Practice Test

Q1) Business function is a _______ that is performed routinely to carry out a part of the mission of an organization. Show Answer

Q2) Business process is also called business function. Show Answer

Q3) ________ is the direction and scope of an organization over the long-term; which achieves advantage for the organization through its configuration of resources within a challenging environment, to meet the needs of markets and to fulfil stakeholder exceptions. Show Answer

Q4) Feature(s) of strategy is/are ______________ Show Answer

Q5) Feature(s) of strategy is/are ______________ Show Answer

Q6) Formulating strategies is the job of ______________ Show Answer

Q7) ________ is concerned with the oversall purpose and scope of the business to meet stakeholder expectations. Show Answer

Q8) ________ is concerned more with how a business completes successfully in a particular market and often described as mission statement. Show Answer

Q9) Which of the following is concerned with how each part of the business is organized to deliver the corporate and business-unit level strategic direction and is concerned with strategic decisions about choice of products, meeting needs of customers etc. ? Show Answer

Q10) Operational strategy focuses on issues of _________ Show Answer

Q11) The __________ determines organizational objectives and the policies, programmes, schedules, procedures, and methods for achieving them. Show Answer

Q12) Planning is the ____ of management. Show Answer

Q13) Planning is basically ___________ Show Answer

Q14) Budget is a ______ statement, prepared and approved prior to a defined period of time of the policy to be pursued during that period for the purpose of attaining a given objective. It Show Answer

Q15) Budgeting is the formulation of plans for a given _______ in numerical terms. Show Answer

Q16) ________ is defined by the Institute of Cost & Management Accountants (CIMA) as : "The establishment of budgets relating the responsibilities of executives to the requirements of a policy, and the continuous comparison of actual with budgeted results, either to secure by individual action the objective of that policy, or to provide a basis for its revision." Show Answer

Q17) _______ specifies available working capital, i.e., investment in current assets like inventory, debtors, etc., at different points of time. Show Answer

Q18) ______ specifies at different levels of sales, expected profit level. Show Answer

Q19) Which of the following specifies estimated expenditure to carry out research and development ? Show Answer

Q20) Advantages of budgeting is / are _________ Show Answer

Q21) Which of the following factor may affect location of business?
(1) Transport facilities
(2) Availability of Labour
(3) Market - Customers
(4) Government policy
(5) Supplies of raw material
Select the correct answer from the options given below - Show Answer

Q22) Which of the following factor may affect location of business? Show Answer

Q23) __________ is regarded as the mental processes resulting in the selection of action among alternative scenarios. Show Answer

Q24) Decision making is only efficient when it is supported by process of ________ Show Answer

Q25) SCM means _______ Show Answer

Q26) ______ is the oversight of materials, information, and finances as they move in a process from supplier to manufacturer to wholesaler to retailer to consumer. Show Answer

Q27) Supply chain management is the oversight of _________ as they move in a process from supplier to manufacturer to wholesaler to retailer to consumer. Show Answer

Q28) Supply chain management flows includes :
1. Product flow
2. Profit flow
3. Information flow
4. Labour flow
5. Finances flow
Select the correct answer from the options given below. Show Answer

Q29) The ________ includes the movement of goods from a supplier to a customer, as well as any customer returns or service needs. Show Answer

Q30) The ________ involves transmitting orders and updating the status of delivery. Show Answer

Q31) The ____________ consists of credit terms, payment schedules, and consignment and title ownership arrangements. Show Answer

Q32) Objective(s) of supply chain management is / are ___________ Show Answer

Q33) Supply chain management is essential to -
(1) Company success
(2) Customer satisfaction
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Q34) Which of the following is not a method of supply chain management? Show Answer

Q35) Which of the following method of supply chain management require that the work for any task is divided into parts or operations ? Show Answer

Q36) ________ has been defined as a "method of production organization where the task is worked on continuosly or where the processing of material is continuous and progressive," Show Answer

Q37) The aims of flow method is / are: _____________ Show Answer

Q38) Common examples where ________ are used are the manufacturer of motor cars, chocolates and televisions. Show Answer

Q39) Which of the following is said to be the lifeblood of an organization. Show Answer

Q40) Finance represents _________ requirements of an organization. Show Answer

Q41) ________ is nothing but management of limited financial resources the organization has, to its utmost advantage. Show Answer

Q42) "Finance may be as defined as that administration area or set of administrative functions in an organization may have the means of carrying out its objectives as satisfactorily as possible." This definition is given by _________ Show Answer

Q43) "Business finance includes those business activities which are concerned with the acquisition and conservation of capital funds in meeting the financial needs and overall objectives of business enterprise." This definition is given by_________ Show Answer

Q44) Financial management is concerned with -
A. Investment decisions.
B. Labour turnover decisions.
C. Financing decisions
D. Personnel policy decisions
E. Dividend decisions
Select the correct answer from the options given below : Show Answer

Q45) _________ means deciding the quantum of investment out of available finance on long term basis as well as on short-term basis. Show Answer

Q46) _______ comprises two decisions, viz., (i) Financial Planning; and (ii) Capital structure decision. Show Answer

Q47) Decisions for raising funds from long-term sources are called ________ Show Answer

Q48) __________ means pre-estimating financial needs of an organization to ensure availability of adequate finance. Show Answer

Q49) "Marketing may be defined as the performance of business activities that directs the flow of goods and services through producers to consumers." This definition is given by ________ . Show Answer

Q50) Selling is a narrow concept as compared to marketing. Show Answer

Q51) Caveat emptor means ____________ Show Answer

Q52) Caveat vendor means _____________ Show Answer

Q53) Which of the following business function more focus on customer? Show Answer

Q54) Who has defines Marketing Mix as "set of marketing tools that the firm uses to pursue its marketing objectives in the target market?" Show Answer

Q55) __________ defines Marketing Mix is the combination of four inputs which constitute the core of a company's marketing system, i.e., the product, the price structure, the promotional activities and the distribution system. Show Answer

Q56) The general functions of marketing is / are: __________ Show Answer

Q57) Human resource or personnel management involves getting things done through ______ Show Answer

Q58) __________ is a process of bringing people and organizations together so that the goals of each are met. Show Answer

Q59) The variou(s) feature of Human Resource Management (HRM) is / are : ________ Show Answer

Q60) The various feature of Human Resource Management (HRM) is / are : _________ Show Answer

Q61) The objective of Human Resource Management (HRM) is / are :_________ Show Answer

Q62) The functions under the gamut of a company secretary is / are : _________ Show Answer

Q63) The functions under the gamut of a company secretary is / are : _________ Show Answer

Q64) Accounting is the function of business that includes __________ Show Answer

Q65) Primary function of accounting is to -
1. Protecting business property
2. Administration of business strategic policies
3. Comply with legal requirement
4. Solve labour disputes
5. Record keeping.
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Q66) Which of the following can be treated as feature of strategy ?
(1) It reflects concern to effectively mobilize resources.
(2) It maximizes chances to achieve objectives
(3) Formulating strategies is the job of top management
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Q67) Which of the following is concerned with the overall purpose and scope of the business to meet stakeholder expectations- Show Answer

Q68) Identify which of the following statement is correct and which is indirect-
(a)Business process is also called business function
(b)Selling is narrow concept as compared to marketing
Show Answer