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Question: SML represents ________.
Options:
(a) capital asset pricing model

(b) inflation risk
(c) systematic risk
(d) MM approach
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Correct Option/Answer: (a) capital asset pricing model
Explanation: SML is an abbreviation used for security market line which represents
the CAPM model. The SML slope depicts that the risk free rate plus market risk
premium are equal to the expected return on the investment made by the
investors.
The formula for plotting the SML is:
Required Return = Risk-Free Rate of Return + Beta (Market Return - Risk-Free Rate
of Return).
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Question: Which of the following is/are the parts of production
management?
Options:
(a) Plant layout

(b) Production planning and control
(c) Inventory management
(d) All of the above
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Correct Option/Answer: (d) All of the above
Explanation: Production management is a process that involves planning,

coordinating, evaluating and controlling activities performed to produce the
product. The functions of production management may include plant layout
decision, production planning and controlling, inventory management, etc.
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Question: In which of the following fields, is the synthesis
technique used?
Options:
(a) Plant layout planning

(b) Work measurement
(c) Inventory control
(d) Production planning
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Correct Option/Answer: (b) Work measurement
Explanation: Synthesis method is a work measurement technique, in which the

total standard time to perform a job is calculated by adding up the time obtained
from the time study of each part of the job. In this method a job is divided into
various parts or elements.
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Question: Which of the following is an advantage of sampling?
Options:
(a) Extensive study

(b) Non-destructive in nature
(c) Intensive study
(d) Brief information
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Correct Option/Answer: (c) Intensive study
Explanation: Sampling refers to the process of selecting the sample

that can represent the population. It is an intensive study that is
exhaustive in nature, as the relevant data is procured from some
respondents rather than the whole population to save time, money
and efforts.
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Question: ___________ is the ratio of favourable events to the total number of
equally like events.
Options:
(a) Binomial distribution

(b) Probability
(c) Correlation coefficient
(d) Exponential
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Correct Option/Answer: (b) Probability
Explanation: Probability is a part of statistics that belongs to

mathematics. It is concerned with the likelihood of an event to occur
and also the authenticity of the proposition obtained as a result.
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Question: Who had said, “Hypothesis is a proposition which can be put to test to
determine its validity”?
Options:
(a) Goode and Hatt

(b) Schumpeter
(c) J.K. Bose
(d) Lundberg
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Correct Option/Answer: (a) Goode and Hatt
Explanation: The definition that, “Hypothesis is a proposition which can be put to

test to determine its validity” was given by Goode and Hatt. In other words,
hypothesis is the tentative explanation about the assumed results of the defined
problem that are developed before the actual research is conducted.
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Question: Which of the following is NOT included in the probability
distribution?
Options:
(a) Poisson distribution
(b) Bernoulli distribution
(c) Correlation coefficient
(d) Exponential
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Correct Option/Answer: (c) Correlation coefficient
Explanation: Probability is the theory that reveals the chances of an

event occurring. It is of various types such as normal, Poisson,
binomial and exponential, whereas correlation coefficient depicts
about the relationship between two variables.
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Question: Which of the following can be defined as the set of all
possible outcomes of a random experiment?
Options:
(a) Sampling
(b) Sample size
(c) Sample space
(d) Sample type
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Correct Option/Answer: (c) Sample space
Explanation: Sample space is a terminology used in the probability

concept, which refers to the set of all possible outcomes of a
random experiment for that experiment. Sample space in probability
is denoted by ‘S’.
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Question: Identify the aspects that can be used to overcome
difficulties with error.
Options:
(a) Internal and external auditing

(b) Internal controls to detect errors
(c) Addition of confidence limits to data
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Explanation: Error and bias are the aspects of information quality.

The difficulties with errors may be overcome by internal and
external auditing, internal controls to detect errors, addition of
confidence limits to data and by procuring user’s instruction in
measurement, etc.
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Question: Who initiated the testing of hypotheses?
Options:
(a) Masaaki Imai

(b) E.S Pearson
(c) Robert Camp
(d) Herbert A. Simon
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Correct Option/ Answer: (b) E.S Pearson
Explanation: The testing of hypotheses was initiated by J. Neyman

and E.S. Pearson. It employs statistical techniques to reach decisions
in fixed situations where there is an element of uncertainty on the
basis of sample, whose size was fixed previously.
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What does the graph depict?.
(a) Perfect positive correlation

(b) Perfect negative correlation
(c) No correlation
(d) Limited correlation
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Correct Option/Answer: (d) No correlation
Explanation: No correlation refers to any effects in one variable due to changes in

another variable. Correlation is a method of determining the relationship between
two variables. Perfect positive correlation refers to the changes in one variable
that affects the changes in another variable of the same degree.
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Question: Who had developed the rank correlation coefficient?
Options:
(a) Gary Hamel

(b) George R. Terry
(c) Jauch and Glueck
(d) Charles Edward Spearman
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Correct Option/Answer: (d) Charles Edward Spearman
Explanation: Charles Edward Spearman developed the formula of

rank correlation coefficient in the year 1904. It is also known as
Spearman’s rank correlation coefficient. It is based on the fact that
there are some variables whose quantitative measures are not
possible.
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Question: The examples, such as the review of performance
evaluation, appraisal, labour turnovers are related to __________.
Options:
(a) Statistics in research

(b) Statistics in HRM
(c) Statistics in production
(d) Statistics in finance
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Correct Option/Answer: (b) Statistics in HRM
Explanation: Statistical techniques are used in almost all the fields of

management, such as finance, human resource management, production and
operations management, marketing management and research and development.
When statistical techniques are used to review performance, labour turnover
rates, etc. then they are related to statistics in HRM.
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Question: Which of the following is/are the sources of information
for MIS?
Options:
(a) External sources

(b) Internal sources
(c) Internal and external both
(d) None of the above
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Correct Option/Answer: (c) Internal and external both
Explanation: MIS is an abbreviation used for management information systems,

which provides the backbone to an organisation by storing large amounts of data
that helps the managers to take decisions. The information stored in MIS is
collected from both internal and external sources.
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Question: Which of the following can be defined as the model that
aims to improve an organisation’s performance by defining its
objectives clearly?
Options:
(a) Management by exception

(b) Management by objective
(c) Control by objective
(d) Evaluation by objective
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Correct Option/Answer: (b) Management by objective
Explanation: MBO is an abbreviation used for management by objective, the

process of which is to assess the performance of employees as compared to the
defined objectives. The purpose of this model is to improve the performance
according to the objectives desired to achieve in a certain period.
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Question: Identify the types of strategies classified in a business.
Options:
(a) Business unit level strategy

(b) Corporate level strategy
(c) Functional level strategy
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Explanation: Business strategies are the blue prints developed at different levels
of an organisation to achieve its objectives. It can be broadly classified into three
categories, namely corporate level strategy, business-unit level strategy and
functional level strategy.
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Question: Match the items in list 1 with the items in list 2 and select the code of
correct matching.
List 1 List 2
(A) OPEC (i) Vienna, Austria
Options: (B) UNICEF (ii) New York, U.S.A
(C) IMF (iii) Washington DC, U.S.A
(D) WTO (iv) Geneva, Switzerland
Codes:
A B C D
(a) iv iii ii i
(b) ii iv i iii
(c) iii i iv ii
(d) i ii iii iv
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Correct Option/Answer: (d) i ii iii iv
List 1 contains the names of the international organisations, whereas

list 2 contains the places where the headquarters of these
organisations are situated. The headquarters of OPEC is situated in
Vienna, Austria, the headquarters of UNICEF is situated in New York,
U.S.A, the headquarters of IMF is situated in Washington DC, U.S.A
and the headquarters of WTO is situated in Geneva, Switzerland.
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Question: Who propounded the concept of Management by
Exception?
Options:
(a) Frederick Winslow Taylor

(b) Peter F. Ducker
(c) J.A Schumpeter
(d) Robert Wilson
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Correct Option/Answer: (a) Frederick Winslow Taylor
Explanation: Management by Exception is a type of controlling process in which

situations are identified due to which deviation in the actual result from the
estimated or assumed result is noticed. The concept was proposed by Frederick
Winslow Taylor.
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Answer the questions from 86 to 90 on the basis of the following case study:
IDA is an acronym used for International Development Association, which is an

associate institution of the World Bank. It is regarded as the World Bank’s soft
loan window. The institution was established on 24th September 1960, the
membership to which is kept open for all member countries of the World Bank.
The purpose of this institution is to grant loans to its member countries without
charging any interest on long-term loans. They are called soft loans as no interest
is charged on the loans that are granted to the poor member countries of the
World Bank. The administration part is performed by the same group that
manages the administration of the World Bank. According to the 2019 data, there
are 189 member countries in the World Bank.
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International Development Association is the one of the largest fund or loan
providers to the poor member countries with the purpose of providing financial
assistance for poverty reduction along with economic growth.
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Question: How many countries are members of IDA as of 2019?
1. 162
2. 198
3. 189
4. Not mentioned
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Correct Option/Answer: (c) 189
Explanation: There are 189 countries associated with the International

