Introduction To Business MCQs | MGT211 MCQs | Set 8
Introduction To Business MCQs | MGT211 MCQs | Set 8
MCQs (Multiple Choice Questions)
1) Which of the following is not a reason for a business failure?
a) Managerial experience or inexperience
b) Effective control systems
c) Insufficient control system
d) None of the given options
Correct Answer:
The correct answer is 'b'.
Explanation:
Effective control systems can help to prevent business failures by identifying and correcting problems early on. However, they are not a guarantee of success. There are many other factors that can contribute to business failure, such as managerial inexperience, insufficient funding, and a lack of market demand.
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2) In which of the following two or more organizations collaborate on a project for mutual gain?
a) Limited partnership
b) Public corporation
c) Strategic alliance
d) None of the given options
Correct Answer:
The correct answer is 'c'.
Explanation:
A strategic alliance is a collaboration between two or more organizations for mutual gain. It is a type of partnership, but it is less formal than a limited partnership or a public corporation.
In a strategic alliance, the organizations involved agree to share resources and expertise to achieve a common goal. They may also agree to cooperate on marketing, research and development, or distribution.
Strategic alliances can be a way for organizations to gain access to new markets, technologies, or skills. They can also help organizations to reduce costs and risk.
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3) The difference between a country's merchandise exports and its merchandise imports is the:
a) Current account
b) Capital account
c) Balance of trade
d) Balance of payments
Correct Answer:
The correct answer is 'c'.
Explanation:
The balance of trade is the difference between a country's merchandise exports and its merchandise imports. It is a measure of the net flow of goods between a country and the rest of the world.
A positive balance of trade means that the country is exporting more goods than it is importing. A negative balance of trade means that the country is importing more goods than it is exporting.
The balance of trade is a component of the balance of payments, which is a broader measure of all the economic transactions between a country and the rest of the world. The balance of payments also includes the capital account, which records the flow of financial assets between a country and the rest of the world.
The current account and the capital account are the two main components of the balance of payments. The current account records all the economic transactions that do not involve the transfer of ownership of physical assets. This includes trade in goods and services, income payments, and current transfers.
The capital account records all the economic transactions that involve the transfer of ownership of physical assets. This includes investment flows, such as foreign direct investment and portfolio investment, and financial derivatives.
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4) One of the best solutions to get rid of non-biodegradable wastes is:
a) Dumping
b) Recycling
Correct Answer:
The correct answer is 'b'.
Explanation:
The best solution to get rid of non-biodegradable wastes is recycling. Recycling is the process of converting waste materials into new materials and objects. It is an alternative to conventional waste disposal that can save material and help lower greenhouse gas emissions.
Dumping is not a good solution for non-biodegradable wastes because it can pollute the environment. Non-biodegradable wastes can take hundreds of years to decompose, and they can release harmful toxins into the soil and water.
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5) The MBTI is a personality test that has been used to select candidates who will more likely engage in organizational citizenship behaviors at work. However, critics of this test suggest that the results can change over time as a person's personality develops. Therefore the MBTI personality test may be:
a) Legal but not valid
b) Valid but not reliable
c) Reliable but not valid
d) Reliable but not legal
Correct Answer:
The correct answer is 'c'.
Explanation:
Reliability refers to the consistency of the test results. A reliable test will produce similar results when it is taken by the same person on different occasions. The MBTI has been shown to be reliable, meaning that the results are consistent over time.
Validity refers to the accuracy of the test results. A valid test will measure what it is supposed to measure. The MBTI has been criticized for not being valid because the results can change over time as a person's personality develops.
So, the MBTI personality test may be reliable, but it is not valid for predicting job performance or organizational citizenship behaviors.
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6) ______ is a written statement which contains the duties and responsibilities of a job.
a) Job analysis
b) Job specification
c) Job description
d) Job inventory chart
Correct Answer:
The correct answer is 'c'.
Explanation:
A job description is a written statement that describes the duties, responsibilities, and requirements of a job. It is used to communicate the job to potential applicants and to help employees understand their roles and responsibilities.
