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 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 because it involves use of _______.

  1. experience and intelligence

  2. creativity and personalization

  3. skills and knowhow

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

Every individual manger has its own thoughts and his own knowledge which let it achieve the goal of organisation in most efficient way unlike science which gives principles and theories which have to be universally true and is independent on the knowledge and skill of a manager. Thus management involves creativity and personalization.

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 a __________ science.

  1. developed

  2. developing

  3. well settled

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

Management is considered a developing science because it is constantly evolving with new theories, research, and practices. It is not an exact science because human behavior and organizational contexts are unpredictable.

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 skill that is required by all level of managers _____________.

  1. Conceptual skill

  2. Technical skill

  3. Human relation skill

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

Human relation skills (or interpersonal skills) are required at all levels of management because every manager must interact with, motivate, and lead people. Technical and conceptual skills vary in importance by level, but human skills are universal.

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 to have good human relations a manager should _______________.

  1. Promote & do self appraisal

  2. Direct change and control

  3. Understand the psychology of individual

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

Good human relations require a holistic approach, including self-awareness, understanding individual psychology, and the ability to direct and control organizational change effectively. All these components contribute to a manager's ability to maintain positive relationships.

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

A successful manager has to specialize in art of managing ___________. 

  1. marketing

  2. finance

  3. human resource

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

A successful manager must be versatile and understand the core functional areas of a business, including marketing, finance, and human resources, to make informed decisions and lead effectively.

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

A manager has to stick to the theoretical knowledge of management.

  1. True

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

Management is both an art and a science. While theoretical knowledge provides a foundation, a manager must also apply practical judgment and adapt to specific situations, meaning they cannot rely solely on theory.

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

A skillful manager studies critical situations and formulates his own theories for use in a given situation.

  1. True

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

Effective management involves analyzing specific situations and adapting or creating approaches that fit those unique circumstances. This is the essence of applying management as a practical art.

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

A good manager works through a combination of ___________.

  1. practice & creativity

  2. imagination & Innovation

  3. A or B

  4. A & B
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

A good manager balances practice, creativity, imagination, and innovation. These elements are not mutually exclusive but rather complementary in solving problems and driving growth.

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 outcomes of experimentation of principles of management are not accurately predictable as it deals with ___________.

  1. organization

  2. humans behavior

  3. science

  4. neither of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Management principles deal with human behavior, which is complex and unpredictable. Unlike physical sciences, human reactions to management interventions vary significantly across different individuals and situations.

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 can be called an inexact science.

  1. True

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

Management is called an inexact science because its principles do not provide universal, predictable results like the exact laws of physics or chemistry. It relies on human judgment and situational variables.

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

Managers communicate with each other through vocabulary of management.

  1. True

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

Managers use a specific set of terms and concepts, often referred to as the vocabulary of management, to communicate effectively about organizational goals, processes, and strategies.

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 a and b

  4. none
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Management is considered both an art (the application of skills and creativity) and a science (the use of organized knowledge and 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

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 which knowledge is still limited
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation
It deals with complex human phenomena about which knowledge is still limited- the following statement does not support the management is art.
Management as art: Use of theoretical knowledge in personal way. Regular practice and creativity indicate art. Management is an art because of: a) The process of management involves the use of know-how and skills
b) The process of management is directed towards the accomplishment of concrete results
c) Management is personalized in the sense that every manager has own approach to 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

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 experimentation in management as is possible in natural sciences.

  3. Management has now a theoretical base with a number of principles relating to coordination, organisation, 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

We can have the same kind of experimentation in management as is possible in natural sciences- this statement is false since management involves human behaviour which is subjected to change. That is why experimentation in management is quite different from natural sciences' experiments.