Development Association as its members. The IDA is an associate institution of the
World Bank. Therefore, all the members of the World Bank are associated with
IDA.
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Question: Where is IDA headquartered?
1. Washington D.C., USA

2. New York, USA
3. Geneva, Switzerland
4. Paraguay
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Correct Option/Answer: (a) Washington D.C., USA
Explanation: The International Development Association is one of the institutions

of the World Bank and both are headquartered in Washington D.C. USA
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Question: When was IDA established?
Options:
(a) September 24, 1970

(b) October 24, 1960
(c) September 14, 1960
(d) October 14, 1970
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Correct Option/Answer: (a) September 24, 1970
Explanation: The International Development Association was established on

September 24th, in the year 1960.
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Question: Which of the following institutions is known as the soft loan window
of the World Bank?
Options:
(a) IBRD
(b) IDA
(c) IFC
(d) MIGA
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Correct Option/Answer: (b) IDA
Explanation: There are five associate institutions of the World Bank,

out of which IDA is regarded as the soft loan window of the World
Bank.
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Question: Which of the following is a purpose of IDA?
Options:
(a) To provide loans to its member countries without interest

(b) To provide assistance to reduce the poverty level
(c) It helps its members to enhance economic growth
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Explanation: IDA is an associated institution of the World Bank which aims to

provide loans or credits without or with very low interests, so that member
countries may reduce their poverty level along with striving for economic growth.
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Question: Identify the factors that hinder the growth of
entrepreneurs.
Options:
(a) Lack of capital

(b) Lack of basic infrastructure
(c) Business monopolies
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Explanation: Entrepreneurship is the process of commencing a new business with

new business ideas or innovations. The growth of an entrepreneur can be
hindered due to the lack of capital, lack of basic infrastructure, business
monopolies, lack of entrepreneurship attitude, etc.
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Question: Which of the following comprises the business environment?
Options:
(a) Social environment

(b) Political environment
(c) Technological environment
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Explanation: Business environment refers to the surroundings in which a business

operates or that affect the business operations. It can be categorised into external
environment and internal environment. Social, political and technological
environments are part of the external environment.
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Question: Intrapreneurship is ________.
Options:
(a) Innovation technique

(b) Evaluation technique used in business
(c) Entrepreneurship within an existing business
(d) Entrepreneurship i outside the business
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Correct Option/Answer: (c) Entrepreneurship within an existing
business
Explanation: Intrapreneurship can be defined as a system in an

organisation that enables the employee to act as an entrepreneur
within the existing organisation. In other words, it provides an
opportunity to the existing employee or the manager to take
initiatives with new business idea.
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Question: Which of the following is/are the elements of economic
conditions?
Options:
(a) Income level

(b) Asset’s distribution
(c) Economic resources
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Explanation: Economic environment is a part of the business environment that

affects the business process. Elements of economic conditions may include nature
of economy, level of income, distribution of assets, economic resources, etc.
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Question:
Assertion (A): The terms ‘ethics’ and ‘morality’ are synonymous.
Reason (R): Ethics refer to the principles that guide human behaviour at the
workplace or at any place; whereas morals are related to the beliefs and norms
that one possesses.
Codes:
(a) (A) and (R) are true and (R) is the correct explanation of (A)
(b) (A) and (R) are true but (R) is not the correct explanation of (A)
(c) (A) is false but (R) is true
(d) (A) is true but (R) is false
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Correct Option/Answer: (c) (A) is false but (R) is true
Explanation: The stated assertion is incorrect as ethics and morals are not
synonymous terms. In fact, ethics refers to the principles that provide guidance to
people about how to behave. Morals are related to traditional beliefs, existing
social formalities, norms, etc.
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Question: Identify the hygiene factors that are included in the hygiene factor
theory of motivation.
Options:
(a) Company policies
(b) Working conditions
(c) Interpersonal relations
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Explanation: Hygiene factor theory includes the factors that create dissatisfaction
among the employees. These factors may include supervision, company policies,
company administration, working conditions, interpersonal relations, salary,
status, etc.
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Question: Identify the principles of business ethics.
Options:
(a) Principles of universal values
(b) Principles of satisfaction
(c) Principles of a spirit of service
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Explanation: Business ethics refer to the principles that direct human

behaviour. It is based on various principles, such as principles of
satisfaction, principles of duo process, principles of the spirit of
services, principles of universal values, etc.
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Question: Which of the following should be the guiding principle in
teleological approaches to business ethics?
Options:
(a) Purpose
(b) People
(c) Process
(d) Power
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Correct Option/Answer: (a) Purpose
Explanation: The teleological approach is used in ethics while making important

decisions in business. According to this approach, business decisions should be
based on telos; which is a Greek word that means goals or ends. Therefore, the
guiding principle for this is the goal or the purpose.
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Question: Which of the social responsibility categories are included
in the Caroll’s model of social responsibility?
Options:
(a) Ethical responsibilities

(b) Legal responsibilities
(c) Economic responsibilities
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Explanation: Caroll’s model of social responsibility is a simple framework which

defines the importance of including CSR in an organisation. It includes four types
of social responsibilities in its CSR pyramid, namely philanthropic, legal, ethical
and economic responsibilities.
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Question: Determine the techniques that can be used to improve the ethical
conduct of a business.
Options:
(a) Ethical code of conduct

(b) Transparency in working
(c) Ethics committee
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Explanation: Ethical conduct can be improved by using proper

ethical codes of conduct, by maintaining transparency in working
that creates more loyalty among employees towards the company,
establishing the fair ethics committee, etc.
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Question: In the given question, two statements are labelled as statement I and
statement II. Which among the following options is correct in the context of the two
statements?
Statement I: ‘Each randomly tells another’ is used for the grapevine network cluster.
Statement II: ‘Some tells selected others’ is used for the grapevine network probability.
Options:
(a) Statement I is correct, but statement II is incorrect

(b) Statement II is correct, but statement I is incorrect
(c) Both statements are correct
(d) Both statements are incorrect
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Correct Option/Answer: (d) Both statements are incorrect
Explanation: The informal or grapevine communication includes five types of

networks, namely, single strand, gossip, probability, cluster and Y-Pattern. ‘Each
randomly tells another’ is used for the grapevine network probability, and ‘Some
tells selected others’ is used for the grapevine network cluster. Therefore, option d
is the correct answer.
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Question: Which among the following options states the correct process of the controlling
process?
1. Taking corrective actions
2. Analysing Deviations
3. Comparison of standard and actual deviation
4. Measuring actual performance
5. Establishing standards of performance
Options:
(a) 4, 5, 3, 2 and 1
(b) 5, 4, 3, 2 and 1
(c) 5, 4, 2, 3 and 1
(d) 4, 5, 2, 3 and 1
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Correct Option/Answer: (b) 5, 4, 3, 2 and 1
Explanation: The controlling process is as follows:

1. Establishing standards of performance
2. Measuring actual performance
3. Comparison of standard and actual deviation
4. Analysing Deviations
5. Taking corrective actions
Therefore, option b is the correct answer
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Question: Which among the following techniques of controlling is performed to
evaluate the work of management?
Options:
(a) Break-even analysis

(b) Management audit
(c) Management information system
(d) Management by objective
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Correct Option/Answer: (b) Management audit
Explanation: The techniques of controlling involve direct observation, budgetary

control, financial statements, break-even analysis, management by objective,
return on investment, management audit, management information system, PERT
techniques and self-control. Among these techniques, management audit is the
technique which is performed to evaluate the work of management. Therefore,
option b is the correct answer.
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Question: Which type of delegation includes the act of taking guidance from a
superior other than our own superior?
Options:
(a) General delegation

