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 business organisation importance of management introduction and characteristics of management meaning, nature and importance of management basics of management

Management might plan.

  1. For a short period

  2. For a long run

  3. For a short period or long run

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

Management might plan- for a short period and also for long period. The time period depends on the organizational objectives. Management helps to achieve group goals. It also helps to use available resources at an optimum level.

Multiple choice business organisation importance of management introduction and characteristics of management meaning, nature and importance of management basics of management

_________ is concerned with the persons, or organization groups making the decision making process.

  1. Empirical Approach

  2. Group behaviour approach

  3. Interpersonal behaviour approach

  4. Decision theory approach
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Decision theory approach is concerned with the persons, or organization groups making the decision making process. Decision theory approach is an interdisciplinary approach. It helps to determine that how the decisions are made in a job environment which is uncertain. It helps to analyze decision making process.

Multiple choice commercial studies basic accounting terms basic accounting terminologies introduction to financial accounting and financial accounts basic accounting terminology objectives, functions, and importance of accounting stages and functions of accounting qualitative characteristics, objectives and roles of accounting

A manager who is responsible for only cost of company belongs to _____________.

  1. cost center

  2. revenue center

  3. profit center

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

A cost center is a department or function within an organization that incurs costs but does not directly generate revenue.

Multiple choice business mathematics and statistics insurance and annuity amount of an annuity annuities financial mathematics

Identify the correct term for the following definition: It is any asset donated to and for the perpetual benefit of a non-profit institution. The donation is usually made with the requirement that the principal remain intact and money earned from investing the principal be used for a specific purpose.

  1. Scholarship fund

  2. Sinking fund

  3. Endowment

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

"It is any asset donated to and fro for the perpetual benefit of a non-profit institution. The donation is usually made with the requirement that the principal remain intact and money earned from investing the principal be used for a specific purpose".

Correct term for he above defination is the Endowment.

Multiple choice business organisation and correspondence joint stock company 3 - promotion and formation of a company formation and promotion of a company promoter promotion and formation of a company

Which of the following is a part of top management?

  1. The board of directors

  2. Chief executive

  3. Both (a) and (b)

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

Top level management consists of chairman, board of directors, CEO etc. Top level management has those persons who are important for leading and directing the efforts of other people.

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

A_________defines the company's business, its objectives and its approach to reach those objectives.

  1. Vision statement

  2. Mission statement

  3. Planning statement

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

A mission statement is a brief description of why a company or nonprofit organization exists. In one to three sentences, it explains what the company does, who it serves, and what differentiates it from competitors. It’s used to provide focus, direction, and inspiration to employees while it tells customers or clients what to expect from the business.

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

Internal factors of business environment include __________.

  1. vision of the organization

  2. mission of the organization

  3. vision and mission of the organization

  4. vision and mission of the organization and other internal mechanism of the organization
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The internal environment consists of all the things that makes the business function within the organization. Some of the internal factors of business environment are vision and mission, employees, technology etc.

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

Internal strategy of a business invariably takes care of ______.

  1. political environment

  2. media

  3. employees

  4. Both B and C
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Internal strategy of a business consists of all the internal factors necessary for the success of the business. It consists of factors such as media, employees, management etc. Hence, internal strategy of a business invariably takes care of media and employees. 

Political environment is an factor external to the environment.

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

Environmental scanning includes _______.

  1. internal

  2. external

  3. both (a) and (b)

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

Environmental scanning includes both internal and external. The complete awareness and understanding of business environment is known as environment scanning. Environment scanning is conducted to find out the influence of different factors and persons on the business transactions. It is done to identify opportunities and threats affecting the business organization.

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?

  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 since externally imposed strategy can be defined as strategy which is deliberately imposed on the organization from the elements of the external business environment upon which the organization has no or little control.

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

A general enduring statement of the intent of business which reflects the belief and philosophy of management is known as_________.

  1. Mission

  2. Vision

  3. Objectives

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

A general enduring statement of the intent of business which reflects the belief and philosophy of management is known as mission.A mission statement defines the company's business, its objectives and its approach to reach those objectives. In short, mission is the aim of the company. It states the principles which a company abide to reach its goal.

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

 ___________ is careful monitoring of an organization's internal and external environments for detecting early signs of opportunities and threats that may influence its current and future plans.

  1. Early scanning

  2. Economic scanning

  3. Environment scanning

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

Environment Scanning is careful monitoring of an organization's internal and external environments for detecting early signs of opportunities and threats that may influence its current and future plans. It helps to improve the business organization's condition in the market. It helps to analyse threats and grab the opportunities at the earliest.

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

In general, Vision and Mission statements of an organisation are a result of ________.

  1. operational planning

  2. strategic planning

  3. middle level planning

  4. performance planning
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation
In general, Vision and Mission statements of an organization are a result of strategic planning.Vision statement describes the desired future position of a company. It  projects the future dream. A vision statement is a picture of a company in the future which is inspirational note and the framework for  all strategic planning.
Mission statement is a brief description of a company's fundamental purpose.
Multiple choice business organisation and correspondence meaning and factors of business environment dimensions of business environment business environment and its dimensions business environment

Which one of the following describes the desired future position of a company?

  1. Mission statement

  2. Vision statement

  3. Competitive advantage

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

Vision statement describes the desired future position of a company. It  projects the future dream. A vision statement is a picture of a company in the future which iis inspirational note and the framework for  all strategic planning.

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.