Explore topic-wise InterviewSolutions in Current Affairs.

Correct answer is b) Computer vision 

1. Fear of challenges to authority: If a superior perceives that a particular communication may adversely affect his authority, he or she may withhold such communication. 

2. Lack of confidence of superior on his subordinates: If superiors do not have confidence in the competency of their subordinates, they may not seek their advice or opinion.

Calculation:

⇒ 699 = 600 + 90 + 9

⇒ 600 = 500 + 100 = DC

⇒ 90 = 100 - 10 = XC

⇒ 9 = 10 - 1 = IX

∴ The result will be DCXCIX.

The decision about the quantum of finance to be raised from various long-term sources is known as financing decisions. These long-term sources of capital include debt, equity, preference share capital, and retained earnings. Example for financing decision: Decision about how much funds are to be raised from which source.

Responsibility accounting is a system of accounting in which different sections, divisions, and departments of an organization are set up as “Responsibility Centres”. The head of the center is responsible for achieving the target set for his center.

A depository keeps securities in electronic form on behalf of the investor.

Debt Service Coverage Ratio = (Profit after tax + Depreciation +Interest +Non cash expenses/Preference dividend + Interest + Repayment obligation)

D) The potential product

During the year, while studying in class XII, you thought of developing a product in future, say by 2023 your thoughts will be shaped into a bundle of utilities. It is called a The potential product.

1. Obtaining Market Share Leadership: If a firm’s objective is to obtain larger share of the market; it will keep the price of its products at lower levels so that greater number of people are attracted to purchase the products. 

2. Surviving in a Competitive Market: If a firm is facing difficulties in surviving in the market because of intense competition or introduction of a more efficient substitute by a competitor, it may lead to discounting its products or running a promotion campaign to liquidate its stock.

Scientific management refers to the use of scientific and standardized tools, methods and trained workers in all organisational activities in order to increase the total production with minimum cost and wastage. 

Following are the principles of scientific management contributed by FW Taylor.

1. Science not Rule of Thumb: Taylor was the first person to introduce the method of scientific inquiry into the domain of management practice. He believed that there was only one best method to maximise efficiency i.e., by scientific way. Scientific management includes scientific selection of workers, placement and training, work-study motion study fatigue study, time – study, gradation of equipments and machinery, payment of wages according to work done, etc. 

2. Harmony, Not discord: There should be harmonious relationship between management and workers. Both should realise that each one is important. This avoids class-conflict. To achieve this, Taylor introduced mental revolution. Both management and workers should transform their thoughts in order to achieve harmonious relationship amongst them. 

3. Cooperation, Not individualism: There should be complete cooperation between the labour and the management instead of individualism. Competition should be replaced by cooperation. Both should realise that they need each other. To achieve this fact, the management should consult their employees while taking important decisions. 

There should be a two way communication between management and workers. According to Taylor, there should be almost equal division of work and responsibility between workers and management. 

4. Development of each and every person to his or her greatest efficiency and prosperity: Industrial efficiency depends on personnel competencies. According to Taylor, efficiency could be achieved from the beginning i.e., from the time of selection of employees. 

Each person must be scientifically selected. Work should be assigned according to his mental and intellectual capabilities Proper training should be given to improve his/her skill. This will contribute to their greatest efficiency and prosperity for both organisation and workers.

Securities held by the investor in the physical form are canceled and the investor is given an electronic entry so that she/he can hold it as an electronic balance in an account. This process of holding securities in an electronic form is called dematerializations.

Marketing Channels is the name of the set of marketing intermediaries called as per Kolter.

• Consumer Ignorance 
• Unorganized Consumers.

Convenience Products Those consumer products, which are purchased frequently, immediately and with least time and effort are referred to as convenience goods. 

A) Intermediaries

Intermediaries perform various functions like buying, selling, packaging & packing etc.