(b) Formal delegation
(c) Lateral delegation
(d) Reserved delegation
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Correct Option/Answer: (c) Lateral delegation
Explanation: The lateral delegation is practiced when subordinates are not under
any compulsion to follow the formal vertical hierarchy. They can ask for guidance
from any other superior in order to perform their tasks effectively and efficiently
or to improve their overall skills for personal as well as organisational
development. Therefore, option c is the correct answer.
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Question: Assertion (A): Wider span of control results in a flatter organisational
structure.
Reason (R): A single supervisor controls and keeps a check on many
subordinates.
Codes:
(a) (A) and (R) are correct and (R) is the correct explanation of (A)
(b) (A) and (R) are correct but (R) is not the correct explanation of (A)
(c) (A) is incorrect, but (R) is correct
(d) (A) is correct, but (R) is incorrect
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Correct Option/Answer: (a) (A) and (R) are correct and (R) is the correct
explanation of (A)
Explanation: A wider span of control results in a flatter organisational structure as

a single supervisor controls and keeps the check on many subordinates. On the
other hand, a narrow span of control results into multiple hierarchical levels. Very
few subordinates are controlled by a single superior under a narrow span of
control. Therefore, both assertion and reason are correct and option a is the
correct answer.
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Question: Assertion (A): LMC curve is also known as the ‘enveloping curve’.
Reason (R): There is no part of SMC that lies below the LMC curve.
Codes:
(d) Both (A) and (R) are incorrect
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Correct Option/Answer: (d) Both (A) and (R) are incorrect
Explanation: The long-term average curve (LAC) curve is also known as the
enveloping curve as there exists no part of the short-run average cost curve (SAC)
that lies below the LAC curve. On the other hand, the long-run marginal cost curve
(LMC) is not an enveloping curve, but it is derived from all the small-run marginal
cost curve (SMC) curves put together. Therefore, option d is the correct answer
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Question: Statement I: In the case of an excess demand over the supply of
goods, there exists demand-push inflation.
Statement II: In case rise in cost of production leads to rise in the
price of goods, cost-pull inflation takes place.
Codes:

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Explanation: In the case of excess demand over the supply of goods, there exists
demand-pull inflation. The main cause of demand-pull inflation is the growth in
the volume of black money. If a rise in the cost of production leads to rise in the
price of goods, cost-push inflation takes place. The cause of cost-push inflation
can be higher wages or higher profits.
Therefore, both the statements are incorrect and option d is the correct answer.
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Question: Which among the following are the powers of directors which could
be exercised in the board meeting?
Options:
(a) Authorise buy-back of shares

(b) To make loans
(c) Both (a) and (b)
(d) Neither (a) nor (b)
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Correct Option/Answer: (c) Both (a) and (b)
Explanation: The various powers of directors which they are authorised to exercise
at a board meeting are as follows:
1. To authorise buy-back
2. Power to issue debentures
3. Power to borrow money
4. Power to make investments
5. Power to fill-up casual vacancy
6. Power to contribute in political affairs
Therefore, option c is the correct answer.
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Concept Field: Codes of Corporate Governance
Question: Match the following:
List 1 List-2
A. Sir Adrian Cadbury Committee 1. UK- 1992
Options: A. OECD Principles 1. USA-2002
A. Sarbanes-Oxley Act 1. 1999, revised in 2004
Codes:
A B C
(a) 1 2 3
(b) 3 2 1
(c) 2 1 3
(d) 1 3 2
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Correct Option/Answer: (d) A-1, B-3, C-2
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Question: Which among the following roles are played by the human resource
manager?
1. Advisory role
2. Leadership role
3. Welfare role
4. Management of finance
Options:
(a) 2 and 3
(b) 1 and 2
(c) 1, 2 and 3
(d) 1, 2, 3 and 4
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Correct Option/Answer: (c) 1, 2 and 3
Explanation: A person who deals with the problems of human employees and
employers is known as a human manager. The roles of human resource manager
are as follows:
1. Policy formulator
2. Advisory role
3. Linking pin role
4. Representative role
5. Mediator role
6. Leadership role
7. Welfare role
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Question: Statement I: A job specification is a written statement which mentions
the contents of a certain job.
Statement II: A job specification is prepared after the preparation of
the job description.
Codes:

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Correct Option/Answer: (b) Statement II is correct, but statement I is incorrect
Explanation: Job description is the written statement which mentions the

contents of job whereas job specification is a statement which mentions the
qualities of the job which need to be performed. Job specification is prepared
after the preparation of job description.
Therefore, only statement two is correct and option b is the correct answer.
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or VISHALLIVE
Question: Which allowance is paid to the employees as compensation against
inflation?
Options:
1. Basic Pay
2. City Compensatory Allowance
3. House Rent Allowance
4. Dearness Allowance
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Correct Option/Answer: (d) Dearness Allowance
Explanation: The base component of wage and salary includes the following
components:
1. Basic pay
2. Dearness Allowance
3. House Rent Allowance
4. City Compensatory Allowance
5. Transport Allowance
6. Other Allowances
The dearness allowance is paid to the employees by the management against

inflation.
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or VISHALLIVE
Question: Increase in blood pressure and signs of a possible heart
attack are the symptoms of stress which fall into the _____
category.
Options:
1. physiological
2. psychological
3. behavioural
4. biological
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Correct Option/Answer: (a) physiological
Explanation: The symptoms of stress fall under three categories:
1. Physiological symptoms: Change in metabolism, heart attacks, breathing rates,

headache, and increase in blood pressure are the examples of physiological
symptoms.
2. Psychological symptoms: These symptoms cause dissatisfaction, tension,
anxiety and boredom.
3. Behavioural symptoms: These include a change in the eating habits, increased
tendencies of smoking or increased consumption of alcohol.
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Question: Arrange the following in correct order to form the process of
implementing the planned change in an organisation.
1. Unfreezing
2. Moving to a new level
3. Refreezing at a new level
Options:
1. 1, 2 and 3
2. 2, 3 and 1
3. 1, 3 and 2
4. None of the above
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or VISHALLIVE
Correct Option/Answer: (a) 1, 2 and 3
Explanation: The process of introducing the planned change in an organisation is

as follows:
1. Unfreezing the existing working or techniques practised in the management

2. Moving to a new level by identification and internalisation
3. Refreezing the latest technique or management policies at the new level
Therefore, option a is the correct answer.

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statement II. Which among the following options is correct in the context of the
two statements?
Statement I: Conflict can be viewed as a breakdown in the working process and
can also affect the decision making process.
Statement II: Conflict arises due to a difference in the opinions and interests of
two individuals or groups.
Options:
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Correct Option/Answer: (c) Both statements are correct
Explanation: Conflict can be viewed as the breakdown in the working process and
can also affect the decision making process and it can arise due to difference in
the opinions and interests of two individuals or groups. Therefore, both the
statements are correct and option c is the correct answer.
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two statements?
Statement I: People with type A personality prefer to work alone.
Statement II: People with type B personality work patiently and don’t take stress
at work.
Options:
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or VISHALLIVE
Correct Option/Answer: (c) Both statements are correct
Explanation: People with Type A personality prefer to work alone, and people with
Type B personality prefer to work in groups. People with Type A personality are
more stressed about their work-life, whereas people with type B personality work
patiently and don’t take stress at work.
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List 1 List 2
A. Likert’s Scale 1. The most favourable viewpoint are
7, 9 or 11
A. Opinion surveys 1. Quantify the morale of employee
groups
C. Thurstone attitude scale 1. One scale showing positive and
Options:
negative degrees
Codes:
A B C
(a) 1 2 3
(b) 1 3 2
(c) 3 1 2
(d) 3 2 1
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Correct Option/Answer: (d) A-3, B-2, C-1
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List 1 List 2
A. Open 1. Known to self and to others
A. Blind 1. Unknown to self and to others
A. Undiscovered 3. Unknown to self but known to
others
Options: A. Hidden 3. Unknown to others but known to
self
Codes:
A B C D
(a) 1 3 2 4
(b) 2 3 4 1
(c) 3 2 1 4
(d) 4 3 2 1
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Correct Option/Answer: (a) A-1, B-3, C-2, D-4
There exist four windows, under the scope of the Johari Window, which are as
follows:
1. Open or Public: Known to self and others

2. Blind: Unknown to self but known to others
3. Hidden or private: Unknown to others but known to self
4. Undiscovered or unknown: Unknown to self and others
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Question: Who developed the concept of the balanced scorecard?
Options:
(a) Robert S. Kaplan

(b) David P. Norton
(d) Neither (a) nor (b)
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Explanation: The concept of balanced scorecard was introduced by Robert S.

