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 commercial studies marketing and sales difference between products and services product marketing

In case of_________ layout, production is carried on in special purpose machine.

  1. functional

  2. product

  3. stationary

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

In a product layout (also known as line layout), machines are arranged in the sequence of operations required to manufacture the product. This often involves specialized, single-purpose machines dedicated to a specific step in the production line.

Multiple choice commercial studies marketing and sales difference between products and services product marketing

Product planning is the.

  1. Development of new products

  2. Altering of existing products

  3. Elimination of existing products

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

Product planning is a comprehensive process that includes the development of new products, the modification of existing ones, and the strategic decision to eliminate underperforming products.

Multiple choice commercial studies marketing and sales difference between products and services product marketing

Fixing a standard for product is a.

  1. Managerial function

  2. Social function

  3. Technical function

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

Setting product standards involves defining technical specifications, quality benchmarks, and performance metrics. This is a technical function because it relies on engineering and production requirements.

Multiple choice commercial studies marketing and sales difference between products and services product marketing

The series of activities undertaken to create a product or deliver a service is called a _________.

  1. strategy

  2. business function

  3. financial Management

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

The series of activities that transform inputs into outputs (products or services) is defined as a business function or process. It is the core operational activity of any organization.

Multiple choice commercial studies marketing and sales difference between products and services product marketing

The organisation tries to develop new products or services and thereby makes similar existing products obsolete. Which strategy does the organisation follow?

  1. Expansion

  2. Innovation

  3. Intensification

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

Innovation is the process of creating new products or services that improve upon or replace existing ones, thereby driving market evolution and rendering older versions obsolete.

Multiple choice commercial studies marketing and sales difference between products and services product marketing

TQM's major emphasis is on __________.

  1. Product quality

  2. Company profitability

  3. Customer delight

  4. Employee training
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Total Quality Management (TQM) is a management approach centered on quality, based on the participation of all members of an organization and aimed at long-term success through customer satisfaction and product excellence.

Multiple choice social science employment: growth, informalisation and other issues employment - trends and structure workers and employment sources of income

Entrepreneurial ability is a special kind of labour that ___________.

  1. is hired out to firms at high wages

  2. organises the process of production

  3. produces new capital goods to earn interest

  4. manages to avoid losses by continual innovation
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Entrepreneurial ability is the factor of production that coordinates the other factors (land, labour, and capital) to produce goods and services.

Multiple choice organization of commerce and management principles and techniques of management henri fayol's principles of management principles of management management of business

According to whom "to manage is to forecast, and to plan, to organize to command, to coordinate and to command"?

  1. Haimann

  2. Koontz and O'Donnell

  3. Hick

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

Henri Fayol defined management as 'to forecast and to plan, to organize, to command, to coordinate, and to control'. This quote encapsulates the five functions of management according to classical management theory. While the question has 'command' repeated (likely a typo), the attribution to Fayol is correct. Haimann, Koontz & O'Donnell, and Hick are management theorists but not the source of this definition.

Multiple choice organization of commerce and management principles and techniques of management henri fayol's principles of management principles of management management of business

Henry Fayol, the ______ industrialist and popularly known as the 'founder of modern management theory'.

  1. German

  2. French

  3. Greek

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

Henry Fayol was a French mining engineer and executive who developed the 14 principles of management. He is widely recognized as the father of modern management theory.

Multiple choice organization of commerce and management principles and techniques of management henri fayol's principles of management principles of management management of business

How many principles of management were suggested by Henry fayol?

  1. 13

  2. 16

  3. 12

  4. 14
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Henry Fayol famously outlined 14 principles of management in his 1916 book, Administration Industrielle et Generale. These principles remain a cornerstone of classical management theory.

Multiple choice organization of commerce and management principles and techniques of management henri fayol's principles of management principles of management management of business

Fayol believed that every department of the organization should be working on the same plan to achieve the organization's objectives. He expressed this in which principle of management?

  1. Centralisation

  2. Unity of direction

  3. Authority

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

Unity of direction means that all activities with the same objective should be directed by one manager using one plan. This ensures coordination and focus across the organization.

Multiple choice organization of commerce and management principles and techniques of management henri fayol's principles of management principles of management management of business

Which of the following is one of the $14$ principles of management identifies by Henry Fayol?

  1. Scalar chain

  2. Innovation

  3. Efficiency

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

Scalar chain is one of Fayol's 14 principles, referring to the formal line of authority from the highest to the lowest rank. Innovation, efficiency, and motivation are important concepts but are not listed as one of his 14 specific principles.

Multiple choice organization of commerce and management principles and techniques of management henri fayol's principles of management principles of management management of business

According to Henry Fayol, "to manage is ________, to organize to command, to coordinate and to command".

  1. To forecast

  2. To plan

  3. To budget and to control

  4. To forecast and to plan
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Fayol defined the functions of management as planning, organizing, commanding, coordinating, and controlling. His full quote emphasizes that to manage is to forecast and to plan.