1. Long term interest of business 

2. Business uses society’s resources

Four stages are: 

1) Introduction stage 

a) launch of a new product 

b) risky venture 

c) high operational and promotional cost 

d) negative profits 

2) Growth strategy 

a) entry of new and old customers 

b) reduced costs 

c) increase in profits and competition 

3) Maturity stage 

a) the sales volume peak 

b) drop in prices due to entry of competing products 

c) advertising expenditure incurred in brand differentiation 

4) Decline stage 

a) low cost per customer 

b) declining profits and competitors 

c) declining sales

Management as both a science and an art 

It goes without saying that management in practice is a judicious blend of both science and art. To understand this concept we need to understand what makes a person successful manager ? Is a qualification degree for an institute of repute enough to develop the competences of a manager ? Why are experienced managers given more importance ? Thus, the prerequisite to becoming a successful manager is that firstly one should only posses the core knowledge of various theories and principles of management (management as science). Secondly, he/she should have the skill to apply such knowledge in the light of given situation in order to accomplish the desired goals (management as an art). 

Planning is considered to be a primary function of management for following reasons : 

• Planning precedes all functions of management i.e. Organizing , Staffing , Directing and Controlling . 
• Effective Planning provides the framework within which various managerial functions are performed . 
• This feature is also known as the Primary of Planning , as the very nature of planning is to offer the basis of all other functions . 

Example : Think of a situation where you have been asked to organize a meeting for the staff members . Is it possible for you to make the necessary arrangements , unless the day of meeting is decided ? This simple example highlights , how Planning lays down the foundation for all other functions .

Concept of Policy : A Policy is verbal , written or implied , an overall guide for setting up boundaries that supply general limits and directions in which managerial actions takes place . 

• Policies serve as a guideline for implementing a strategy . 
• They are expressed in the form of general statements that guides managerial decision making and action . 
• They lay down the broad parameters within which the Managers are expected to function . 
• Well defined policies simplify the work of the business Managers and enables them to deal with the problems or solutions in an appropriate manner . 
• The application of a policy requires a Manager to exercise His / Her discretion to interpret in a particular manner . 

Concept of Rule : A rule is a type of plan that requires a specific and definite action with respect to a situation . 

• Rules are the simplest form of plans which specifies the action that must or must not be Taken i.e. The Do’s and Don’ts that Guide the behaviour of People . 
• They are expressed in specific terms . 
• There is no scope of flexibility or discretion in the application of the rules . 
• Since , rules are essential for discipline and smooth operations of the business , a penalty is generally imposed on violation of a rule . 
• Rules may be changed only when there is a change in the policy . 

Example : “NO SMOKING” is a Rule , Followed in a Factory .

D) Assembling

Assembling refers to the process of keeping the goods purchased from different places at a particular place.

Management is considered important due to the following reasons: 

1. Management helps in achieving group goals: Management is required to give a common direction to the individual effort, in order to achieve the group goals of the organisation. 

2. Management increases efficiency: The main aim of every manager is to increase efficiency i.e., to maximise output with minimum cost. This is achieved through better planning, organising, directing and controlling the activities of the organisation. 

3. Management creates a dynamic organisation: All organisations have to function in an environment that is constantly changing. Resistance to change is often observed with individuals management helps people adapt to these changes so that an organisation is able to maintain its competitive edge. 

4. Management helps for achieving personal objectives: A manager motivates and leads his team in such a manner that individual members are able to achieve personal goals while contributing to the overall organisational objective. Through motivation and leadership the management helps individuals to develop team spirit, cooperation and commitment to group success.

Art is the skillful and personal application of existing knowledge to achieve desired results . Whereas , Science is a systematized body of knowledge that explains certain general truths . 

Management as Both a Science and an Art .

 It goes without saying that management in practice is a judicious blend of both art and science . To understand this concept , we need to understand what makes a person a successful Manager . Is a Qualification / Degree of an Institute of Repute enough to develop the competences of a Manager ? Why are experienced Managers given more importance ? Thus , The Prerequisite to becoming a Successful Manager is that :

  Firstly , One should only possess the core knowledge of various theories and Principles of Management . (Management as a Science)

 Secondly , He / She should have the skill to apply such knowledge in the light of given situation in order to accomplish the desired goals . (Management as an Art)

Correct option is A) Fine words dress ill deeds

free accommodation holiday vouchers insurance offers

A) Distributor

Distributor carries products from a single brand/company.

