Business Studies: Nature And Significance Of Management Quiz

1.

Management works with the following objectives:
- A.
  
  Objective of profit maximization
- B.
  
  Objective of sales maximization
- C.
  
  Objective of becoming market leader
- D.
  
  Multiple objective
Correct Answer
D. Multiple objective

Explanation
The explanation for the given correct answer, "Multiple objective," is that management typically works towards achieving multiple objectives simultaneously. While profit maximization and sales maximization are common objectives, becoming a market leader is also often sought after. It is important for management to balance these objectives and prioritize them based on the company's overall strategy and goals. Having multiple objectives allows for a more comprehensive approach to decision-making and ensures that the company considers various aspects of its operations and performance.

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2.

Coordination is
- A.
  
  An essence of management
- B.
  
  A function of management
- C.
  
  None of the above
- D.
  
  Part of Management
Correct Answer
A. An essence of management

Explanation
Coordination is an essence of management because it plays a crucial role in achieving organizational goals. It involves harmonizing and integrating the efforts of different individuals and departments within an organization to ensure that they work together towards a common objective. Effective coordination helps in avoiding duplication of efforts, resolving conflicts, and maximizing productivity. It is an essential function of management as it facilitates effective communication, collaboration, and cooperation among team members. Coordination is a key element in the successful implementation of plans and strategies, making it a vital aspect of management.

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3.

The function of management, which creates various departments is called __________________.
- A.
  
  Planning
- B.
  
  Staffing
- C.
  
  Organising
- D.
  
  Directing
Correct Answer(s)
A. Planning
C. Organising

Explanation
The correct answer is Organising. Organising is the function of management that involves creating various departments within an organization. It is the process of arranging resources and activities in a structured manner to achieve the goals and objectives of the organization. This includes determining the tasks to be performed, grouping them into departments, assigning responsibilities, and establishing relationships between different departments. Organising helps in creating a framework for effective coordination and collaboration among different parts of the organization.

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4.

Completing the task with minimum cost and optimum utilisation of resources is called __________________.
- A.
  
  Efficiency
- B.
  
  Effectiveness
- C.
  
  Coordination
- D.
  
  Organising
Correct Answer
A. Efficiency

Explanation
Efficiency refers to the ability to complete a task with minimum cost and optimum utilization of resources. It focuses on achieving the desired outcome in the most effective and productive manner. Efficiency ensures that resources are not wasted and that tasks are completed in a timely and cost-effective manner. It is an important aspect of any organization or individual's performance as it helps to maximize output while minimizing input.

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5.

The primary or first function of every manager is __________________.
- A.
  
  Planning
- B.
  
  Staffing
- C.
  
  Coordination
- D.
  
  Organizing
Correct Answer
A. Planning

Explanation
The primary or first function of every manager is planning. Planning involves setting goals, determining the best course of action to achieve those goals, and developing strategies to accomplish them. It is a crucial function as it provides direction and helps in making informed decisions. Without proper planning, managers would not be able to effectively allocate resources, coordinate activities, or achieve desired outcomes. Therefore, planning is the fundamental function that lays the foundation for all other managerial activities.

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6.

Management is used only in Business Organisations.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
The statement is incorrect. Management is not limited to only business organizations. It is a fundamental concept that can be applied in various domains such as education, healthcare, government, and non-profit organizations. The principles and practices of management are universally applicable and can be utilized in any organization or setting where there is a need to plan, organize, coordinate, and control resources to achieve specific goals and objectives.

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7.

The process of creating an internal environment, where individual work effectively and efficiently for achievement of goal is known as
- A.
  
  Coordination
- B.
  
  Delegation
- C.
  
  (c) Management
- D.
  
  Planning
Correct Answer
C. (c) Management

Explanation
The process of creating an internal environment where individuals work effectively and efficiently for the achievement of goals is known as management. Management involves organizing, planning, coordinating, and delegating tasks to ensure that the resources of an organization are effectively utilized to achieve the desired objectives.

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8.

Management is a process because:
- A.
  
  It involves series of steps
- B.
  
  It leads to systematic working
- C.
  
  It involves one single activity
- D.
  
  None of the above
Correct Answer
A. It involves series of steps

Explanation
Management is considered a process because it involves a series of steps that need to be followed in order to achieve a desired outcome. These steps typically include planning, organizing, leading, and controlling. By going through these steps, managers are able to systematically work towards achieving their goals and objectives. This systematic approach helps ensure that resources are effectively utilized and tasks are completed in a coordinated manner. Therefore, the correct answer is that management involves a series of steps.

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9.

Liaison with the outside world is the function of:
- A.
  
  Top Level
- B.
  
  Supervisory Level
- C.
  
  Middle Level
- D.
  
  All of the above
Correct Answer
A. Top Level

Explanation
Top level management is responsible for establishing and maintaining relationships with external stakeholders such as customers, suppliers, government agencies, and the general public. They represent the organization in external meetings, negotiations, and partnerships. This role involves networking, communication, and building strategic alliances to ensure the organization's interests are protected and its objectives are achieved.

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10.

Coordination does not come by chance but is a __________________ process. (Take care of spelling)

Correct Answer
deliberate

Explanation
Coordination is not a random or spontaneous process, but rather a deliberate and intentional one. It requires careful planning, communication, and collaboration among individuals or groups to achieve a common goal. Deliberate coordination involves consciously organizing and aligning efforts, resources, and actions to ensure efficient and effective outcomes. It involves actively considering and making strategic decisions to synchronize activities, allocate responsibilities, and establish clear channels of communication. By being deliberate in the coordination process, individuals or groups can enhance productivity, minimize conflicts, and achieve desired results.

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Business Studies: Nature And Significance Of Management Quiz

Management works with the following objectives:

Coordination is

The function of management, which creates various departments is called __________________.

Completing the task with minimum cost and optimum utilisation of resources is called __________________.

The primary or first function of every manager is __________________.

Management is used only in Business Organisations.

The process of creating an internal environment, where individual work effectively and efficiently for achievement of goal is known as

Management is a process because:

Liaison with the outside world is the function of:

Coordination does not come by chance but is a __________________ process. (Take care of spelling)