State True or False (Weightage 5 Marks)

1. Principles of Management

1) The principles of management are universal in nature.
Ans: True

2) Management principles are applied differently under different situations.
Ans: True

3) Only some principles of management are important.
Ans: False

4) Henry Fayol has given different techniques of management.
Ans: False

5) F W Taylor has proposed 14 principles of management.
Ans: False

6) Each member of the organization should receive orders only from one superior.
Ans: True

2. Functions of Management

1) Every function of management is not based on planning.
Ans: False

2) Specialization in activities leads to an increase in organizational efficiency
Ans: True

3) A qualified, efficient, and skilled workforce is always an asset of the organization.
Ans: True

4) Cooperation is not necessary for the smooth flow of organizational activities.
Ans: False

5) Coordination motivates the employees to take initiative while completing their assigned tasks.
Ans: True

3. Entrepreneurship Development

1) An entrepreneur should not be ready to work hard.
Ans:- False

2) Agritourism can support the agricultural economy.
Ans:- True

3) A successful businessman takes a calculated risk.
Ans:- True

4) Entrepreneurship is a full-time job that requires dedication and hard work.
Ans:- True

5) Start up India is an initiative of the Government of France.
Ans:- False

4. Business Services

1) Business services are important for the growth of business.
Ans:- True

2) Current Account is opened by salaried persons.
Ans:- False

3) NEFT stands for National Electric Fund Transfer.
Ans:- False

4) Air transport is the cheapest mode of transport.
Ans:- False

5) The Internet is the global system of interconnected computer networks that use the Internet protocol suite to link devices worldwide.
Ans:- True

5. Emerging Modes of Business

1) It is easy to set up e-business as compared to traditional business.
Ans:- True

2) The term e-business is derived from the term e-mail and e-commerce.
Ans:- True

3) e-business allows you to work across the globe in any field.
ans:- True

4) LPO stands for legal product outsourcing.
Ans:- False

5) KPO requires advanced analytical and technical skills.
ans:- False

6. Social Responsibilities of Business

1) Businessmen are trustees of the society.
Ans:- True

2) Business ethics is a code of conduct.
Ans:- True

3) The commercial organization is expected to uplift the weaker section of society.
Ans:- True

4) It is the responsibility of the commercial organizations to maintain industrial peace.
Ans:- True

5) Owners should not get complete and accurate information about the financial position.
Ans:- False

6) The media does not play important role in public life.
Ans:- False

7) Social responsibility is broader than the legal responsibility of business.
Ans:- True

7. Consumer Protection

1) The seller has to recognize the rights of the Consumer.
Ans: True

2) Consumer Protection Act provides protection to the producer.
Ans: False

3) Consumer Protection Act is not required in India.
Ans: False

4) Lok Adalat can rightly be described as “People’s Court”.
Ans: True

5) The consumer, being the king of the market, does not have any responsibility.
Ans: False

8. Marketing

1. The term market is derived from the Latin word ‘Mercatus’.
Ans: True

2. The market may be defined as aggregate demand by potential buyers for a product or service.
Ans: True

3. The market for the commodities which are produced in one country and sold in other countries is known as the national market.
Ans: False

4. In the wholesale market, sellers are known as retailers and buyers are known as a wholesaler.
Ans: False

5. Regulated Market operates according to forces of demand and supply.
Ans: False