Commerce Accountancy

Business and Project Management

1,444 Questions

Business and project management focus on organizational resources, strategic planning, and time management techniques used to achieve corporate objectives. It includes theories of administration and continuous improvement processes. Review these commerce and management questions to prepare for business administration sections in competitive exams.

Strategic managementTime managementOrganizational resourcesAdministration principles

Business and Project Management Questions

Multiple choice

Resource planning involves identification and inventory of resources across the regions of the country. Which of the following is/are involved in evolving a planning structure for developing the available resources?

  1. Surveying the area

  2. Mapping of the area

  3. Qualitative and quantitative estimation of resources

  4. Institutional set up for implementing resource development plans

  5. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

This is the correct answer. An institutional set up is organised at the time we evolve a plan for developing the available resources.

Multiple choice

The Greek word 'nomos' means

  1. control

  2. norm

  3. management

  4. business
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The word 'management' has its origin in the Greek word ‘nomos’, which means ‘management’.

Multiple choice

Differential piece rate system was devised by

  1. Henri Fayol

  2. Henry Lawrence Gantt

  3. Frederick Taylor

  4. Peter Drucker
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Under differential piece rates of wage payment, workers attaining or exceeding the standard draw their pay at a higher rate and those falling short of the standard are compensated at a lower wage rate. This system was devised by Frederick Taylor.

Multiple choice

Planning may call for a change in the existing

  1. accounting concepts

  2. government mandates

  3. governance standards

  4. procedures and policies
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Procedures, rules and policies, once established, are difficult to change. Planning, on the other hand, may call for a change in the existing procedures and policies.

Multiple choice

___________ is an important function of management which involves communicating and providing leadership to the subordinates and motivating them to contribute to the best of their capacity for the achievement of organisational objectives.

  1. Motivation

  2. Directing

  3. Discipline

  4. Coordination
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Directing is an important function of management which involves communicating with and providing leadership to the subordinates and motivating them to contribute their best for the achievement of organisational objectives.

Multiple choice

________ is an approach that organisations use to improve their internal processes and increase customer satisfaction.

  1. Total Quality Management (TQM)

  2. Customer Management

  3. Risk Management

  4. Financial Management
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Total Quality Management (TQM) is an approach that organisations use to improve their internal processes and increase customer satisfaction. When properly implemented, it can lead to decreased costs related to corrective or preventative maintenance, better overall performance, and an increased number of satisfied and loyal customers.

Multiple choice

Generally, __________ is responsible for complying procedural formalities relating to corporate restructuring in a company.

  1. finance function

  2. marketing function

  3. secretarial function

  4. administration function
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

In business, secretarial division is reponsible for performing secretarial functions, i.e complying procedural formalities relating to corporate restructuring. For example, conducting Board Meetings, drafting agendas, etc.

Multiple choice

In which type of environmental scanning are ad hoc decisions made?

  1. Passive scanning

  2. Active scanning

  3. Directed scanning

  4. None of the above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Ongoing scanning at an almost unconscious level is passive scanning. No effort is made to select a particular information resource to scan. Only ad hoc decisions are made on the results of this type of scanning.

Multiple choice

In general, vision and mission statements of an organisation are a result of

  1. operational planning

  2. strategic planning

  3. middle level planning

  4. performance planning
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Strategic plan draws the clear layout of specific business’s venture, vision, missions, objectives, competencies, managerial abilities, technical proficiency, and sources of fund. Thus, vision and mission statements of an organisation are a result of strategic planning.

Multiple choice

The careful monitoring of an organisation's internal and external environments for detecting early signs of opportunities and threats that may influence its current and future plans means

  1. environment scanning

  2. market analysis

  3. SWOT analysis

  4. PESTLE analysis
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Environment scanning is careful monitoring of an organisation’s internal and external environments for detecting early signs of opportunities and threats that may influence its current and future plans.

Multiple choice

Industry can improve in this way without competent leadership and clearly defined administrative goals. Adinath’s new CEO, Amit Aggarwal, has provided the management skills that made this recovery possible.

Which of the following, if true, would LEAST strengthen the above argument?

  1. This firm now has clearly defined administrative goals.

  2. The general demand for textiles has increased dramatically during the past three years.

  3. Before Amit Aggarwal became CEO, there was no competent leadership in the firm.

  4. The new organizational is clearly responsible for the increase in productivity.
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The writer says that the improvements over the past two years are the result of competent leadership and clearly defined administrative goals, and since Amit Aggarwal is the new CEO, he must therefore have provided this leadership. To weaken this contention, it’s necessary to find an explanation for the recent upswing in business that’s not connected to him. An increase in demand for textiles (B) would be beyond his control, and thus could have led to an improvement in business no matter who was the CEO.