Business Studies: Management Principles and Responsibilities Quiz

Planning and Controlling = Planning involves setting goals and determining actions, while controlling involves monitoring performance and taking corrective actions Life Insurance and Fire Insurance = Life insurance provides financial protection in case of death, while fire insurance provides coverage for damages caused by fire District Commission and National Commission = District Commission handles consumer complaints at a local level, while National Commission handles consumer complaints at a national level Staffing and Directing = Staffing involves recruiting and selecting employees, while directing involves guiding and supervising employees

4p's of product marketing mix = Involves Product, Price, Place, and Promotion strategies to market a product Responsibilities of business towards employees = Includes providing fair wages, safe working conditions, training opportunities, and employee benefits Rights of consumers = Include the right to safety, the right to be informed, the right to choose, and the right to be heard Techniques of scientific management = Includes time studies, motion studies, standardized work methods, and incentive schemes

Principles of management by Henry Fayol = Unity of command, division of work, discipline, authority, centralization Social responsibilities of a business organization towards the government = Paying taxes, complying with regulations, supporting public policies, promoting economic development Ways to consumer protection/Needs of consumer protection = Product safety regulations, right to redress, consumer education programs, fair pricing practices Functions of marketing = Product development, pricing strategies, distribution channels management, promotional activities

Current Account and Fixed Deposit Account = Current account for frequent transactions with lower interest rates, Fixed deposit account for saving with higher interest rates Organizing and Directing = Organizing involves arranging resources for achieving objectives, Directing involves instructing subordinates to perform tasks State commission and National Commission = State commission deals with consumer complaints within a specific state jurisdiction, National Commission handles complaints at a national level E-Commerce and E-Business = E-Commerce focuses on online buying and selling of goods/services, E-Business includes all online business activities including e-commerce

Principles of management are flexible in nature = Management principles can be adapted to different situations and environments Ways and means to consumer protection/Controlling is the last function of management = There are various approaches to protect consumers' rights; Controlling ensures goals are achieved through monitoring and corrective actions Principle of subrogation is applicable to all contracts of indemnity = Subrogation allows an insurer to recover losses from a third party after compensating the insured Marketing is significant to the consumers = Effective marketing ensures consumers are informed about products/services and can make informed choices