Management
Question : Case Study 28
GHI Enterprises is an established company that has recently listed its shares on a stock exchange. The company's management is considering different brokers for trading its shares.
Question :
What is the process called when GHI Enterprises evaluates and chooses a broker to facilitate its share trading?
Option 1: Trading procedure
Option 2: Dematerialization
Option 3: Selection of brokers
Option 4: Placing an order
Correct Answer: Selection of brokers
Solution : The correct answer is (c) Selection of brokers
When GHI Enterprises evaluates and chooses a broker to facilitate its share trading, this process is referred to as the selection of brokers. It involves the company considering and assessing various brokerage firms to determine
Question : Which of the following statements is correct?
Option 1: Through the efforts of top management, quality of output is maintained, wastage of material is minimised, and safety standards are maintained.
Option 2: The work performed by the operational level management is complex and stressful, demanding long hours and commitment to the organization.
Option 3: Middle level management cooperates with other departments' top level and lower level management so that the organisation functions smoothly.
Option 4: All of the above.
Correct Answer: Middle level management cooperates with other departments' top level and lower level management so that the organisation functions smoothly.
Solution : Middle-level management acts as a link between top and lower-level management. This level is subordinate to top management and superior to operational management. Middle level managers explain
Question : It includes using environmentally friendly methods of production, giving employment opportunities to the disadvantaged sections of society and providing basic amenities like schools and creches to employees. It tells us about which objective of the management?
Option 1: Personal objective
Option 2: Social objective
Option 3: Organisational objective
Option 4: None of the above
Correct Answer: Social objective
Solution : Social objectives involve the creation of benefits for society. It deals with fullfiling obligations toward the society. Management must consistently create economic value for various constituents as a social objective.
Hence, Option B is correct.
Question : Which of the following statements about organisation is incorrect?
Option 1: It examines the activities and resources required to implement the plan.
Option 2: It is a management function to assign duties.
Option 3: It implies setting goals in advance and developing a way of achieving them efficiently and effectively.
Option 4: It helps in allocating resources required to carry out a specific plan.
Correct Answer: It implies setting goals in advance and developing a way of achieving them efficiently and effectively.
Solution : It is the function of planning that is to set goals in advance and develop ways of achieving them. It implies that setting goals in advance and developing a way
Question : The efficient workers are paid at high rate than the inefficient ones. Which technique of scientific management is being highlighted in the given statement?
Option 1: Time study
Option 2: Mental revolution
Option 3: Differential piece wage system
Correct Answer: Differential piece wage system
Solution : Differential piece wage refers to a system in which efficient and inefficient workers are paid at different rates. The basic purpose of fixing two rates is to differentiate efficient and inefficient workers and to suitablely reward the efficient workers.
Hence, option C
Question : The principles of management are formed by experience and collective wisdom of managers as well as experimentation.The given statement tells us about which nature of principles of management?
Option 1: Contingent
Option 2: Flexible
Option 3: Formed by practice and experimentation
Option 4: Mainly behavioural
Correct Answer: Formed by practice and experimentation
Solution : Management principles are evolutionary in nature that is they have been developed through observations,experimentation and experience of the management thinkers.
Hence, Option C is correct.
Question : Employees given responsibility to achieve target production but no authority is given for access to raw material. Identify the principle of management highlighted in the given statement?
Option 1: Authority and responsibility
Option 2: Unity of command
Option 3: Unity of direction
Option 4: Initiative
Correct Answer: Authority and responsibility
Solution : According to the principal there should be a proper balance between authority and responsibility. Parity between authority and responsibility helps in meeting responsibilities on time and prevents misuse of authority.
Hence, option A is correct.
Question : Case Study: ABC Retailers
ABC Retailers is a chain of stores specializing in fashion apparel. They have a hierarchical management structure with top management, middle-level management, and lower-level management. The company aims to provide a wide range of trendy clothing options and outstanding customer service.
Which objective of management focuses on achieving the financial goals of ABC Retailers?
Option 1: Economic objective
Option 3: Organizational objective
Option 4: Personal objective
Correct Answer: Economic objective
Solution : The correct answer is (a) Economic objective
The economic objective of management is primarily concerned with the financial performance and profitability of the organization. It involves managing resources and operations to ensure the company's economic well-being, which includes maximizing revenue, minimizing costs, and generating
Question : Assertion: The marketing management philosophy that focuses on selling what the company makes is the marketing concept.
Reason: The marketing concept is customer-oriented and emphasizes satisfying customer needs.
Option 1: Both assertion and reason are true, and the reason is the correct explanation of the assertion.
Option 2: Both assertion and reason are true, but the reason is not the correct explanation of the assertion.
Option 3: Assertion is true, but the reason is false.
Option 4: Assertion is false, but the reason is true.
Correct Answer: Assertion is true, but the reason is false.
Solution : The correct answer is (c) Assertion is true, but the reason is false.
The assertion is true. The marketing concept is a marketing management philosophy that focuses on understanding and satisfying customer needs and wants, rather than simply
Question : Assertion: management creates a dynamic organization.
Reason: it is generally seen that individuals in an organization readily accept changes and face challenges.
Option 1: Both assertion and reason are correct, and the reason explains the assertion.
Option 2: Both assertion and reason are incorrect.
Option 3: The assertion is correct, but the reason is incorrect.
Option 4: The assertion is incorrect, but the reason is correct.
Option 5: Both assertion and reason are correct, and the reason is not the correct explanation of the assertion.
Correct Answer: Both assertion and reason are correct, and the reason is not the correct explanation of the assertion.
Solution : The correct answer is (e) Both assertion and reason are correct, and the reason is not the correct explanation of the assertion.
The assertion is correct because effective management
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