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 and correspondence meaning and factors of business environment dimensions of business environment business environment and its dimensions business environment

When we analyze the processes of change in the business environment it conceptualizing it as_________.

  1. Complex

  2. Static

  3. Dynamic

  4. Diverse
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation
When we analyze the processes of change in the business environment it conceptualizing it as: Dynamic. Business environment keeps on changing whether in terms of technological improvement, shifts in consumer preferences or entry of new competition in the market.

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 is?

  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. It is an externally imposed strategy since government is an external agent but it does affect the activities of the business organizations indirectly.

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

A vividly descriptive image of what a company wants to be known for _____________.

  1. Vision

  2. Mission

  3. Objective

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

A vision statement refers to what an organisation wants to be in the upcoming years of its operations. It describes the future view of the company or it terms of operations in future to achieve the organisational goals which it has set in the mission statement. 

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

A ________ statement defines the company's business, its objectives and its approach to reach those objectives.

  1. Planning

  2. Mission

  3. Forecasting

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

Mission is a company's statement that defines the company's business and why the company was started. The statements includes the objectives of the company which usually refers to long tern objectives and the company's plans and strategies in order to achieve those objectives. 

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

Which of the following can be treated as ultimate goal?

  1. Vision

  2. Mission

  3. Corporate Strategy

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

Vision of a business refers to the state where the management wants to take the business. It is that period when the business flourish. Therefore, it is the ultimate goal for an organisation as it can be achieved only by achieving the objectives and mission of the business.

Multiple choice organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

A business plan is _______.

  1. a plain document

  2. a document that summarizes the operational objective of organization

  3. a document that summarizes the financial objectives of a business

  4. Both (b) and (c)
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

A business plan serves as a comprehensive document that outlines both the operational and financial objectives of a business, guiding its growth and strategy.

Multiple choice organization of commerce and management entrepreneurship opportunities for an entrepreneur small business and enterprises entrepreneurship development

__________ may be defined as analysis and interpretation of the future conditions in relation to operations of the enterprises.

  1. Planning

  2. Forecasting

  3. Decision making

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

Forecasting means analyzing the future or about the future. It may be defined as analysis and interpretation of the future conditions in relation to operations of the enterprise.

Multiple choice commercial applications bases of accounting cash and mercantile system basis of accounting basis of accounting system

Who among the following defined management as "The accomplishment of results through the efforts of other people"?

  1. George Terry

  2. Lawrance Appley

  3. L.D. White

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

L.D. White is the management theorist who defined management as the accomplishment of results through the efforts of other people.

Multiple choice business organisation management - nature, significance and scope management as an art, science and profession management as art, science and profession comparison of business, profession and employment levels and functions of management management functions functions and levels of management

Management is ______________.

  1. An art

  2. A science

  3. Both art and science

  4. Neither
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Management is science because of several reasons—it has universally accepted principles, it has cause and effect relationship, etc, and at the same time it is art as it requires perfection through practice, practical knowledge, creativity, personal skills, etc. Management is both art and science.

Multiple choice business organisation management - nature, significance and scope management as an art, science and profession management as art, science and profession comparison of business, profession and employment levels and functions of management management functions functions and levels of management

Management should find 'One best way' to perform a task. Which technique of scientific management is defined in this sentence?

  1. Time study

  2. Motion study

  3. Fatigue study

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

Method study is the process of subjecting work to systematic, critical scrutiny to make it more effective and efficient. The objective of method study is to find out one best way of doing job.

Time study is a structured process of directly observing and measuring human work using a timing device to establish the time required for completion of the work by a qualified worker when working at a defined level of performance.
Motion study is a systematic way of determining the best method of doing the work by scrutinizing the motions made by the worker or the machine. 
Fatigue study is study to understand how fatigue affects productivity. Reducing fatigue at workplace has been the key aim of every organisation as it affects productivity adversely.

Multiple choice business organisation management - nature, significance and scope management as an art, science and profession management as art, science and profession comparison of business, profession and employment levels and functions of management management functions functions and levels of management

The problem solving based approach used by management Hierarchy is _______.

  1. action research

  2. Leriu's theory

  3. Giri's management

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

Action research is a common methodology in management and organizational studies involving a cyclical process of planning, acting, observing, and reflecting to solve specific problems.

Multiple choice business organisation management - nature, significance and scope management as an art, science and profession management as art, science and profession comparison of business, profession and employment levels and functions of management management functions functions and levels of management

Managerial Personnel 
Directors take the decision regarding the management of a company collectively in their meetings known as __________.

  1. business meetings

  2. board meetings

  3. transaction meetings

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

Board meetings are the formal gatherings where the board of directors of a company meet to discuss and make decisions regarding the management and policy of the organization.

Multiple choice business organisation management - nature, significance and scope management as an art, science and profession management as art, science and profession comparison of business, profession and employment levels and functions of management management functions functions and levels of management

Management is an art. Which of the following statement does not support that management is art? 

  1. The process of management involves the use of know how and skills.

  2. The process of management is directed towards the accomplishment of concrete results.

  3. Management is personalized in the sense that every manager has his own approach to problems.

  4. It deals with complex human phenomena about knowledge is still limited.
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The statement that management deals with complex human phenomena where knowledge is still limited is often used to argue that management is not an exact science, but it does not inherently negate the 'art' aspect; however, in the context of management theory, it is the correct choice as it highlights the limitation of universal principles.

Multiple choice business organisation management - nature, significance and scope management as an art, science and profession management as art, science and profession comparison of business, profession and employment levels and functions of management management functions functions and levels of management

Which of the following statement is false?

  1. Management can be described as a science albeit a variable one when compared with the nature of exact physical sciences.

  2. We can have the same kind of experimental in management as is possible in natural sciences.

  3. Management has now a theoretical base with a number of principles relating to coordination, organization, decision-making and so on.

  4. Management is a vital function concerned with all aspects of the working of an enterprise.
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

It is false that management allows for the same kind of controlled experimentation as natural sciences, because management involves human variables and complex social environments that cannot be isolated in a laboratory.

Multiple choice business organisation management - nature, significance and scope management as an art, science and profession management as art, science and profession comparison of business, profession and employment levels and functions of management management functions functions and levels of management

Invariably, management can be called ____________.

  1. Inter-disciplinary science.

  2. Inter-a-disciplinary science.

  3. Only science.

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

Management is considered an inter-disciplinary science because it draws upon concepts and tools from various fields, including psychology, sociology, economics, and mathematics.