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

Statement I: 
A true manager can continue to manage the same way as he has been doing it in the past.
Statement II:
Considerations of efficiency and survival require that a manager should be constantly engaged in the task of innovation.
Select the correct answer from the options given below -

  1. Statement I and Statement II both are true

  2. Statement II is true but Statement I is false

  3. Statement I and Statement II both are false

  4. Statement I is true but Statement II is false
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Statement I: 
A true manager can continue to manage the same way as he has been doing it in the past- this is true.
Statement II:
Considerations of efficiency and survival require that a manager should be constantly engaged in the task of innovation- this is false.

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

Communication is a vital aspect of the managerial process.

  1. True

  2. Partly true

  3. False

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

Communication is essential for all managerial functions, including planning, organizing, leading, and controlling, as it ensures information flow and coordination.

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 of________________________ .

  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 own approach to problems

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

Management is __________ Science.

  1. Exact

  2. An inexact

  3. Pure

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

Management is an inexact science. It deals with the complex human phenomenon about which knowledge is still limited. Management is also defined as an inter-disciplinary science as it draws subject matters from other disciplines.

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 ____________ Science.

  1. Developed

  2. Developing

  3. Well settled

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

Management is a developing science. Management deals with the complex structure of human behaviour. It is better to emphasis that management is still a growing or developing 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

Which of the following statement is false?

  1. Management can then well be described as a science albeit a variable one if 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, decision-making and so on

  4. All of above
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 is a false statement. Management deals with the human behaviour and complex human phenomenon about which knowledge is limited. It is not true that we can have the same kind of experimentation in management as is possible in natural sciences.

Multiple choice business organisation management - process or functions, managerial role and levels levels and functions of management management functions functions and levels of management

Directing and motivating are part of the controlling function.

  1. False

  2. True

  3. Partially false

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

Directing and motivating are functions of the 'Leading' or 'Directing' phase of management, whereas 'Controlling' is a separate function focused on measuring performance against standards.

Multiple choice

Personnel management is a...

  1. Point of view

  2. Technique of thinking

  3. Philosophy of management

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

Personnel management is a multifaceted discipline that encompasses a philosophy of management, specific techniques for handling human resources, and a particular point of view regarding the value of employees.

Multiple choice

SMART Goals are:

  1. Specific, Market aligned, Assertive, Ridiculous, Guaranteed

  2. Specific, Measurable, Attainable, Relevant, Guaranteed

  3. Specific, Measurable, Attainable, Relevant, Time-bound

  4. Spot-on, Meet needs, Answerable, Relevant, To be timed
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

SMART is a standard mnemonic for goal setting: Specific, Measurable, Attainable, Relevant, and Time-bound.

Multiple choice

A SMART goal means a goal is:

  1. specific, motivating, attainable, reasonable and time-bound

  2. specific, measurable, ambitious, relevant and time-bound

  3. specific, measurable, attainable, relevant and time-bound

  4. smart, measurable, attainable, relevant and time-bound
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The acronym SMART stands for Specific, Measurable, Attainable, Relevant, and Time-bound. These criteria are used to guide the development of measurable goals.

Multiple choice

An ongoing commitment to achieving perfection

  1. Continuous improvement

  2. Specialisation

  3. Employee empowerment

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

Continuous improvement is an ongoing effort to improve products, services, or processes by making small, incremental changes over time. Specialisation refers to focusing on a specific task, while quality circles and employee empowerment are methods used to support quality but do not define the commitment to perfection itself.

Multiple choice

Inputs that carry out the transformation process

  1. Transforming resources

  2. Goals

  3. Transformed resources

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

Transforming resources are the inputs that act upon other resources to execute the production or transformation process, such as human resources (staff) and facilities (machinery and buildings). In contrast, transformed resources are the materials, information, or customers that are actually changed during the process.

Multiple choice

Increasing authority at higher levels within a business is known as the

  1. Management heirarchy

  2. Planning

  3. Democratic system

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

A management hierarchy is a structure where authority and responsibility increase at each successive higher level. Planning is a process of setting goals, and specialisation refers to task division, neither of which describe this vertical chain of command.

Multiple choice

The process of evaluating performance and taking corrective action

  1. Controlling

  2. Leading

  3. Planning

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

Controlling is the management function that involves monitoring performance, comparing it with goals, and taking corrective action as needed. This process ensures that organizational resources are being used effectively to achieve objectives. Other functions like planning or organizing focus on setting goals and structuring resources rather than evaluating ongoing performance.