Business and Industry Quiz
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Questions and Answers

What is required to achieve quality products and services?

  • Only commitment from staff
  • An environment that supports quality
  • Close cooperation between management and staff
  • All of the above (correct)

What does benchmarking determine?

  • Standards for quality
  • Customer requirements
  • Process capability (correct)
  • Need for ISO 9000 audit

What is trading business?

  • Buying and processing raw materials
  • Selling finished goods
  • Buying and selling goods without processing (correct)
  • All of the above

Who is considered the father of scientific management?

<p>Frederick W. Taylor (C)</p> Signup and view all the answers

What is the process of deciding in advance what to do, how to do it, and when to do it?

<p>Planning (A)</p> Signup and view all the answers

What is the wrong statement about authority?

<p>Higher the post, lower is the authority (D)</p> Signup and view all the answers

Which of the following is not included in the contents of a partnership deed?

<p>Face value of share (B)</p> Signup and view all the answers

What is the process of verifying conformity with a predetermined plan and taking corrective action?

<p>Controlling (B)</p> Signup and view all the answers

Which factor contributes to accidents due to oily or greasy floors?

<p>Faulty layout or design of working place (D)</p> Signup and view all the answers

Who is not considered a dependent?

<p>Friend (B)</p> Signup and view all the answers

What is a safety provision for workers under the Factory Act 1948?

<p>First-aid appliance (A)</p> Signup and view all the answers

How can minimum rates of wages be fixed?

<p>All of the above (D)</p> Signup and view all the answers

What does financial planning involve?

<p>All of the above (D)</p> Signup and view all the answers

What type of capital is invested in assets that cannot be easily converted into money?

<p>Fixed capital (A)</p> Signup and view all the answers

Which department floats enquiries and processes quotations?

<p>Purchase (C)</p> Signup and view all the answers

What is the acceptable percentage of defects in 6 sigma?

<p>3.4 (C)</p> Signup and view all the answers

Who is the sleeping partner in a business?

<p>Mr. Kiran (C)</p> Signup and view all the answers

What is the maximum number of hours an adult worker can work in a factory per week?

<p>48 hour per week (C)</p> Signup and view all the answers

What is a health provision in a factory?

<p>Cleanliness (B)</p> Signup and view all the answers

Which act provides for protecting devices for workers?

<p>Factory Act (A)</p> Signup and view all the answers

What is the type of capital required to purchase a building for a company?

<p>Fixed Capital (A)</p> Signup and view all the answers

What is the income tax paid by a person with an annual income of 2,50,000 Rs?

<p>5000 (B)</p> Signup and view all the answers

What is inventory management a part of?

<p>Material management (D)</p> Signup and view all the answers

What determines the quality and timing for material planning?

<p>MRP (B)</p> Signup and view all the answers

What is the correct sequence of the management theorists?

<p>iv,ii,i,iii (C)</p> Signup and view all the answers

What is a wrong statement about Kaizen?

<p>It needs no investment (B)</p> Signup and view all the answers

What is the relationship between ISO 9000:2000 and ISO 9001?

<p>ISO 9001 is a requirement of ISO 9000:2000 (A)</p> Signup and view all the answers

What type of goods are provided by the service industry?

<p>Intangible Goods (D)</p> Signup and view all the answers

What is a negative effect of globalization?

<p>Monopoly in business (A)</p> Signup and view all the answers

What is the function of administration?

<p>All of the above (D)</p> Signup and view all the answers

What is the top level of management also known as?

<p>Strategic level (A)</p> Signup and view all the answers

What is one disadvantage of forming a partnership?

<p>Any financial must be shared (D)</p> Signup and view all the answers

What is an advantage of ABC Analysis?

<p>It results in a reduction of annual inventory cost (D)</p> Signup and view all the answers

What is the nature of permanent working capital?

<p>Permanent (C)</p> Signup and view all the answers

Whose principles are useful for contemporary managers to manage their work efficiently?

<p>Organising (A)</p> Signup and view all the answers

What is the goal of a business firm?

<p>To produce and supply goods required by society (C)</p> Signup and view all the answers

What are the resources used to fulfill the goal of an enterprise?

<p>All of the above (D)</p> Signup and view all the answers

What was the key aim of scientific management?

<p>To increase productivity (B)</p> Signup and view all the answers

What type of organization is ONGC?

<p>Government sector (C)</p> Signup and view all the answers

How many hours is an adult worker allowed to work in a factory according to the Factories Act?

<p>48 hours in a week (B)</p> Signup and view all the answers

Study Notes

Quality and Management

  • To achieve quality, we require close cooperation between management and staff, commitment, and an environment where quality can flourish.
  • Bench marking determines customer requirements, process capability, and standards.
  • Top agro industry in India is not FabIndia, Pidilite, or Dupont India, but rather another industry.

Business and Industry

  • Trading business involves buying goods and selling them without processing.
  • Insurance companies include Bajaj Allianz, Max Life, and LIC, but not ICC.
  • The father of scientific management is Fedrick W. Taylor.

Planning and Decision-Making

  • Deciding in advance what to do, how to do it, and when to do it is called planning.
  • Authority is the power to act, and authority cannot be delegated.
  • A good plan may fail due to insufficient data, lack of knowledge, or overconfidence.

Operations and Control

  • The process of operations involves verifying conformity with the predetermined plan and taking corrective action.
  • Joint stock companies have limited liability, can undertake various activities, and have separate legal status from their members.

Human Resource Management

  • Oily or greasy floors contribute to accidents due to environmental factors, not workers or management.

Financial Management

  • Financial planning deals with preparing financial statements, planning for capital issues, and preparing budgets.
  • The master budget coordinates various budgets.
  • Custom duty is charged on movable property, not vessels or currency.
  • Fixed capital is invested in assets that cannot be easily converted into money.

Supply Chain and Inventory Management

  • Economic order quantity provides the optimum number of units to order.
  • The ABC analysis is used to classify items based on their value.
  • Inventory management involves procurement, allocation, and control of financial resources.

Miscellaneous

  • Kaizen is a Japanese technique for continuous improvement that does not require heavy investment.
  • Six sigma is a quality control tool that aims for 3.4 defects per million opportunities.
  • The ISO 9000:2000 standards consist of three documents, including ISO 9001 for requirements.
  • Service industry provides intangible goods.
  • Negative effects of globalization include monopoly in business.
  • The function of administration involves decision-making, policy-making, and controlling and ensuring discipline.
  • Top-level management makes important decisions for the entire organization.
  • Co-operatives play an important role in agriculture.
  • A sleeping partner is one who does not participate in the business.
  • According to the Factories Act, no adult worker should work more than 48 hours per week.
  • Safety provisions include fencing of machinery, cleanliness, and washing facilities.
  • Financial management involves procurement, allocation, and control of financial resources.
  • Inventory management is part of material management.
  • Too little inventory increases the risk of out-of-stock conditions.
  • MRP determines quality and timing for material planning.
  • Permanent working capital is required for every year or month.
  • The goal of an enterprise is fulfilled through the use of resources like men, machines, materials, and money.
  • The key aim of scientific management is to increase productivity.
  • No smoking is an example of a rule.
  • Project organizations are temporary in nature and can be internally formed.
  • ONGC is a government sector organization.

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A set of questions related to business, industry, and quality management. Topics include quality control, benchmarking, and top agro industries in India.

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