The principles of management derive their significance from their utility. 

The following is the importance of principles of management: 

1. Provide managers with useful insights into reality: The principles of management provide the managers with useful insights into real world situations. Following these principles will add knowledge, ability and understandability to the managers of the situations and circumstances. It will also enable managers to learn from their past mistakes and save time by solving repeated problems quickly.

2. Optimum utilisation of resources and effective administration: Both human and material resources are limited. These resources should be used in such a manner that the company is able to derive maximum benefit with minimum cost Principles equip the managers to foresee the cause and effect relationships of their decisions and actions. Wastage is also avoided.

3. Scientific decisions: Decisions must be based on facts. They must be timely, realistic and subject to measurement and evaluation. Management principles help in thoughtful decision – making and these decisions will be free from bias and prejudice. 

4. Meeting changing environment: Although the principles of management are in the nature of general guidelines, but they are modified and help the managers to meet changing requirements of the environment.

Co-ordinating Function is the orderly arrangement of individual and group efforts to provide unity of action in the pursuit of a common goal . Co-ordination is balancing and keeping together the team by ensuring suitable allocations of tasks to the various members and seeing that the tasks are performed with the harmony among the members themselves .

 Importance of Co-ordination : 

(i) Growth in the Size 

• With the growth in the size of an organization , there is a proportionate increase in the number of its employees . 
•  As such there is a greater need to satisfy the efforts of diverse individuals towards the realization of organizational goals . 

(ii) Functional Differentiation 

• As a result of functional differentiation in an organization its people and activities get divided into Sections / Departments on the basis of functions like Marketing , Finance etc. 
• Therefore, there is need to reconcile the goals pursued by each of such department with the goals of the organization as a whole . 

(iii) Specialization 

• More number of specialists are deployed in the present day organizations , Keeping in mind the need for specialization , due to greater complexity and diversity in its way of functioning . 
• In order to integrate the different approaches , interests or opinion of the specialists and to resolve conflicts between them , Co-ordination is essential . 

Wireless Application Protocol.

In depth coverage mobility results assessable

C) Product

A bundle of benefits, tangible and intangible is a Product.

Correct option is E) Don't cross the bridge before you come to it

1) Convenience goods 

2) Shopping goods 

3) Speciality goods 

4) Unsought goods

Significance of Principles of Management can be described through the following points : 

• Providing Managers with Useful Insights into Reality : The Principles of Management provide the Managers with the useful Insights into real work situations and promote managerial efficiency . 
• Optimum Utilization of Resources and Effective Administration : The understanding of Principles of Management enables the Managers to be equipped with the necessary competence ,so as to make all their decisions and actions cost effective . 
• Scientific Decisions : The knowledge of Principles of Management enables an objective assessment of the managerial situation or problems in hand . As a result , it enables the Managers to undertake scientific decisions , based on logic , rather than wishful thinking or guess work . 
• Meeting Changing Environment Requirements : The Business Environment is dynamic in nature and the utility of the Principles of Management is derived from the fact that they exist in the form of general guidelines . At the same time they are also flexible in nature . 
• Fulfilling Social Responsibility : The knowledge of Principles Management seeks to develop a sense of responsiveness among them towards various kinds of social responsibilities and interest groups , be it Customers , Employees etc. 
• Management Training , Education and Research : The Principles of Management are the fundamental to management theory and practice . Also , the various research initiatives undertaken in the field of management are also based on these principles .

1) cost plus pricing 

2) mark up pricing 

3) break even pricing 

Correct answer is

D) All of those

The Auto fill feature of Calc allows you to fill a range of cells with a series of data without typing all of it.

Shortcut keys for 

a. BOLD - Ctrl B

b. UNDO - Ctrl Z

Place is the mechanism through which goods move from the manufacturer to the consumer. It’s also called channel of distribution.

It comprises of a set of 4 participants of distribution system- intermediaries, consumers, facilitating industries and manufacturers.

The channels perform various functions like buying, selling, assembling, standardisation, grading, packaging, risk bearing, etc.

If market conditions are good i.e. high demand and more customers are ready to pay with high income, companies set high prices for their product and vice-versa.

