12 Questions
What is the main reason why control becomes necessary in management?
To ensure people are working as per pre-decided standards
Which form of businesses were initially managed by the owners themselves?
Sole proprietorship firms and partnership firms
What problem arises as the size and activities of a business expand?
Problem of capital, production, sales, and employees
In what circumstances is there a need for trained, experienced, and expert people in management?
When the size and activities of the business expand
What term is used to describe the work done by a group of trained, experienced, and expert people in management?
Management
What major benefit does developing a 'Company' offer in business?
Easy arrangement of big amounts of capital
What is the significance of management according to the text?
Management helps in achieving maximum satisfaction using minimum resources.
From the text, what can be inferred about the levels of management?
Middle Level Management is responsible for strategic decision-making.
In what manner has management been important since ancient times as per the text?
Management helped primitive human beings in their hunting and fishing activities.
What is required when more than one person join hands for work completion in a systematic manner, as mentioned in the text?
Planning and delegation of authority and responsibility
Which functional area of management deals with managing finances according to the text?
Financial Management
What does the text suggest about management's role in achieving objectives when human beings realized their limitations?
Management became essential to achieve objectives with the help of others.
Test your knowledge on the introduction, meaning, nature, and importance of management. Explore the concepts of management as a science, art, and profession, levels of management, and functions like planning and organizing.
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