Business and Industry Quiz

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.