Kaplan and David P. Norton in 1992. It is used to identify the vision and mission of
the organisation and to identify the strategies for achieving those missions.
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Question: Which method of career development involves the pairing of
subordinates with a superior to enhance the career of subordinates?
Options:
(a) Discussion with experienced people

(b) Personal development plan
(c) Material by company
(d) Workshops
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Correct Option/Answer: (a) Discussion with experienced people
Explanation: The methods of career development include discussions with

experienced people, personal development plan, material by company and
organising of seminars or workshops. Under discussion with experienced people,
the pairing of subordinates with a superior is done such that a subordinate learns
effectively from his/her superior and develops his/her skills.
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Question: Which among the following interventions allows different groups and
workers to mix and speak freely?
Options:
(a) Survey Feedback

(b) Team Building
(c) Sensitivity Training
(d) Managerial Grid
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Correct Option/Answer: (c) Sensitivity Training
Explanation: Sensitivity training is the training provided in the laboratory. Under

this, the trainees are asked to form a group in order to communicate with each
other. It involves group communications which help in building a bond between
different groups and workers. It helps in making people fearless such that they are
able to question freely and gain knowledge about various topics effectively.
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Question: Assertion (A): Human resource development focuses on the strength
of people to overcome their weaknesses.
Reason (R): Investment in human resource development is necessary, as it will
benefit the organisation in the long-run.
Codes:
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explanation of (A)
Explanation: Human resource development focuses on the strength of the people

to overcome their weaknesses, an investment in human resource development is
necessary, as it will benefit the organisation in the long-run. People should be
trusted and responsibilities should be given to them. This would motivate them to
work and strengthen their bond with the organisation.
Therefore, both assertion and reason are correct, and the reason correctly
explains the assertion and option a is the correct answer.
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or VISHALLIVE
Question: Which among the following is a technique of sales promotion?
1. Partial refund
2. Discount coupons
3. Free gift
Options:
(a) 1 and 2
(b) 2 and 3
(c)1 and 3
(d) 1, 2 and 3
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or VISHALLIVE
Correct Option/Answer: (d) 1, 2 and 3
Explanation: The techniques of sales promotion are as follows
1. Distribution of samples
2. Rebate
3. Partial refund
4. Discount coupons
5. Packaged premium
6. Container premium
7. Contests
8. Public relations
9. Free gift
10. Exchange offer
11. Product combination
12. Assured gifts
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or VISHALLIVE
Question: Which among the following is/are the objectives of marketing logistics?
1. To reduce costs
2. To better customer needs
3. To increase sales
4. To establish competitive advantage
Options:
(a) 1 and 2
(b) 2 and 3
(c)1, 2 and 3
(d) 1, 2, 3 and 4
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or VISHALLIVE
Correct Option/Answer: (d) 1, 2, 3 and 4
Explanation: The objectives of marketing logistics are as follows:
1. To reduce costs
2. To provide better customer services
3. To increase sales
4. To establish competitive advantage
5. To develop an effective communication
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Question: Assertion (A): The burden of departmental stores is borne by the
customers
Reason (R): The cost of establishing departmental cost is huge as it involves high
capital investment.
Codes:
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explanation of (A)
Explanation: A departmental store is a large store of retailers which holds a wide

variety of goods that are sorted in defined departments. The burden of
departmental stores is borne by the customers, as the cost of establishing
departmental cost is huge due to high and heavy capital investment. Therefore,
both the statements are correct and the reason correctly explains the assertion.
So, option a is the correct answer.
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Question: Assertion (A): Chain stores mostly attract rich people as it is situated
in a central place in the city.
Reason (R): Chain stores deal in a particular or a specialised
commodity.
Codes:
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or VISHALLIVE
Correct Option/Answer: (c) (A) is incorrect, but (R) is correct
Explanation:
Chain stores attract both rich and middle-class people at their store. Chain stores
are spread all over the cities. However, it is the departmental stores which are
situated mostly in a central place in the city. Chain stores deal in a particular or a
specialised commodity. They exist to meet the limited needs and requirements of
the people.
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Question: Statement I: Customer relationship management consists of
identifying the most profitable customer.
Statement II: Customer relationship management doesn’t deal with
providing information to the employees.
Codes:

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or VISHALLIVE
Correct Option/Answer:(a) Statement I is correct, but statement II is incorrect
Explanation:
Customer relationship management consists of identifying the most profitable
customer. It also deals with providing information to employees and builds an
individualised relationship. It values the customer and his/her value for lifestyle.
Therefore, option a is the correct answer.
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Question: Which among the following is an unethical behaviour?
Options:
(a) False claim in an advertisement

(b) Evasion of taxes
(c)Both (a) and (b)
(d)Guiding the customers
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Correct Option/Answer: (c)Both (a) and (b)
Explanation: The examples of unethical behaviour are as follows:
1. Black marketing of goods

2. Claiming about false information in the advertisement
3. Exploiting the customers
4. Bribing the government officials
5. Evasion of taxes
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List 1 List-2
A. Cheap Jacks 1. Modern non-store retailing
A. Mail order house 1. Traditional non-store retailing
A. Departmental store 1. Large store based retailing
A. Speciality stores 1. Small store based retailing
Codes:
A B C D
(a) 2 1 4 3
(b) 1 2 4 3
(c) 2 1 3 4
(d) 1 2 3 4
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or VISHALLIVE
Correct Option/Answer: (c) A- 2, B-1, C-3, D-4
Retailing is divided into store-based retailing and non-store-based retailing. Store-

based retailing is further divided into small stores and large stores. Example of
small stores is specialty stores whereas that of large stores is a departmental
store. Non-store retailing is further divided into traditional and modern ways.
Example of traditional retailing is cheap jacks, and that of modern retailing is mail-
ordering house. Therefore, option c is the correct answer.
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or VISHALLIVE
Question: Calculate the lower quartile from the following data.
2, 4, 6, 7, 11, 12, 13, 14, 14, 17, 18, 19, 23, 25, 30
Options:
(a) 11
(b) 4
(c) 7
(d) 2
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Correct Option/Answer: (c) 7
Explanation: Lower Quartile is the value of Q1, which is calculated as follows:
Q1= (n+1)/ 4
Q1 = (15+1)/4
Q1 = 16/4
Q1 = 4th term
Q1 = 7
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or VISHALLIVE
Question: Which among the following relations between the variations is
correct?
Options:
(a) 4 SD = 5 MD = 6 QD
(b) 5 SD = 6 MD = 3QD
(c) 4 SD = 6 MD = 5 QD
(d) 3 SD = 5 MD = 4 QD
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or VISHALLIVE
Correct Option/Answer: (a) 4 SD = 5 MD = 6 QD
Explanation: There exists no perfect relationship between the variations but after
some approximation, the relationship between the variations is 4 SD = 5 MD = 6
QD, here SD stands for standard deviation, MD stands for mean deviation and QD
stands for quartile deviation. Therefore, option a is the correct answer.
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or VISHALLIVE
Question: Which among the following options states the correct formula to
calculate the coefficient of correlation by Spearman’s rank correlation method?
Options:
(a) 1 – [(6 ∑ d2) / (n3- n)]

(b) 1 + [(5 ∑ d2) / (n3- n)]
(c) 1 – [(6 ∑ n2) / (d3- d)]
(d) 1 + [(6 ∑ d2) / (n2- n)]
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or VISHALLIVE
Correct Option/Answer: (a) 1 – [(6 ∑ d2) / (n3- n)]
Explanation: 1 – [(6 ∑d2) / (n3- n)] is the correct formula which is used to calculate
the coefficient of correlation by Spearman’ Rank Correlation method. In the
formula, d stands for differences in the ranks, n stands for number of ranked
values. Therefore, option a is the correct answer.
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or VISHALLIVE
Question: ________ is used to examine if the data follows the probability
distribution like Poisson, binomial and normal.
Options:
1. Chi-square test on frequencies

2. Chi-square test of goodness-of-fit
3. Chi-square test of homogeneity
4. Chi-square test for difference in proportions
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Correct Option/Answer: (b) Chi-square test of goodness-of-fit
Explanation:Chi-square test of goodness-of-fit is used in order to examine if the

data follows the probability distribution like Poisson, binomial and normal. It is
calculated by comparing the observed and the expected frequencies. Therefore,
option b is the correct answer.
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or VISHALLIVE
Question: Which type of layout has the following advantages?
1. Increase in the utilisation of machineries

2. Team attitude is build and job is enlarged
3. Use of general purpose equipment is supported
4. Smother flow of lines
Options:
1. Product layout
2. Line Layout
3. Combined Layout
4. Process Layout
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or VISHALLIVE
Correct Option/Answer: (c) Combined Layout
Explanation: Combined Layout or group layout has the following advantages:
1. Increase in the utilisation of machineries

