Management MCQs

What is meant by the term ‘management by objectives’?

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A. A. System of giving the authority to carry out certain jobs by those lower down the management hierarchy
B. The system of management that is based on bringing together experts into a team
C. The setting of objectives to bring about the achievement of the corporate goals
D. The control of the Organisation by those in the ‘head office’
✅ The correct answer is option C.
Management by objectives means the setting of objectives to bring about the achievement of the corporate goals. Management by objectives (MBO) is a management technique for setting clear goals for a specific time period and its monitoring progress.

In customer cost hierarchy, costs of all activities incurred to sell group of units to end consumers are classified as

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A. customer sustaining costs
B. customer output unit-level costs
C. customer batch-level costs
D. corporate sustaining costs
✅ The correct answer is option C.
In customer cost hierarchy, costs of all activities incurred to sell group of units to end consumers are classified as customer batch-level costs. Batch-level costs are expenses related to a group of products that cannot readily be traced back to an individual item. In other words, these production costs are incurred to produce a set of products or a batch and can’t be allocated to an individual unit.

Alternative solutions exist of an LP model when.

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A. One of the constraints is redundant
B. Objective function equation is parallel to one of the constraints
C. Two constraints are parallel
D. All of the above
✅ The correct answer is option B.
Alternative solutions exist of an LP model when objective function equation is parallel to one of the constraints. Linear programming (LP, also called linear optimization) is a method to achieve the best outcome (such as maximum profit or lowest cost) in a mathematical model whose requirements are represented by linear relationships.

The first step in the human resource planning process is

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A. Preparing a job analysis
B. Forecasting future human resource needs
C. Assessing future demand
D. Assessing future supply
✅ The correct answer is option B.
The first step in the human resource planning process is forecasting future human resource needs. Human resources (HR) forecasting involves projecting labor needs and the effects they’ll have on a business. An HR department forecasts both short- and long-term staffing needs based on projected sales, office growth, attrition and other factors that affect a company’s need for labor.

A brief write-up of what the job is all about is

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A. Job finding
B. Job summary
C. Job analysis
D. Job specification
✅ The correct answer is option B.
A brief write-up of what the job is all about is Job summary. A job summary basically provides an overview of the company and the expectations that comes with the job. It summarizes the main point of the job description which may include key responsibilities, functions, and duties; education and experience requirements and other important information.

Depository institutions that concentrate loans in one segment such as consumer loans are considered as

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A. thrifts
B. state bank
C. global bank
D. multinational institutions
✅ The correct answer is option A.
Depository institutions that concentrate loans in one segment such as consumer loans are considered as thrifts. Thrifts also refer to credit unions and mutual savings banks that provide a variety of saving and loans services. Thrifts differ from commercial banks in that they can borrow money from the Federal Home Loan Bank System, which allows them to pay members higher interest.

_____ is a device that makes pen and ink drawings of lines, curves and shapes.

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A. Light pen
B. Mouse
C. Keyboard
D. Plotters
✅ The correct answer is option D.
Plotters is a device that makes pen and ink drawings of lines, curves and shapes. A plotter is a computer vector graphic printer that gives a hard copy of the output based on instructions from the system. Plotters are widely used to print designs of things such as cars, ships and buildings on a piece of paper using a pen.

The ________ concept holds that consumers and businesses, if left alone, will ordinarily not buy enough of the organization’s products.

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A. Production
B. Selling
C. Marketing
D. Holistic marketing
✅ The correct answer is option B.
The Selling concept holds that consumers and businesses, if left alone, will ordinarily not buy enough of the organization’s products. The Selling Concept proposes that customers, be individual or organizations will not buy enough of the organization’s products unless they are persuaded to do so through selling effort. So organizations should undertake selling and promotion of their products for marketing success.