Question : Authority granted to an employee should be ________________.
Option 1: More than the responsibility entrusted to him
Option 2: Less than the responsiblity entrusted to him
Option 3: Equal to the responsiblity entrusted to him
Option 4: All of the above
Correct Answer: Equal to the responsiblity entrusted to him
Solution : Authority means power to take decision. Responsiblity means obligation to complete the job assigned on time. According to this principle, there must be balance or parity between the authority and responsiblity. Authority granted to an employee should be Equal to the responsiblity entrusted to him. Hence, option 3 is the correct answer.
Question : The marginal revenue of a monopolist is
Option 1: more than price .
Option 2: equal to price .
Option 3: less than price .
Option 4: less than marginal cost .
Question : Inventory rises above the desired level when
Option 1: Savings is more than investment
Option 2: Savings is less than investment
Option 3: Savings is equal to investment
Option 4: None of the above
Question : Authority, Responsiblity, and Accountability are the elements of ____________.
Option 1: Decentralisation
Option 2: Informal organisation
Option 3: Delegation
Question : 'Delegation is the entrustment of responsiblity and authority to another and the creation of accountability for performance.' Which of the following is not an element of delegation'?
Option 2: Authority
Option 3: Accountability
Option 4: Responsiblity
Question : _________ cannot be entirely delegated.
Option 1: Responsibility
Option 2: Accountability
Option 3: Authority
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