A job analysis is the process of gathering information about a job in order to create a job description. It involves identifying the tasks, duties, and responsibilities of the job, as well as the knowledge, skills, and abilities required to perform the job.
A job specification is a list of the knowledge, skills, and abilities required to perform a job. It is typically used in conjunction with a job description to assess the qualifications of potential applicants.
A job inventory chart is a table that lists the jobs in an organization and their associated job descriptions. It is used to track the skills and experience of employees and to identify potential gaps in the workforce.
So, the answer is job description because it is a written statement that describes the duties, responsibilities, and requirements of a job.
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7) According to Maslow's hierarchy of needs, a person who buys a motion detector/burglar alarm for her house is motivated to do so in an attempt to fulfill the following need:
a) Esteem
b) Security
c) Social
d) Self-actualization
Correct Answer:
The correct answer is 'b'.
Explanation:
Maslow's hierarchy of needs is a theory of human motivation that proposes that people are motivated to satisfy their needs in a hierarchical order, from the most basic needs to the most complex needs. The five levels of needs are:
Physiological needs: These are the basic needs for food, water, shelter, and clothing.
Safety needs: These are the needs for security and protection from harm.
Love and belonging needs: These are the needs for affection, acceptance, and belonging.
Esteem needs: These are the needs for self-respect, respect from others, and a sense of accomplishment.
Self-actualization needs: These are the needs for self-fulfillment and realizing one's full potential.
A person who buys a motion detector/burglar alarm for her house is motivated to do so in an attempt to fulfill security needs. The motion detector/burglar alarm will help to protect her home from intruders, which will give her a sense of security and safety.
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8) Douglas McGregor is associated with which of the following?
a) Scientific management
b) Motivational factors
c) Theory X and theory Y
d) The Hawthorne studies
Correct Answer:
The correct answer is 'c'.
Explanation:
Theory X and Theory Y are two contrasting models of human motivation in the workplace, developed by Douglas McGregor in the 1960s. Theory X assumes that employees are naturally lazy and dislike work, and that they need to be controlled and closely supervised. Theory Y assumes that employees are naturally motivated and self-directed, and that they will work hard if they are given the opportunity and responsibility.
McGregor's Theory X and Theory Y are still widely used today in management and organizational behavior. They are a useful framework for understanding employee motivation and for developing effective management strategies.
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9) Which step in Maslow's Hierarchy of Needs Theory deals with achieving one's potential?
a) Safety
b) Self actualization
c) Physiological
d) Social
Correct Answer:
The correct answer is 'b'.
Explanation:
Maslow's hierarchy of needs is a theory of human motivation that proposes that people are motivated to satisfy their needs in a hierarchical order, from the most basic needs to the most complex needs. The five levels of needs are:
Physiological needs: These are the basic needs for food, water, shelter, and clothing.
Safety needs: These are the needs for security and protection from harm.
Love and belonging needs: These are the needs for affection, acceptance, and belonging.
Esteem needs: These are the needs for self-respect, respect from others, and a sense of accomplishment.
Self-actualization needs: These are the needs for self-fulfillment and realizing one's full potential.
The self-actualization needs are the highest level of needs in Maslow's hierarchy. They are the needs for self-fulfillment and realizing one's full potential. People who are motivated by self-actualization needs are driven to achieve their goals and to make a difference in the world. They are also driven to learn and grow, and to experience new things.
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10) Which of the following generic terms is not a management function?
a) Leading
b) Systemizing
c) Planning
d) Organizing
Correct Answer:
The correct answer is 'b'.
Explanation:
The four functions of management are planning, organizing, leading, and controlling. Systemizing is not a management function.
Planning is the process of setting goals and objectives and developing a plan to achieve them.
Organizing is the process of assigning tasks, delegating authority, and allocating resources.
Leading is the process of motivating and inspiring employees to achieve the organization's goals.
Controlling is the process of monitoring performance and taking corrective action as needed.
Systemizing is the process of creating and maintaining a system. It is a technical function that is not typically associated with management.
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