10 Questions
Which of the following is NOT a step in the decision-making process?
Making decisions without considering consequences
Which of the following is NOT a characteristic of a democratic leadership style?
Individual decision-making
Which of the following is NOT a factor considered in PESTEL analysis?
Educational
Which of the following is NOT a function of the Human Resource department?
Product Development
Which of the following is NOT a characteristic of a perfect competition market structure?
Significant barriers to entry
Which statistical technique is used to analyze the relationship between a dependent variable and one or more independent variables?
Regression analysis
In the marketing mix, which component represents the individuals involved in the marketing process, such as employees or customers?
People
What is the primary disadvantage of a sole proprietorship business structure?
Unlimited liability
Which process involves comparing a company's performance to the industry leaders or best practices?
Benchmarking
Which characteristic distinguishes a perfectly competitive market from other market structures?
Many sellers
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.
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.
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