government Companies:
          It includes Indian Rare Earth(IRE), Hindustan Latex, Bharath Heavy Electricals Limited (BHEL) and Steel Authority of India LTD(SAIL).
3. Public Enterprises:
          It includes State Transport Corporation, Life Insurance Corporation of India(LIC), Reserve Bank of India (RBI), Industrial Finance Corporation (IFC) and Industrial Credit Investment Corporation of India (ICICI).

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