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

Fayol's functions of management include:

  1. Planning, designating, completing, cooperating

  2. Punishing, commanding, organising, coordinating, controlling

  3. Preparing, commanding, operating, consulting, controlling

  4. Planning, commanding, organising, coordinating, controlling
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Fayol's five elements of management are planning, organizing, commanding, coordinating, and controlling.

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 organisation should be working on the same plan to achieve the organisation'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 ensures that all departments work toward the same plan and objectives, preventing fragmented efforts.

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

As per Fayol a manager should have _________ qualities.

  1. Education

  2. Knowledge

  3. Experience

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

Fayol argued that effective managers need a combination of education (theoretical knowledge), knowledge (technical and general), experience (practical application), and personal qualities like leadership and judgment.

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 not one of the five elements of management?

  1. Planning

  2. Co-ordination

  3. Centralization

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

Fayol's five elements of management are planning, organizing, commanding, coordinating, and controlling. Centralization is a principle of management, not one of the five elements.

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 organise to command, to coordinate and to command".

  1. to forecast

  2. to plan

  3. to budget to control

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

Henry Fayol defined management through five elements: planning (or forecasting and planning), organizing, commanding, coordinating, and controlling. The quote specifically highlights the foundational role of forecasting and planning.

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

Who is popularly known as the 'founder of modern management theory?

  1. Frederick Taylor

  2. Luther Gulick

  3. Newmann and Summer

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

Henry Fayol is widely recognized as the father of modern management theory for his development of the 14 principles of management and the functional approach to management.

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

In the year _______, Henry Fayol published  his well-known work in French entitled "Administration Industrielle et Generale"  (Industrial and General Administration)

  1. 1716

  2. 1806

  3. 1916

  4. 2006
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Henri Fayol published his seminal work, Administration Industrielle et Generale, in 1916.

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

Who distinguished between 'principles' and 'elements' of management?

  1. Fredrick Taylor

  2. Newmann and Summer

  3. Henri Fayol

  4. Henry Lawrence Gantt
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Henri Fayol distinguished between the principles of management (the 14 rules) and the elements of management (the functions like planning, organizing, etc.).

Multiple choice organisation of commerce and management laws of returns - returns to a factor and returns to scale definition and functions of production department production or works department ideologies/concepts/views of marketing management

______ involves application of planning, organizing, directing and controlling the production process.

  1. Purchases Management

  2. Human Resource Management

  3. Corporate Management

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

Production management specifically focuses on the transformation process, which includes planning, organizing, directing, and controlling the resources involved in manufacturing or service delivery.

Multiple choice commercial applications functioning of commercial organisation definition and functions of production department production or works department ideologies/concepts/views of marketing management

Production management is important because _______.

  1. it helps the business firm to achieve all its objectives

  2. it helps the firm to satisfy its customers

  3. it helps to introduce new products in the market

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

Production management is essential because it integrates processes that help achieve firm objectives, satisfy customer requirements through quality and availability, and support innovation.

Multiple choice commercial applications functioning of commercial organisation definition and functions of production department production or works department ideologies/concepts/views of marketing management

In modern world, production management has to perform a variety of functions. Identify them.

  1. Design and development of production process.

  2. Production planning and control.

  3. Implementation of the plan and related activities to produce the desired output.

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

Modern production management encompasses the entire lifecycle of production, including design, planning, control, and implementation to ensure desired output is achieved efficiently.

Multiple choice commercial applications functioning of commercial organisation definition and functions of production department production or works department ideologies/concepts/views of marketing management

The main traditional function of production management was to control labour costs which at that time constituted the major proportion of costs associated with production.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Historically, before the automation and complexity of modern manufacturing, labor costs were indeed the most significant variable cost in production, making labor control a primary focus.

Multiple choice commercial applications functioning of commercial organisation definition and functions of production department production or works department ideologies/concepts/views of marketing management

Statement containing details of items to be considered in a meeting is called ______________.

  1. Agenda

  2. Minutes

  3. Resolution

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

An agenda is a list of items to be discussed during a meeting. Minutes are the record of what happened, and a resolution is a formal decision made.

Multiple choice commercial applications functioning of commercial organisation definition and functions of production department production or works department ideologies/concepts/views of marketing management

Early identification of opportunities helps an enterprise to be the first to exploit them instead of losing it to competitors. The mentioned advantage can be categorized under ______.

  1. first mover advantage

  2. initial identifier advantage

  3. earlier advantage

  4. second mover advantage
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

First mover advantage refers to the competitive advantage gained by the initial occupant of a market segment, allowing them to establish brand loyalty and capture market share before competitors.

Multiple choice commercial applications functioning of commercial organisation definition and functions of production department production or works department ideologies/concepts/views of marketing management

Assignment of competitive rivalry does not include an understanding of  __________.

  1. the extent to which competitors are in balance

  2. market growth rates

  3. fixed costs, exit barriers and operational efficiency

  4. the management structure of an organisation
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Competitive rivalry analysis focuses on external market factors like growth rates, exit barriers, and competitor balance. The internal management structure of an organization is an internal operational matter, not a component of competitive rivalry analysis.