2. Team attitude is build and job is enlarged
3. Use of general purpose equipment is supported
4. Smother flow of lines than process layout
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or VISHALLIVE
Question: Which among the following elements are important to be identified to
make the system of ERP work in a successful manner?
1. GRN
2. SML
3. CML
4. CSF
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Correct Option/Answer: (d) CSF
Explanation: CSF which stands for Critical Success Factors are the elements which
need to be identified in order to make the working of Enterprise Resource
Planning (ERP) successful. Finney and Corbett identified various CFS’s which would
help the organisation in the successful implementation of ERP. Therefore, option d
is the correct answer.
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two given statements?
Statement I: The term used for the customers who wait in the queue and leave
when they notice that the queue is moving slowly is ‘Jockeying’.
Statement II: The term used for the customers who switch their lines while
waiting is ‘Reneging’.
Options:
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Explanation: The term used for the customers who wait in the queue and leave
when they notice that the queue is moving slowly is ‘Reneging’. The term used for
the customers who switch their lines while waiting is ‘Jockeying’.
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or VISHALLIVE
two given statements?
Statement I: The least time taken by the activity to finish with no obstacles or
intervention is known as optimistic time.
Statement II: The time taken in the most vulnerable situation is known as the
most likely time.
Options:
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or VISHALLIVE
Correct Option/Answer: (a) Statement I is correct, but statement II is incorrect
Explanation: The least time taken for an activity to finish with no obstacles or
intervention is known as optimistic time, which is represented by O. The time
taken in the most vulnerable situation is known as pessimistic time represented
by p. Most likely time is the time under which the task is completed in normal
circumstances and is represented by m.
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Concept Field: PERT Model
Question: Match the following events by referring to the diagram given below
List 1 List 2
A. B 1. Burst Event
A. H 1. Merge Event
A. A 1. Head Event
A. I 1. Tail Event
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Options:
Codes:
A B C D
(a) 1 2 3 4
(b) 4 2 3 1
(c) 1 2 4 3
(d) 4 2 1 3
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or VISHALLIVE
Correct Option/Answer: (c) A-1, B-2, C-4, D-3
List 1 List 2
A. B 1. Burst Event
B. H 2. Merge Event
C. A 4. Tail Event
D. I 3. Head Event
B is the burst event, H is the merge event, A is the tail event, and I is
the head event. The starting point of the activity under PERT analysis
is known as a tail event, and the ending point is known as the head
event in the PERT analysis. Therefore, option c is the correct answer.
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List 1 List 2
A. Measure of central tendency 1. Deviation of extreme values from mean
A. Measure of variations 1. The spread of values
A. Measure of skewness 1. Role in six sigma
A. Measure of kurtosis 1. Location of average
Options:
Codes:
A B C D
(a) 2 4 3 1
(b) 3 2 4 1
(c) 3 2 1 4
(d) 4 2 3 1
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Correct Option/Answer: (d) A-4, B-2, C-3, D-1
The measures which represent the data along with their

characteristics are shown in the above table. The measure of central
tendency shows the location of averages, the measure of variations
shows the spread of the values, the measure of skewness shows the
degree of lop-sidedness and finally, the measure of kurtosis measure
the relative influence of extreme values from the central mean
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Question: Which among the following are the motives behind International
Mergers and Acquisition?
Options:
(a) Risk Minimisation

(b) Tax Savings
(c) Financial Leverage Norms
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Explanation: The advantages of international mergers and acquisition are as

follows:
1. Overnight growth of the company

2. Risk minimisation
3. Tax saving
4. Tax rate differentials
5. Financial leverage norms
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Question: Which among the following is the source of government revenue?
Options:
(a) Tariff
(b) Quota
(c) Neither (a) nor (b)
(d) Both (a) and (b)
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Correct Option/Answer: (a) Tariff
Explanation: A tariff is the revenue of the government, whereas quota is the non-
governmental revenue. Tariffs are more transparent as the prices are stated on a
prior basis. However, quota is an arbitrage decision and stands for the limited
amount of goods to be imported. Therefore, option a is the correct answer.
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Question: Which among the following are the ways by which restrictions are
imposed on the imports?
1. Imposition of tariff barriers
2. Imposition of non-tariff barriers
3. Currency control
4. Administrative days
5. Import liberalisation
Options:
(a)1, 2, 3, 4 and 5
(b) 1, 2, 3 and 4
(c) 1, 2 and 3
(d) 2, 3, 4 and 5
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Correct Option/Answer: (b) 1, 2, 3 and 4
Explanation: The ways by which restrictions on imports are imposed are as

follows:
1. Imposition of tariff barriers

2. Imposition of non-tariff barriers
3. Currency control
4. Administrative days
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Question: A company using the trade-mark pays back in the form of ____.
Options:
(a) royalty
(b) dividend
(c) technical service fee
(d) fees
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Correct Option/Answer: (a) royalty
Explanation: Trademarks are registered by the company such that there is no

duplication of their identity and work, so that they are able to build their
reputation. In case any other business wants to use the trademark of another
company, they pay back the company a nominal amount as prescribed by the
company in the form of royalty. Therefore, option a is the correct answer.
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Question: The WTO was launched in ___ and replaced ___.
Options:
(a) 1995, IMF

(b)1994, GATT
(c) 1994, IMF
(d) 1995, GATT
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Correct Option/Answer: (d) 1995, GATT
Explanation:The World Trade Organisation (WTO) was launched in 1995 and

replaced the General Agreement on Tariffs and Trade (GATT). The agreements
were discussed and were agreed on,in the Uruguay Round Conference.
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Question: Which among the following is an example of a political union?
Options:
(a) SAARC
(b) EU
(c) NAFTA
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Correct Option/Answer: (b) EU
Explanation:European Union (EU) is the union which achieved the goal of attaining
and establishing a political union. It took them four decades to form a political
union. NAFTA has a free trade area whereas SAARC is trying and has still not
achieved the first stage of forming political union even after one and half-decade.
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Question: Which among the following is the correct formula to calculate the
forecast error?
Options:
(a) {(Realised Value – Forecasted Value) / Forecasted Value} x 100

(b) {(Actual Value + Forecast Value) / Actual Value}x 100
(c) {(Actual Value – Forecast Value) / Actual Value} x 100
(d) {(Forecasted Value + Realised Value) / Realised Value} x 100
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Correct Option/Answer: (c) {(Actual Value – Forecast Value) / Actual Value} x 100
Explanation: {(Actual Value – Forecast Value) / Actual Value}x 100 is the correct
formula to calculate the forecast error. It is the error which is estimated by
subtracting the actual value and the forecasted value. Therefore, option c is the
correct answer.
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Question: Which among the following options gives the correct order of the
process of DSS?
1. Intelligence
2. Implementation
3. Design
4. Choice
Options:
(a) 1, 3, 4 and 2
(b) 1, 2, 3 and 4
(c) 2, 1, 3 and 4
(d) 1, 2, 4 and 3
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Correct Option/Answer: (a) 1, 3, 4 and 2
Explanation: The process of decision support system is as follows:
1. Intelligence- Finding and understanding the problems

2.Design - Identifying the solutions to the problem
3. Choice – Selection of solution from various alternatives
4. Implementation – Working and implementing the selected alternative
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Question: Which among the following options correctly define the hierarchy of
knowledge management?
1. Information
2. Knowledge
3. Wisdom
Options:
(a) 1, 2 and 3
(b) 2, 3 and 1
(c) 3, 1 and 2
(d) 3, 2 and 1
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or VISHALLIVE
Correct Option/Answer: (a) 1, 2 and 3
Explanation: The hierarchy of knowledge management is information, knowledge

and wisdom. Information is defined as adding values to the collected information.
Knowledge is about utilising the information and processing the data. Wisdom
involves putting the information and making it unique and innovative.
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Question: Which among the following documents are required for exports?
Options:
(a) Shipping Bill

(b) Bill of Lading
(d) Certificate of inspection
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or VISHALLIVE
Explanation: The documents required during exports are as follows:
1. Commercial invoice
2. Shipping bill
3. Certificate of origin
4. Consular invoice
5. Mate’s Receipt
6. Bill of Lading
7. Guaranteed remittance form
8. Marine insurance policies
Certificate of inspection is an important document for importing the goods.

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Question: Which among the following types of entrepreneurship states that the
business venture is run and started by both husband and wife?
Options:
(a) Fabian
(b) Copreneurs
(c) Imitative
(d) Empirical
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Correct Option/Answer: (b) Copreneurs
Explanation: The characteristics possessed by an entrepreneur are that they are

leaders, innovators, manufacturing specialists, politicians, socialists etc. The type
of entrepreneurs in which both husband and wife start a business together and
work hard by running and managing it together are known as Copreneurs
entrepreneurs.
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or VISHALLIVE
Question:
Assertion (A): Venture Capitalists do not have any right in the decisions of the
firm
Reason (R): Venture Capitalists provide only capital to the new venture and
encourage small start-ups.
Codes:
(b) (A) and (R) are correctbut (R) is not the correct explanation of (A)
(c) Both (A) and (R) are incorrect
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or VISHALLIVE
Correct Option/Answer: (c) Both (A) and (R) are incorrect
Explanation: Angel investors do not have any right in the decisions of the firm as
they provide only capital to the new venture and encourage small start-ups. On
the other hand, venture capitalists have the right in the decisions of the firm. They
provide capital as well as bits of advice and guidance to the new venture while
encouraging their small start-ups.
WATSAAP OR TELEGRAM
or VISHALLIVE
Question: Which among the following are treated as the sources of ideas
generations?
1. Consumers
2. Trends
3. Distribution Channel
4. Research and Development
Options:
(a) 1, 2, 3 and 4
(b) 2, 3 and 4
(c) 1, 2 and 3
(d) 1, 2 and 4
WATSAAP OR TELEGRAM
or VISHALLIVE
Correct Option/Answer: (a) 1, 2, 3 and 4
Explanation: The ideas can be generated with the help of the following sources:
1. Studying the recent trends and predicting the future trends

