Foundation Fundamentals of Business Economics and Management Quiz
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Questions and Answers

What is the primary obligation of the Institute of Cost Accountants of India?

  • Regulating the profession of Cost and Management Accountancy (correct)
  • Enrolling students for courses
  • Providing coaching facilities to the students
  • Undertaking research programmes in the field of Cost and Management Accountancy

Which region does the Institute of Cost Accountants of India operate through?

  • Chennai, Hyderabad, Mumbai, and Kolkata
  • Kolkata, Delhi, Mumbai, and Chennai (correct)
  • Kolkata, Delhi, Mumbai, and Bangalore
  • Mumbai, Delhi, Bangalore, and Kolkata

What is the vision pursued by the Institute of Cost Accountants of India?

  • Strategic management and workforce development
  • Cost competitiveness and effective resource use (correct)
  • Revenue generation and cost reduction
  • Research and development in accounting practices

What are the professionals associated with the Institute known as?

<p>Cost and Management Accountants (CMAs) (B)</p> Signup and view all the answers

In which year was the Institute of Cost Accountants of India established?

<p>1959 (A)</p> Signup and view all the answers

In production theory, which factors are deemed the three fundamental factors of production?

<p>Land, labor, and capital (A)</p> Signup and view all the answers

Under classical economics, which factors are categorized as secondary factors of production?

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

What encompasses all the natural resources above and below the soil as a primary factor of production?

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

What are sometimes considered evolved factors in production in different economic schools of thought?

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

Which inputs are commonly used to achieve the output of a product in the production process?

<p>Several forms of controllable inputs (C)</p> Signup and view all the answers

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