Business Studies : Part - II 2011 CBSE [ Delhi] Set I

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  • Q1

    Your grandfather has retired as the Director of a manufacturing company. At which level of management was he working? Different types of functions are performed at this level. State any one function.

    Marks:1
    Answer:

    My grandfather was at the top level management. Planning is another function that he performed at this level.

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  • Q2

    What is meant by management?

    Marks:1
    Answer:

    Management carries a set of functions directed at the efficient and effective utilisation of available resources with a view to achieve organizational goals and objectives.

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  • Q3

    What is meant by principles of management?

    Marks:1
    Answer:

    Management principles are statements of fundamental truth serving as a guideline for decision making and action of managers.

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  • Q4

    State any one principle of scientific management.

    Marks:1
    Answer:

    Development of each and every person to his or her greatest efficiency and prosperity’ is the principle of scientific management.

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  • Q5

    “The understanding of business environment helps in understanding threats”. What is meant by ‘threats’ here?

    Marks:1
    Answer:

    Here, threats mean changes in external environment and trends that can hamper a business firm’s performance and growth.

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  • Q6

    “Business environment includes both specific and general forces.” List any four specific forces.

    Marks:1
    Answer:

    The specific forces constituting business environment are investors, customers, suppliers and competitors.

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  • Q7

    Explain in one sentence how direction initiates action in management.

    Marks:1
    Answer:

    Direction initiates action by giving instructions & guiding people in doing work.

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  • Q8

    Why it is said that “Controlling is a continuous activity”?

    Marks:1
    Answer:

    Controlling completes one cycle of management process and improves planning in the next cycle. in this way, it is considered a continuous activity.

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  • Q9

    What is important while analyzing deviations in controlling?

    Marks:1
    Answer:

    Acceptable range of deviations’ and ‘deviations in the key areas of the business’ are two important factors which should be kept in mind while analysing deviations.

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  • Q10

    Define financial management.

    Marks:1
    Answer:

    According to Howard & Upton:

    “Financial management involves the application of general management principles to a particular financial operation.”

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