2. Understanding the needs and wants of consumers
3. Analysing the existing products and services
4. Analysing the distribution channel
5. Understanding the restrictions imposed by the government
6. Proper research and development
WATSAAP OR TELEGRAM
or VISHALLIVE
Question: Expand the scheme PURA, which is run by the government?
Options:
(a) Provision of Urban Amenities to Rural Areas

(b) Providing of Urban Amenities to Regional Areas
(c)Provision of Urban Amenities to Representative Areas
(d)Providing of Urban Amenities to Regional Areas
WATSAAP OR TELEGRAM
or VISHALLIVE
Correct Option/Answer: (a) Provision of Urban Amenities to Rural
Areas
Explanation: Provision of Urban Amenities to Rural Areas (PURA) is the scheme

run by the government to boost the rural entrepreneurship and rural
development in India. By providing amenities to rural areas, people no longer
would need to migrate to other cities
WATSAAP OR TELEGRAM
or VISHALLIVE
Question: Which among the following analysis deal/deals with gaining
information about the competitors, market size structures, demand for the
product etc.?
Options:
(a) Marketing Analysis

(b) Technical Analysis
(c) Financial Analysis
WATSAAP OR TELEGRAM
or VISHALLIVE
Correct Option/Answer: (a) Marketing Analysis
Explanation: Feasibility analysis is important to develop a product. It is done by

three different types of analysis, namely, marketing analysis, technical analysis
and financial analysis. Marketing analysis deals with gaining information about the
competitors, market size structures, demand for the product etc.
WATSAAP OR TELEGRAM
or VISHALLIVE
Question: Read the statements given below and choose the correct code.
Statement 1: The first stage in developing a product is feasibility.

Statement 2: The factors on which products are tested are market, financial,
technical, organisational and operational.
Codes:
(a) Both statements are correct

(b) Only statement 1 is correct
(c) Only statement 2 is correct
WATSAAP OR TELEGRAM
or VISHALLIVE
Correct Option/Answer: (a) Both statements are correct
Explanation: The first stage in developing a product is feasibility. The factors on

which products are tested are market, financial, technical, organisational and
operational. The feasibility tests applied to the products are technical analysis,
marketing analysis and financial analysis.
WATSAAP OR TELEGRAM
or VISHALLIVE
Question: Read the following statements and choose the correct code.
Statement 1: Role of rural entrepreneurship is to help in promoting migration

from rural areas to the cities.
Statement 2: Role of rural entrepreneurship is to lower the poverty and number
of slum areas in the urban cities.
Codes:
(a) Both statements are correct
(b) Only statement 1 is correct
(c) Only statement 2 is correct
WATSAAP OR TELEGRAM
or VISHALLIVE
Correct Option/Answer:(c) Only statement 2 is correct
Explanation: The role of rural entrepreneurship helps in reducing the

migration from rural areas to cities and lowering the poverty and
number of slum areas in the urban cities. It also aims at educating
the rural people in order to build their careers and make them self-
reliant.
WATSAAP OR TELEGRAM
or VISHALLIVE
Question: In how many groups MSMED Act, 2006 has classified the enterprises?
Options:
(a) 2
(b) 3
(c) 4
WATSAAP OR TELEGRAM
or VISHALLIVE
Correct Option/Answer: (a) 2
Explanation:Micro, Small and Medium Enterprises Development (MSMED) Act,

2006 has classified the enterprises into two groups, namely manufacturing
enterprises and service enterprises. Manufacturing and service enterprises are
both further classified in similar fashion, i.e. micro enterprises, small enterprises
and medium enterprises.
WATSAAP OR TELEGRAM
or VISHALLIVE
Question: Which among the following schemes aims at filling the gap between
the academic and industry?
Options:
(a) AIM
(b) MDA Scheme
(c) Pradhan Mantri Kaushal Vikas Yojana
(d) BIRAC
WATSAAP OR TELEGRAM
or VISHALLIVE
Correct Option/Answer: (d) BIRAC
Explanation: Biotechnology Industry Research Assistance Council (BIRAC) is the

scheme started by the government whose motive is to fill the gap between the
academic and industry. It is a not-for-profit public-sector unit. It is developed by
the department of biotechnology in order to strengthen the industries and
enterprises.
WATSAAP OR TELEGRAM
or VISHALLIVE
List I List II
1. Ownership A. Budgeting
1. Market Research A. Market Specialisation
1. Financial Plan A. Form of Business
1. Marketing Plan A. Sale Promotion
Codes:
1 2 3 4
(a) B A C D
(b) A C B D
(c) C B A D
(d) A B D C
WATSAAP OR TELEGRAM
or VISHALLIVE
Correct Option/Answer: (c) 1- C, 2-B, 3-A and 4-D
Ownership is a form of business, market research is related to gaining market

specialisation, the financial plan helps in proper budgeting and analysing, and the
marketing plan is made to boost the sale. Promotion mix is selected and adopted
to increase sales and ultimately gain profits. Therefore, option c is the correct
answer.
WATSAAP OR TELEGRAM
or VISHALLIVE
Question:Which of the following is/are NOT the type of linear break-even point
relationship?
Options:
(a) Stepped relationship

(b) Curvi-linear relationship
(c) Straight line relationship
(d) Both (a) and (b)
WATSAAP OR TELEGRAM
or VISHALLIVE
Correct Option/Answer: (d) Both (a) and (b)
Explanation: The linear break-even point refers to the linear relationship between
the volume of output and cost of output. In other words, if a graph is plotted for
linear break even then it will be a straight line. The non-linear relationship in
break even point means the graph plotted between cost and volume will show
either stepped relationship or curvilinear relationship. Therefore, these are the
types of non-linear relationship.
WATSAAP OR TELEGRAM
or VISHALLIVE
Question: Compute mark-up on price if price is 85 and cost is 50.
Options:
(a) 41%
(b) 55%
(c) 70%
(d) 62%
WATSAAP OR TELEGRAM
or VISHALLIVE
Correct Option/Answer: (c) 70%
Explanation:
The mark-up on price can be computed by computing the difference between the
selling price and the cost divided by the cost. It can be expressed as follows:
Selling price  Cost

Mark-up on price 
Cost
85  50

50
 0.70 or 70%
WATSAAP OR TELEGRAM
or VISHALLIVE
Question:
Assertion (A): Transfer pricing refers to the price at which subsidiary of the firm
delivers the product to the parent division of the similar firm.
Reason (R):Determination of transfer pricing is more complex as each division has
their own objectives to maximize their profit. Transfer price is influenced by two
factors i.e. external factors and internal factors.
Codes:
(c) (A) is false, but (R) is true
(d) (A) is true, but (R) is false
WATSAAP OR TELEGRAM
or VISHALLIVE
Correct Option/Answer: (a) (A) and (R) are true and (R) is the correct explanation
of (A)
Explanation:Price determination of the product when they are delivered to the

different division of the similar firm is regarded as transfer pricing. It involves two
factors: internal factors such as the objective of the division cost of
manufacturing, price elasticity, etc. whereas external factors include competitor’s
price, suppliers price, buyer’s behaviour, etc
WATSAAP OR TELEGRAM
or VISHALLIVE
correct matching:
List 1 List 2
Options: (A) Kinky demand model (i) H.H. Gossen
(B) Consumer’s demand (ii) Paul M. Sweezy
(C)Law of diminishing marginal utility (iii)Edmund Phelps
(D) Golden rule of capital accumulation (iv) Indifference theory
Codes:
A B C D
(a) iv iii ii i
(b) ii iv i iii
(c) iii i iv ii
(d) i ii iii iv
WATSAAP OR TELEGRAM
or VISHALLIVE
Correct Option/Answer: (b) ii iv i iii
Explanation:
List 1 contains the name of economic models or approaches whereas list 2

contains the name of the economist who proposed them. For instance, the kinked
demand model was proposed by Paul M. Sweezy that is why it is known as
Sweezy’s kinked demand model. Consumer’s demand is related to indifference
theory. Law of diminishing marginal utility is proposed by H.H. Gossen and the
Golden rule of capital accumulation term is first coined by Edmund Phelps.
WATSAAP OR TELEGRAM
or VISHALLIVE
correct matching:
List 1 List 2
Options: (a)Contribution (i)Total sales minus break even sales
(b)Profit (ii) Total sales minus total variable cost
(c)Margin of safety (iii)Contribution minus fixed cost
Codes:
A B C
(a) i ii iii
(b) ii iii i
(c) iii i ii
(d) i iii ii
WATSAAP OR TELEGRAM
or VISHALLIVE
Correct Option/Answer: (b) ii iii i
Explanation: List 1 contains terms whose formulas are given in the list 2 contains.
The correct formulas are as follows:
List 1 List 2
(a) Contribution (ii) Total sales minus total variable cost
(b) Profit (iii) Contribution minus fixed cost
(c)Margin of safety (i) Total sales minus break even sales
WATSAAP OR TELEGRAM
or VISHALLIVE
Question: Determine the factors influencing the price differentials.
Options:
(a) Location of purchaser

