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 functions and qualities of a manager leadership in decision-making meaning, definition and characteristics of leadership intro & meaning & importance & principles of directing

Decision always involves ______.

  1. Prediction

  2. Policies

  3. Procedures

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

Decision making is inherently forward-looking, requiring an assessment of future outcomes or consequences. Therefore, it always involves some form of prediction regarding the results of the chosen course of action.

Multiple choice

What does PRIORITIZING your time mean?

  1. Knowing what needs to be done first.

  2. Knowing what tasks are the most important.

  3. Knowing what tasks are not as important to do first.

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

Prioritizing involves evaluating tasks based on their importance and urgency to determine the correct sequence of completion.

Multiple choice

Learning to manage your time is easy.

  1. True

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

Time management is a skill that requires practice, discipline, and habit formation, making it challenging for many people to master.

Multiple choice

Time management means

  1. The ability to tell time.

  2. The ability to use your time efficiently.

  3. The ability to figure elapsed time.

  4. The ability to set a clock.
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Time management is the process of planning and exercising conscious control over the amount of time spent on specific activities to increase efficiency and productivity.

Multiple choice organization of commerce and management management by objectives (mbo) and management by exception (mbe) meaning and definition of mbo meaning and definition of mbe controlling

Match the following :

List I List II
P. Break - Even Analysis 1. Modern control devices
Q. Internal Audit 2. Directed towards the dynamic management of projects
R. Management Audit 3. Traditional control device
S. PERT system 4. Widely used tool of managerial control


Select the correct answer from the options given below -



  1. P - 4, Q - 3, R - 1, S - 2

  2. P - 3, Q - 4, R - 2, S - 1

  3. P - 3, Q - 4, R - 1, S - 2

  4. P - 4, Q - 3, R - 2, S - 1
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation
  • Break even analysis is a traditional control device of control system where  the actual revenue performance is compared with the planned revenue performance so that corrective measures can be taken in case of any deviations or difference. 
  • Internal audit is a part of the traditional controlling system where internal audit by the management of the company is undertaken to control the deviations if any for the achievement of organisational goals.
  • Management audit is a technique in which professionals are called by the company to keep a check on the performance of the management of the company and prepare a performance appraisal report for the same.
  • PERT system is a control system which is directed towards the dynamic management in case of dynamic business environment. 
Multiple choice organization of commerce and management management by objectives (mbo) and management by exception (mbe) meaning and definition of mbo meaning and definition of mbe controlling

Management information system facilitates collection, management and dissemination of information at ________ levels of management and across ________ departments of the organisation.

  1. different, same

  2. same, same

  3. different, different

  4. same, different
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Management information system facilitates collection, management and dissemination of information at different levels of management and across different departments of the organization. Management information system is a computer-based information system that provides information and support for effective managerial decision-making. It helps to gather data from multiple online system.It also help to visualize and control the information in an organization.

Multiple choice organization of commerce and management management by objectives (mbo) and management by exception (mbe) meaning and definition of mbo meaning and definition of mbe controlling

Which of the following is essential of good control system?

  1. Prompt motivation

  2. Prompt reporting of deviations

  3. Prompt cooperation

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

Deviations are a big hurdle with respect to achievement of goals. If the goal is time centered then it would be difficult to achieve it because of deviations in the work. Hence, it is important to report deviations promptly to the management as it will ensure a good control system.

Multiple choice organization of commerce and management management by objectives (mbo) and management by exception (mbe) meaning and definition of mbo meaning and definition of mbe controlling

Which of the following is essential of good control system?

  1. It should be simple to understand

  2. It should be difficult to follow

  3. Not necessary to suggest corrective action

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

A good control system should be simple to understand. Any complex set of instructions is not very easy for employees to follow that might result in issues in achieving the goals and objectives of the company.

Multiple choice organization of commerce and management management by objectives (mbo) and management by exception (mbe) meaning and definition of mbo meaning and definition of mbe controlling

Arrange the process of control in proper form
(1) Follow through
(2) Establishment of goals and standards
(3) Corrective action
(4) Measurement of actual performance
Select the correct answer from the option given below -

  1. (4), (@), (3), (1)

  2. (2), (3), (4), (1)

  3. (4), (1), (3), (2)

  4. (2). (4), (3), (1)
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The process of control is as follows:

  • The goals for the organisation and standards for the work are established
  • The actual performance by the employees are then measured
  • After the measurement is over, the results are observed and then corrective action is taken
  • Finally, there is a follow up procedure carried out by the management to ensure everything is as per standards and specific goals are achieved

Multiple choice organization of commerce and management management by objectives (mbo) and management by exception (mbe) meaning and definition of mbo meaning and definition of mbe controlling

_______________ involves selective control or control at strategic points.

  1. Management by exception

  2. Critical point control

  3. Span of control

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

Management by exception is a special skill of managing by attending only to exceptionally important matters and taking vital decisions. Routine matters are to be handled by the lower- level officers. It involves selective control or control at strategic points.

Multiple choice organization of commerce and management management by objectives (mbo) and management by exception (mbe) meaning and definition of mbo meaning and definition of mbe controlling

__________ is a person-to-person concept.

  1. Management by exception

  2. KRA

  3. Critical point control

  4. Span of control
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Span of control is a term originating in military organization theory, but now used more commonly in business management, particularly human resource management. Span of control refers to the number of subordinates who report directly to a given manager or supervisor.

Multiple choice commerce management by objectives (mbo) and management by exception (mbe) meaning and definition of mbo meaning and definition of mbe controlling

_________ provides a means to identify and plan for the achievement of goals.

  1. Management by Objectives

  2. Management by Function

  3. Management by Department

  4. Management by Employees
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Management by Objectives provides a means to identify and plan for the achievement of goals. MBO or management by objectives can be defined as a personnel management technique where managers and employees work together to set, record and monitor goals for a specific period of time. MBO provides a plan the organizational goal. MBO can be applied in various areas of organization, such as, performance appraisal, organizational development, etc.

Multiple choice commerce management by objectives (mbo) and management by exception (mbe) meaning and definition of mbo meaning and definition of mbe controlling

Objectives should provide direction to _______.

  1. Managerial activities

  2. Marketing

  3. Financing

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

Objectives should provide direction to managerial activities, marketing and financing. Objectives is often referred as an end point of any activity. All the activities of an organization should be guided and directed in  such a way so that objectives or the organizational goal can be achieved in an efficient manner.