Govt. fixes the prices for the protection of consumers and in this case, manufacturer cannot increase the price of the product beyond the limit decided by the govt. If govt. policies are supportive and promote businesses through healthy competition in the market, the firms can fix higher prices.

1) To determine firm’s competitive position 

2) to achieve the financial goals of the company 

3) to determine the quality and variants in the production

Fredrick Winslow Taylor : F. W. Taylor was an American Mechanical Engineer who wanted to improve industrial efficiency by adopting scientific methods of production . Taylor formulated the Theory of Scientific Management . He proposed that a logical and rational approach should be applied to every element of a job , so as to device one best method for each activity . Taylor was also known as the “Father of Scientific Management” because of his valuable contribution in the field of management . Scientific Management means , knowing exactly what you want a person to do and seeing that they do it in the best and cheapest way . 

Taylor has propounded various principles and techniques which provided the basis for scientific management in practice . It is important to mention that , the Bethlehem Steel Company where Taylor himself worked , was able to bring about a three fold increase in productivity by application of Scientific Management Principles . 

Contributions by Taylor : 

• Taylor pioneered a new and efficient system in order to increase production . 
• His contributions are well acknowledged in reshaping and making the factory system of production . 
• He is known for coinage of the term “Scientific Management” in his article “The Principles of Scientific Management” which was published in the year 1911 . 
• He wrote a popular book named , “Shop Floor” after being fired from Bethlehem Steel Company

Henri Fayol : Henri Fayol was a French Management Theorist , whose theories relating to scientific organization of labour were far and wide prominent in the beginning of 12th century. He started working at the mining company , “Compagnie de Commentary .. He eventually served as its Managing Director from the year 1888 to 1918 . 

Contributions by Fayol : 

• Henri Fayol is also known as the “Father of General Management” . 
• Fayol’s administrative theory focuses on managerial efficiency by controlling the production costs . 
• He was the first person to identify four functions of Management – Planning , Organizing , Directing and Controlling .
• He emphasized on specific activities that the Managers should carry out namely – Plan , Organize , Command , Co-ordinate and Control . 
• He suggested that all the activities of an industrial enterprise should be possibly divided into various sections , namely – Technical , Commercial , Financial , Security , Accounting and Managerial . 
• The principles suggested by him were evolved on the basis of his personal experiences .

Correct option: c) after sales services and technical nature

Correct option: false

1) Profitability objective 

2) Market related objective 

3) Public relation objective

Pricing refers to the process of deciding the price of a product . Factors affecting the price determination of a product are : 

• Product Cost : The cost sets the lower limit or the floor price at which the product can be sold . Ideally the price of a product should cover its cost and include a reasonable margin of profit over and about it . 
• The Utility and Demand : Utility of a product refers to the benefit that the consumer is likely to derive through the use of a product . The buyer will generally be inclined to pay the price of a product which is atleast equivalent to the utility demand of the product . 
• Extent of Competition in the Market : The price of a product is also influenced to a great extent by the nature and degree of competition that a firm faces in the market . If the level of competition is high , the firm is likely to fix the prices of its product on the lower limit . Where as, if the level of competition is low , price of the product is likely to reach the upper limit . 
• Government and Legal Regulations : In order to safeguard the interest of the consumer against unfair trade practices in the area of pricing , the Government may intervene and regulate the price of the product . Furthermore , if required the Government can declare a commodity as an essential commodity and regulate its prices . This is generally done in case of Life Saving Drugs . 
• Pricing Objectives : The pricing objectives that a firm seeks to realize in its target markets have an important bearing on the pricing decisions . In case a firm decides to maximize profits in the short run , it is likely to set the price at the upper limit . On contrary to this , if a firm decides to maximize profits in the long run , it is likely to fix the prices on the lower limit , as it would enable the firm to maximize sales and capture a larger market share .

a) time of purchase 

b) location 

c) product version 

d) the customer

a) Brand labels 

b) Grade labels 

c) descriptive labels 

d) Informative labels

wholesalers undertake a large number of risk in the process of distribution grading & packaging (with explanation) or any other suitable function of wholesalers

Correct option: a) Facilitating function

b) Electronic Payment System