(b) Volume of purchase
(c) Trade status of buyer
WATSAAP OR TELEGRAM
or VISHALLIVE
Explanation: The following are the factors affecting the price differentials:
1. Location of purchaser
2. Time of purchase
3. Personal situation
4. Trade status of purchaser
5. Amount of purchase
6. Promptness of payment
WATSAAP OR TELEGRAM
or VISHALLIVE
Question: Which of the following is regarded as Gossen’s First law?
Options:
(a) Law of demand

(b) Law of cardinal utility
(c) Law of diminishing marginal utility
(d) Law of indifference curve
WATSAAP OR TELEGRAM
or VISHALLIVE
Correct Option/Answer: (c) Law of diminishing marginal utility
Explanation: Hermann Heinrich Gossen was the German economist who proposed
the law of diminishing marginal utility concept for the first time due to which it is
known as Gossen’s first law. This law was based on the general observation of
human behaviour.
WATSAAP OR TELEGRAM
or VISHALLIVE
Question:Marginal utility is _________ when the total utility is maximum.
Options:
(a) maximum
(b) minimum
(c) zero
(d) less than zero
WATSAAP OR TELEGRAM
or VISHALLIVE
Correct Option/Answer: (c) zero
Explanation: This is based on the law of diminishing marginal utility according to

which as more units of items are consumed gradually, the marginal utility
diminishes. Marginal utility refers to the level of satisfaction for consumers of one
more additional unit to the total units consumed. Marginal utility becomes zero if
total utility is maximum.
WATSAAP OR TELEGRAM
or VISHALLIVE
Question:Identify the correct statement under monopoly and imperfect
competition.
Options:
(a) MC is equal to price

(b) MC is less than price
(c) MC is more than price
WATSAAP OR TELEGRAM
or VISHALLIVE
Correct Option/Answer:(b) MC is less than price
Explanation: Under monopoly and the imperfect competition, at all output levels,
the marginal revenue is less than the average revenue or the price. In monopoly
price charge against the marginal cost is always more. Therefore, the marginal
cost is less than the price or average revenue.
WATSAAP OR TELEGRAM
or VISHALLIVE
Question:
Assertion (A): Organizational design contains aspects of delegation of authority,
supportive components and structuring of activities.
Reason (R):In an overall pattern of organizational design, the relationship
between organizational activities can be prescribed based either on rigid
bureaucratic structure or flexible adaptive structure development.
Codes:
WATSAAP OR TELEGRAM
or VISHALLIVE
of (A)
Explanation: Organizational design of every organization may vary which contains

structuring of activities, supportive components and delegation of authority. The
patter of organizational design may prescribe the relationship which can be
broadly classified as rigid, bureaucratic and flexible adaptive structure.
WATSAAP OR TELEGRAM
or VISHALLIVE
Question: Scientific management theory and administrative theory are different
theories defined under__________.
Options
(a) Classical theory

(b) Neo classical theory
(c) Modern theory
(d) Human relations approach
WATSAAP OR TELEGRAM
or VISHALLIVE
Correct Option/Answer: (a) Classical theory
Explanation: Classical theory of organization is based on an accounting model and

it is believed that organization is a machine and human behaviour is a different
aspect of that machine. There are few writers who emphasize on technological
aspects whereas few emphasized on structural aspect due to which two different
theories were classified under classical approach i.e. scientific management
theory and administrative theory.
WATSAAP OR TELEGRAM
or VISHALLIVE
Question:
Assertion (A): Motivation is a sociological phenomenon which is developed within
the person due to social factors.
Reason (R): It is the process of stimulating an individual to achieve pre-defined
goals or objectives.
Codes:
WATSAAP OR TELEGRAM
or VISHALLIVE
Correct Option/Answer: (c) (A) is false, but (R) is true
Explanation: Motivation is the process of stimulating the person to strive towards

goal achievement. It is an internal feeling which arises due to the external factors
such as rewards, gifts, etc. Therefore, it is a psychological phenomenon which is
developed within the person.
WATSAAP OR TELEGRAM
or VISHALLIVE
Question: Identify the components of attitude included by Fishbein and Ajzen.
Options:
(a) Behavioural
(b) Emotional
(c) Information
WATSAAP OR TELEGRAM
or VISHALLIVE
Explanation: According to Fishbein and Ajzen have added three more components
of attitude namely behavioural attitude (tendency to behave), emotional attitude
(feelings or positive or negative and likes or dislikes) and informational attitude
(beliefs, values, ideas and information).
WATSAAP OR TELEGRAM
or VISHALLIVE
Question: Which of the following is classified under cognitive consistency theory
of attitude?
Options:
(a) Balance theory

(b) Social judgement theory
(c) Ideal theory
(d) Functional theory
WATSAAP OR TELEGRAM
or VISHALLIVE
Correct Option/Answer: (a) Balance theory
Explanation: There are three types of attitude formation theories namely

cognitive consistency theories, functional theory and social judgement theory.
Cognitive consistency theories may include balance theory, congruity theory,
affective cognitive consistency theory, cognitive dissonance theory.
WATSAAP OR TELEGRAM
or VISHALLIVE
Question: Which of the following factors for motivation is/are NOT included in
Herzberg’s motivation theory?
Options:
1. Achievement
2. Recognition
3. Possibility of growth
4. None of the above
WATSAAP OR TELEGRAM
or VISHALLIVE
Correct Option/Answer: (d) None of the above
Explanation: Herzberg gave two factor motivation theories in two factors namely
motivation factors and hygiene factors were mentioned. In motivation factors he
included six factors such as achievement, recognition; work itself, possibility of
growth, advancement and responsibility.
WATSAAP OR TELEGRAM
or VISHALLIVE
Question:
Assertion (A):The type of leadership which is the throwback of the old leadership
concept where the leader by using forces of their superior ability affects their
followers is regarded as charismatic leadership.
Reason (R):Open communication is one of the ethical characteristics of the
charismatic leadership.
Codes:
1. (A) is false, but (R) is true
2. (A) is true, but (R) is false
3. (A) and (R) are true
4. (A) and (R) are false
WATSAAP OR TELEGRAM
or VISHALLIVE
Correct Option/Answer: (c) (A) and (R) are true
Explanation: Charismatic leadership is a new concept of leadership where

followers are inspired by their leader. A charismatic leader uses power to serve
others, align vision with followers’ needs and aspirations, considers and learns
from criticism and adopts two-way or open communication.
WATSAAP OR TELEGRAM
or VISHALLIVE
Question: Identify the category of autocratic leaders.
Options:
(a) Strict autocrat

(b) Benevolent autocrat
(c) Incompetent autocrat
WATSAAP OR TELEGRAM
or VISHALLIVE
Explanation: Autocratic leader is the one who centralises the decision making
power. This type of leadership style is known as nomothetic style. A leader under
this style can be categorized further as strict autocrat, benevolent autocrat and
incompetent autocrat leader.
WATSAAP OR TELEGRAM
or VISHALLIVE
Question:
Assertion (A): Modern organization theory combines the valuable concepts of
classical models along with social and behavioural sciences.
Reason (R):The constraint of this model is that it does not enable us to
understand the organization.
Codes:
WATSAAP OR TELEGRAM
or VISHALLIVE
Correct Option/Answer: (d) (A) is true, but (R) is false
Explanation: Modern organization theory is an integrative theory which combines

the valuable concepts of classical models along with social and behavioural
sciences. This approach aggregates all the models so that the nature of an
organization can be understood.
WATSAAP OR TELEGRAM
or VISHALLIVE
Question: Who developed the social system approach of organization theory?
Options:
(a) Henry Fayol

(b)Frank Gilbraith
(c) Vilfredo Pareto
(d) Max Weber
WATSAAP OR TELEGRAM
or VISHALLIVE
Correct Option/Answer: (c) Vilfredo Pareto
Explanation: According to the social system approach an organization is the social

system where cultural relationship exists. This system is the extended form of
human relations approach. The social system approach was introduced by Vilfredo
Pareto.
WATSAAP OR TELEGRAM
or VISHALLIVE
Question:
Assertion (A): The computation of cost associated with the process of recruiting,
selecting, training, placing and developing the employees of an organization is
referred to as human resource accounting.
Reason (R):The HRA does not measure the present economic value of human
resources to an organization.
Codes:
WATSAAP OR TELEGRAM
or VISHALLIVE
Explanation: Human resource accounting refers to the computation of cost

associated with the process of recruiting, selecting, training, placing and
developing the employees of an organization. It also involves the measurement of
present economic value of the human resources.
WATSAAP OR TELEGRAM
or VISHALLIVE
Question: Identify the benefits of Human resource accounting.
Options:
(a) Helps in decision making regarding transfers or promotions.

