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</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</p> Signup and view all the answers

    What is the wrong statement about authority?

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

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

    <p>Controlling</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</p> Signup and view all the answers

    Who is not considered a dependent?

    <p>Friend</p> Signup and view all the answers

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

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

    How can minimum rates of wages be fixed?

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

    What does financial planning involve?

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

    Which department floats enquiries and processes quotations?

    <p>Purchase</p> Signup and view all the answers

    What is the acceptable percentage of defects in 6 sigma?

    <p>3.4</p> Signup and view all the answers

    Who is the sleeping partner in a business?

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

    What is a health provision in a factory?

    <p>Cleanliness</p> Signup and view all the answers

    Which act provides for protecting devices for workers?

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

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

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

    What is inventory management a part of?

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

    What determines the quality and timing for material planning?

    <p>MRP</p> Signup and view all the answers

    What is the correct sequence of the management theorists?

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

    What is a wrong statement about Kaizen?

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

    What type of goods are provided by the service industry?

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

    What is a negative effect of globalization?

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

    What is the function of administration?

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

    What is the top level of management also known as?

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

    What is one disadvantage of forming a partnership?

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

    What is an advantage of ABC Analysis?

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

    What is the nature of permanent working capital?

    <p>Permanent</p> Signup and view all the answers

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

    <p>Organising</p> Signup and view all the answers

    What is the goal of a business firm?

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

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

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

    What was the key aim of scientific management?

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

    What type of organization is ONGC?

    <p>Government sector</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</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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    Description

    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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