Economic Objectives of Business Quiz

Play an AI-generated podcast conversation about this lesson

What are some indicators of business growth as mentioned in the text?

Decrease in sales volume and product range contraction

Increase in employee count and capital investment (correct)

Lowering of costs and reduction in workforce

Minimal capital investment and employee downsizing

Why is profit important for a business, based on the text?

It decreases employee count

It reduces the need for social responsibility

It limits the growth opportunities

It helps cover costs and risks (correct)

What is a key element of fulfilling social responsibility according to the text?

Providing employment opportunities to underprivileged sections (correct)

Using unethical production methods

Reducing basic amenities for the community

Ignoring environmental concerns

Why should management focus on the organization's survival according to the text?

To earn enough revenues to cover costs (B) Signup and view all the answers

What purpose do personnel objectives serve within an organization based on the text?

They help individuals satisfy diverse needs (D) Signup and view all the answers

How can a company demonstrate its commitment to social responsibility according to the text?

By using environmentally friendly production methods (B) Signup and view all the answers

What is one of the higher-level needs mentioned in the text?

Peer recognition (D) Signup and view all the answers

How does management contribute to achieving personal objectives?

By motivating and leading teams (D) Signup and view all the answers

What is one way management contributes to business growth?

By facilitating adaptation to new environments (A) Signup and view all the answers

How does management assist in achieving group goals?

By giving a common direction to individual efforts (A) Signup and view all the answers

Which aspect of management helps in the development of society according to the text?

Serving multiple objectives of an organization (B) Signup and view all the answers

What is an important financial need mentioned in the text?

High salary (A) Signup and view all the answers

What is the primary task of management according to the text?

Mitigating weaknesses and strengths of the organization (C) Signup and view all the answers

Which of the following functions is NOT part of the continuous process of management described in the text?

Quality control (D) Signup and view all the answers

Why is management considered a group activity according to the text?

To facilitate growth and development of all members towards common goals (D) Signup and view all the answers

Which aspect does the management of operations primarily involve in an organization?

Providing the basic product or service for survival (B) Signup and view all the answers

How do managers ensure personnel objectives are met according to the text?

By promoting individual growth and development as needs change (C) Signup and view all the answers

In what way does management contribute to business growth as discussed in the text?

By promoting teamwork and coordination to achieve common organizational goals (A) Signup and view all the answers