(b) Helps in recruitment
(c) To identify the impact of budgetary control on organizational behaviour and
human relations
WATSAAP OR TELEGRAM
or VISHALLIVE
Explanation: Human resource accounting helps in making choices between various

types of investment on human assets. It is beneficial as it helps in decision making
regarding transfers or promotions, recruitment and also helps in determining the
impact of budgetary control on organizational behaviour and human relations.
WATSAAP OR TELEGRAM
or VISHALLIVE
Question:
Assertion (A):The scope of human resource management has contacted
throughout the world.
Reason (R):The managers of the human resource management department are
responsible for recruitment of the right candidate at the right time for the right
position instead of grievance handling and conducting the training and
development programs.
Codes:
(a) (A) and (R) both are true
(b) (A) and (R) both are false
WATSAAP OR TELEGRAM
or VISHALLIVE
Correct Option/Answer: (b) (A) and (R) both are false
Explanation: The scope of human resource management has expanded

throughout the world. The managers of the human resource management
department are responsible for recruitment of the right candidate at the right
time for the right position along with grievance handling and conducting the
training and development programs.
WATSAAP OR TELEGRAM
or VISHALLIVE
Question: CITU stands for___________.
Options:
(a) Census of Indian Trade Union

(b) Centre of Indian Trade Union
(c) Control of Indian Trade Union
(d) Cooperation of Indian Trade Union
WATSAAP OR TELEGRAM
or VISHALLIVE
Correct Option/Answer: (b) Centre of Indian Trade Union
Explanation: CITU is an abbreviation used for Centre of Indian Trade Union is the
national level trade union which was founded in the year 1970. This organization
is affiliated to the World Federation of Trade unions and is considered as one of
the biggest assembly of workers.
WATSAAP OR TELEGRAM
or VISHALLIVE
Question:
Assertion (A):The continuous, organized and formal efforts which recognise
humans as an important organizational resource can be referred to as a career
development.
Reason (R):The purpose of career development is to enrich current worker’s skills
and make workers more capable.
Codes:
WATSAAP OR TELEGRAM
or VISHALLIVE
of (A)
Explanation: Career development is the continuous, organized and formal efforts

which recognize human as important organizational resources can be referred to
as career development. It aims to enhance the capabilities of existing workers
WATSAAP OR TELEGRAM
or VISHALLIVE
Question: Identify the correct statement.
Options:
(a) Training is job related.

(b) Training is required at all levels
(c) Training is similar to development
(d)Both (a) and (b)
WATSAAP OR TELEGRAM
or VISHALLIVE
Correct Option/Answer: (d) Both (a) and (b)
Explanation: Training is a continuous process which is related to a job. Training is

beneficial for both employers and employees. It is different from development as
development is the process which is conducted generally for (managers) higher
level of management whereas training is conducted for lower or operational level
employees.
WATSAAP OR TELEGRAM
or VISHALLIVE
Question:
Assertion (A):Philanthropy refers to the affection for mankind. As the name
suggests the philanthropic theory aims to provide good working conditions to the
employees.
Reason (R): Albert Louis was the philanthropic worker who worked for the
employee’s welfare.
Codes:
WATSAAP OR TELEGRAM
or VISHALLIVE
Explanation: Literal meaning of philanthropy is the affection for mankind. As the

name suggests the philanthropic theory aims to provide good working conditions
to the employees. Robert Owen of England was the philanthropic worker who
worked for the employee’s welfare.
WATSAAP OR TELEGRAM
or VISHALLIVE
Question:Identify the correct sequence of training evaluation.
Options:
(a) Behaviour, reaction, learning and results

(b) Learning, reaction, behaviour and results
(c) Reaction, learning, behaviour and results
(d) Behaviour, learning, reaction and results
WATSAAP OR TELEGRAM
or VISHALLIVE
Correct Option/Answer: (c) Reaction, learning, behaviour and
results
Explanation: Training evaluation is the process through which the impact of

training on the employees are identified or assessed. The sequence of training
evaluation is such that reaction is identified; learnt by an employee, change in
their behaviour and the change in the results.
The Four Levels of Training Evaluation, first pioneered by Don Kirkpatrick in 1993,
includes four steps of evaluation, those are reaction, learning, behavior, and
results.
WATSAAP OR TELEGRAM
or VISHALLIVE
Assertion (A): Assessment of the employees’ performance is a critical activity of

human resource management.
Reason (R):Performance appraisal aims to provide a clear picture about the past
and present performance of the employees.
Codes:
WATSAAP OR TELEGRAM
or VISHALLIVE
of (A)
Explanation: Assessment of the employees’ performance is a critical activity of

human resource management. Performance appraisal aims to provide a clear
picture about the past and present performance of the employees. This can be
done through various performance appraisal methods such as ranking method,
grading method, etc.
WATSAAP OR TELEGRAM
or VISHALLIVE
Question: Determine the incorrect statement.
1. Labour welfare provides social comfort to employees.

2. Training through step by step learning is known as a case study method.
3. Functional theory is also known as efficiency theory of labour welfare.
4. Human asset accounting method is a modern method of performance
appraisal.
Codes:
(a) Statement 1 only
(b) Statement 2 only
(c) Statement 3 and 4
(d) Statement 1, 3 and 4
WATSAAP OR TELEGRAM
or VISHALLIVE
Correct Option/Answer: (b) Statement 2 only
Explanation: Labour welfare provides social comfort to employees by ensuring

good working conditions. Job instruction training is also known as training through
step-by-step learning. Functional theory is also known as efficiency theory of
labour welfare. Human asset accounting method is a modern method of
performance appraisal
WATSAAP OR TELEGRAM
or VISHALLIVE
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REVISION SESSION ON MANAGEMENT

(a) capital asset pricing model

(a) Plant layout

Explanation: Production management is a process that involves planning,

(a) Plant layout planning

Explanation: Synthesis method is a work measurement technique, in which the

(a) Extensive study

Explanation: Sampling refers to the process of selecting the sample

(a) Binomial distribution

Explanation: Probability is a part of statistics that belongs to

(a) Goode and Hatt

Explanation: The definition that, “Hypothesis is a proposition which can be put to

Explanation: Probability is the theory that reveals the chances of an

Explanation: Sample space is a terminology used in the probability

(a) Internal and external auditing

Explanation: Error and bias are the aspects of information quality.

(a) Masaaki Imai

Explanation: The testing of hypotheses was initiated by J. Neyman

(a) Perfect positive correlation

Explanation: No correlation refers to any effects in one variable due to changes in

(a) Gary Hamel

Explanation: Charles Edward Spearman developed the formula of

(a) Statistics in research

Explanation: Statistical techniques are used in almost all the fields of

(a) External sources

Explanation: MIS is an abbreviation used for management information systems,

(a) Management by exception

Explanation: MBO is an abbreviation used for management by objective, the

(a) Business unit level strategy

List 1 contains the names of the international organisations, whereas

(a) Frederick Winslow Taylor

Explanation: Management by Exception is a type of controlling process in which

IDA is an acronym used for International Development Association, which is an

Explanation: There are 189 countries associated with the International

1. Washington D.C., USA

Explanation: The International Development Association is one of the institutions

(a) September 24, 1970

Explanation: The International Development Association was established on

Explanation: There are five associate institutions of the World Bank,

(a) To provide loans to its member countries without interest

Explanation: IDA is an associated institution of the World Bank which aims to

(a) Lack of capital

Explanation: Entrepreneurship is the process of commencing a new business with

(a) Social environment

Explanation: Business environment refers to the surroundings in which a business

(a) Innovation technique

Explanation: Intrapreneurship can be defined as a system in an

(a) Income level

Explanation: Economic environment is a part of the business environment that

Explanation: Business ethics refer to the principles that direct human

Explanation: The teleological approach is used in ethics while making important

(a) Ethical responsibilities

Explanation: Caroll’s model of social responsibility is a simple framework which

(a) Ethical code of conduct

Explanation: Ethical conduct can be improved by using proper

(a) Statement I is correct, but statement II is incorrect

Explanation: The informal or grapevine communication includes five types of

Explanation: The controlling process is as follows:

(a) Break-even analysis

Explanation: The techniques of controlling involve direct observation, budgetary