Tag: organization of commerce and management

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Questions Related to organization of commerce and management

Multiple choice organization of commerce and management social responsibility of management and csr concept of social responsibility social responsibility social responsibility - concept corporate social responsibility

The four types of social responsibility include ____________.

  1. legal, philanthropic, economic and ethical

  2. ethical, moral social and economic

  3. philanthropic, justice, economic and ethical

  4. legal, moral, ethical and economic
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation
In general, businesses have a hierarchy of responsibilities to meet, ranging from the basic (making a profit) to the benevolent (benefiting society). Here are some examples:
  • Economic Responsibilities - A business exists to make a profit for shareholders. If it fails to do so, it likely won’t be able to pay its employees, taxes and other obligations. A corporate social responsibility program (CSR program) cannot be implemented until a business is profitable.
  • Legal Responsibilities - Following the law is the foundation of corporate responsibility. A company cannot benefit society if it does not adhere to labor and tax laws or applicable industry regulations.
  • Ethical Responsibilities - Once a company is profitable and meets its legal responsibilities, it can move up the ladder to ethical responsibilities, which might include paying higher wages, offering employees better benefits, avoiding trade with unscrupulous companies or providing jobs to those who would otherwise have difficulty finding work.
  • Philanthropic Responsibilities - As a company meets its economic, legal and ethical responsibilities, it can consider taking on philanthropic responsibilities. Corporate philanthropy ranges in size and scope, and can include everything from donating time to a local charity to building a children’s hospital.
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 statements is false about Taylor and Fayol?

  1. Fayol was a mining whereas Taylor was a mechanical engineer.

  2. Fayol's principles are applicable in specialised situation whereas Taylor's principles have universal application.

  3. Fayol's principles were formed through personal experience whereas Taylor's principles were formed through experimentations.

  4. Fayol's principles are applicable at the top level of management whereas Taylor's principles are applicable at the shop floor.
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation
The false statement is ‘Fayol’s principles are applicable in specialized situations whereas Taylor’s principles have universal application’. The correct statement in place of this is, ‘ Fayol’s principles are universally applicable whereas Taylor’s principles are applicable only in specialized situation
Multiple choice organization of commerce and management principles and techniques of management henri fayol's principles of management principles of management management of business

Henry Fayol was a____________.

  1. Social Scientist

  2. Mining engineer

  3. Accountant

  4. Production engineer
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation
Henri Fayol (1841 – 1925) was a French coal-mine engineer, director of mines and modern management theoretician. His scientific management theory forms the base for business administration and business management. In the academic world, this is also known as Fayolism. Henri Fayol provided one of the most influential modern management concepts of his time. He is founder of the 14 Principles of management and the five functions of 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

Henry Fayol was a _______________.

  1. Social Scientist

  2. Mining Executive

  3. Accountant

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

Henri Fayol (29 July 1841 – 19 November 1925) was a French mining engineer, mining executive, author and director of mines who developed general theory of business administration that is often called Fayolism.

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 first propounded the principle of 'unity of command'?

  1. F.W. Taylor

  2. Elton Mayo

  3. Peter F. Drucker

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

Henri Fayol introduced the principle of 'unity of command', which states that an employee should receive orders from only one superior.

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

"Unity of Objectives" principle states that there should be ____________.

  1. Only one objective

  2. Pre-determined objectives

  3. Coordination among objectives

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

The principle of 'Unity of Objectives' emphasizes that all organizational activities should be directed toward a single, common goal to ensure efficiency and harmony.

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

A group of activities with common objectives shall have one head and one plan. This principle is known as _________.

  1. scalar chain

  2. unity of discipline

  3. unity of command

  4. unity of direction
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Unity of Direction means that all activities having the same objective must be directed by one manager using one plan.

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 whom "to manage is to forecast, and to plan, to organize to command, to coordinate and to command"?

  1. Haimann

  2. Koontz and O'Donnell

  3. Hick

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

Henri Fayol defined management as 'to forecast and to plan, to organize, to command, to coordinate, and to control'. This quote encapsulates the five functions of management according to classical management theory. While the question has 'command' repeated (likely a typo), the attribution to Fayol is correct. Haimann, Koontz & O'Donnell, and Hick are management theorists but not the source of this definition.

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

Henry Fayol, the ______ industrialist and popularly known as the 'founder of modern management theory'.

  1. German

  2. French

  3. Greek

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

Henry Fayol was a French mining engineer and executive who developed the 14 principles of management. He is widely recognized as the father of modern management theory.