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Questions and Answers
Which of the following is NOT a step in the decision-making process?
Which of the following is NOT a characteristic of a democratic leadership style?
Which of the following is NOT a factor considered in PESTEL analysis?
Which of the following is NOT a function of the Human Resource department?
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Which of the following is NOT a characteristic of a perfect competition market structure?
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Which statistical technique is used to analyze the relationship between a dependent variable and one or more independent variables?
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In the marketing mix, which component represents the individuals involved in the marketing process, such as employees or customers?
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What is the primary disadvantage of a sole proprietorship business structure?
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Which process involves comparing a company's performance to the industry leaders or best practices?
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Which characteristic distinguishes a perfectly competitive market from other market structures?
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Study Notes
Management Functions
- Planning is the process of determining how the organization will achieve its objectives.
- Controlling is a separate management function that involves monitoring and correcting activities.
Leadership Style
- Autocratic leadership style emphasizes making decisions without consulting team members.
- Democratic, laissez-faire, and transformational are other leadership styles.
Business Management
- Regression analysis is a quantitative technique used for decision-making under uncertainty.
- Cost-benefit analysis, break-even analysis, and SWOT analysis are other business management tools.
Marketing
- The marketing mix consists of product, promotion, and price, but not people.
- Perfect competition market structure has characteristics like homogeneous products, price taker, and free entry and exit.
Financial Management
- Financial management involves investment decision, financing decision, and dividend decision, but not human resource management.
- Income statement is a financial statement that shows a company's revenues and expenses over a specific period.
Entrepreneurship
- Sole proprietorship has a disadvantage of unlimited liability.
- Ease of formation and separate legal entity are characteristics of sole proprietorship.
Human Resource Management
- Recruitment is the process of finding and attracting candidates, while selection is the process of identifying and selecting the best candidate.
- Orientation and training are other HR functions.
Business Planning
- Benchmarking is the process of comparing a company's performance with the best in the industry.
- Strategic planning involves making decisions on how to achieve business objectives.
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Description
Test your knowledge of business management with these multiple-choice questions tailored for M.Com students. From functions of management to leadership styles, this quiz covers key concepts in the field.
