Deck 1: Functions and Responsibilities of Business Management

Question 1

_______________ is responsible for assessing customer wants and needs.

A)Marketing
B)Operation
C)Finance
D)Human resource

Answer 1

Marketing

Question 2

_______________ provides a conceptual and analytical framework for financial decision making.

A)Human resource management
B)Financial management
C)Marketing management
D)Nine of the above

Answer 2

Financial management

Question 3

Which assets yield a return over a period of time in future

A)Short term assets
B)Long term assets
C)Fictitious assets
D)All of the above

Answer 3

Long term assets

Question 4

Operation management provide desired utilities of

A)Form
B)Place
C)Possession
D)All of the above

Question 5

_______________ is the management of systems that creates goods and services.

A)Operations
B)Finance
C)Marketing
D)All of the above

Question 6

Human resource management consist of

A)Collective bargaining
B)Contract negotiation
C)Grievance handling
D)All of the above

Question 7

_________________ is that part of management concerned with people at work.

A)Finance
B)Operation
C)Marketing
D)None of the above

Question 8

_____________ concerned with the main business activities which obtains and converts resources of the business into goods/services

A)Production management
B)Finance management
C)Marketing management
D)None of the above

Question 9

Wealth maximization is the acceptable objective because it is

A)Value maximization
B)Based on cash flows
C)Maximizes the market price of shares
D)All of the above

Question 10

Overseeing the provisions of services is a role of

A)Human resource management
B)Operations management
C)Marketing management
D)None of the above

Question 11

What function of business is responsible for ensuring that products and services meet high quality standards?

A)Finance
B)Marketing
C)Operations
D)None of the above

Question 12

The main responsibilities of financial management function is

A)Obtaining capital and resources for expansion or to pay for resources such as equipment and materials.
B)Support for software applications, electronic communications and electronic transactions
C)Maintaining legal rights and responsibilities of employer and employees
D)All of the above

Question 13

Two businesses are not the same; the functions will vary because of-

A)The size and scale of business
B)The preferences of owner
C)The types of customers
D)All of the above

Question 14

__________________ concerned with developing new goods/services and updating old ones

A)Sales
B)Consumers Services
C)Research and development
D)None of the above

Question 15

The main functions of human resource management is-

A)To attain maximum individual development
B)To prepare and maintain statement of finance
C)Providing information to the customers
D)Identify links between functions

Question 16

Which type of function may be performed by the finance manager for management of profitability?

A)Forecasting future profits
B)Pricing
C)Cost control
D)All of the above

Question 17

Which of the following are covered under the scope of Human Resource Management? (Choose the appropriate code given below)
(i) Forecasting Human Resource need
(ii) Replacement planning
(iii) Human Resource Dynamics
(iv) Human Resource Development Planning
(v) Human Resource AuditCodes

A)(i) (iii) and (v)
B)(i) (ii) (iii) and (iv)
C)(iii) and (v)
D)(i) (ii) (iii) (iv) and (v)

Question 18

Which of the following is not a function of management?

A)planning
B)staffing
C)co-operation
D)controlling

Question 19

Modern Marketing consists

A)Marketing Strategy and Research
B)Marketing effectiveness
C)Brand Management
D)All of the above

Question 20

"Marketing is a human activity directed at satisfying needs and wants through exchange processes" is the statement by

A)Philip Kotler
B)Hansi L.V.
C)Peter F. Drucker
D)D.S. Pauler

Question 21

The major responsibility of production management is

A)Passing information and understanding from one process to another
B)Transformation of inputs into specified outputs
C)Determining the rates of materials and search for supplier
D)Receives demand of materials from different departments of the organisation

Question 22

One objectives of financial management is

A)Ensuring a fair rate of return to the suppliers of capital
B)Management of cash
C)Disposal of surplus
D)None of the above

Question 23

The marketing department of an anorganisation

A)Ensures that there is proper utilisation of resources
B)Compensating the employees
C)Delivery of materials to the right person at the right time
D)Distribution of goods and services.