Commerce Accountancy

Business and Project Management

1,146 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 business organisation importance of management introduction and characteristics of management meaning, nature and importance of management basics of management

Drucker assigns three jobs to management.

  1. Managing a business; managing managers; and managing workers and work

  2. Managing a employees; managing managers; and managing accounting work

  3. Managing a business; managing creditors; and managing accounting work

  4. None of above
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation
Drucker assigns three jobs to management:a) Managing a business 
b) managing managers
c) managing workers and work
According to Peter Drucker these three jobs will help to conduct proper functioning of all the activities in an organization.
Multiple choice business organisation importance of management introduction and characteristics of management meaning, nature and importance of management basics of management

According to Henry Mintzberg, a manager's work has role of.

  1. Interpersonal Role

  2. Informational Role

  3. Decisional Role

  4. All of above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation
According to Henry Mintzberg, a manager\'s work has role of :-
a) Interpersonal role- Managers have to communicate and interact with other human beings, thus he should possess interpersonal role.
b) Informational role- Managers provide information to other employees working in an organization to carry out required activities.
c) Decisional role- Managers take decisions on behalf of the organization to achieve the set organizational objectives in an efficient manner.
Multiple choice business organisation importance of management introduction and characteristics of management meaning, nature and importance of management basics of management

Management theory and science advocate the "one best way to do things" in the light to every situation.

  1. True

  2. False

  3. Partly true

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

Modern management theory rejects the 'one best way' approach, favoring contingency theory, which suggests that the most effective management style depends on the specific situation.

Multiple choice business organisation importance of management introduction and characteristics of management meaning, nature and importance of management basics of management

Management by Objectives (MBO) is a system for achieving organizational objectives,enhancement of employee commitment and participation. Which of the following is NOT an advantage of MBO?

  1. Clarity in organizational action

  2. Personnel satisfaction

  3. Basis for organizational change

  4. Flexibility
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Management by Objectives (MBO) is a system for achieving organizational objectives,enhancement of employee commitment and participation. Flexibility is not an advantage of MBO. This approach is appropriate of executives and supervisory personnel who can understand it in a better way. MBO is not easy to administer. It involves considerable time, thought and interaction between the superior and the subordinate.

Multiple choice business organisation importance of management introduction and characteristics of management meaning, nature and importance of management basics of management

Management might plan.

  1. For a short period

  2. For a long run

  3. For a short period or long run

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

Management might plan- for a short period and also for long period. The time period depends on the organizational objectives. Management helps to achieve group goals. It also helps to use available resources at an optimum level.

Multiple choice business organisation importance of management introduction and characteristics of management meaning, nature and importance of management basics of management

_________ is concerned with the persons, or organization groups making the decision making process.

  1. Empirical Approach

  2. Group behaviour approach

  3. Interpersonal behaviour approach

  4. Decision theory approach
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Decision theory approach is concerned with the persons, or organization groups making the decision making process. Decision theory approach is an interdisciplinary approach. It helps to determine that how the decisions are made in a job environment which is uncertain. It helps to analyze decision making process.

Multiple choice business organisation and correspondence joint stock company 3 - promotion and formation of a company formation and promotion of a company promoter promotion and formation of a company

Which of the following is a part of top management?

  1. The board of directors

  2. Chief executive

  3. Both (a) and (b)

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

Top level management consists of chairman, board of directors, CEO etc. Top level management has those persons who are important for leading and directing the efforts of other people.

Multiple choice business organisation and correspondence meaning and factors of business environment dimensions of business environment business environment and its dimensions business environment

A_________defines the company's business, its objectives and its approach to reach those objectives.

  1. Vision statement

  2. Mission statement

  3. Planning statement

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

A mission statement is a brief description of why a company or nonprofit organization exists. In one to three sentences, it explains what the company does, who it serves, and what differentiates it from competitors. It’s used to provide focus, direction, and inspiration to employees while it tells customers or clients what to expect from the business.

Multiple choice business organisation and correspondence meaning and factors of business environment dimensions of business environment business environment and its dimensions business environment

Internal factors of business environment include __________.

  1. vision of the organization

  2. mission of the organization

  3. vision and mission of the organization

  4. vision and mission of the organization and other internal mechanism of the organization
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The internal environment consists of all the things that makes the business function within the organization. Some of the internal factors of business environment are vision and mission, employees, technology etc.

Multiple choice business organisation and correspondence meaning and factors of business environment dimensions of business environment business environment and its dimensions business environment

Internal strategy of a business invariably takes care of ______.

  1. political environment

  2. media

  3. employees

  4. Both B and C
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Internal strategy of a business consists of all the internal factors necessary for the success of the business. It consists of factors such as media, employees, management etc. Hence, internal strategy of a business invariably takes care of media and employees. 

Political environment is an factor external to the environment.

Multiple choice business organisation and correspondence meaning and factors of business environment dimensions of business environment business environment and its dimensions business environment

What is most appropriate externally imposed strategy?

  1. Imposition of strategy by individual shareholder.

  2. Imposition of strategy by managers

  3. Reacting to threats and opportunities in the environment

  4. The imposition of strategy by Government in companies where it has extensive regulation.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The imposition of strategy by Government in companies where it has extensive regulation is the most appropriate externally imposed strategy since externally imposed strategy can be defined as strategy which is deliberately imposed on the organization from the elements of the external business environment upon which the organization has no or little control.

Multiple choice business organisation and correspondence meaning and factors of business environment dimensions of business environment business environment and its dimensions business environment

A general enduring statement of the intent of business which reflects the belief and philosophy of management is known as_________.

  1. Mission

  2. Vision

  3. Objectives

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

A general enduring statement of the intent of business which reflects the belief and philosophy of management is known as mission.A mission statement defines the company's business, its objectives and its approach to reach those objectives. In short, mission is the aim of the company. It states the principles which a company abide to reach its goal.

Multiple choice business organisation and correspondence meaning and factors of business environment dimensions of business environment business environment and its dimensions business environment

 ___________ is careful monitoring of an organization's internal and external environments for detecting early signs of opportunities and threats that may influence its current and future plans.

  1. Early scanning

  2. Economic scanning

  3. Environment scanning

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

Environment Scanning is careful monitoring of an organization's internal and external environments for detecting early signs of opportunities and threats that may influence its current and future plans. It helps to improve the business organization's condition in the market. It helps to analyse threats and grab the opportunities at the earliest.

Multiple choice business organisation and correspondence meaning and factors of business environment dimensions of business environment business environment and its dimensions business environment

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
In general, Vision and Mission statements of an organization are a result of strategic planning.Vision statement describes the desired future position of a company. It  projects the future dream. A vision statement is a picture of a company in the future which is inspirational note and the framework for  all strategic planning.
Mission statement is a brief description of a company's fundamental purpose.
Multiple choice business organisation and correspondence meaning and factors of business environment dimensions of business environment business environment and its dimensions business environment

Which one of the following describes the desired future position of a company?

  1. Mission statement

  2. Vision statement

  3. Competitive advantage

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

Vision statement describes the desired future position of a company. It  projects the future dream. A vision statement is a picture of a company in the future which iis inspirational note and the framework for  all strategic planning.