Accounting
MID TERM EXAMINATION
Prepared by
S.Roomi Khan
saddiyahkhan@hotmail.com
The assets which have a limited useful life are termed as:
► Limited assets
► Depreciateable assets
► Unlimited assets
► None of the given options
► Book-keeping
► Accounting
► Auditing
► All of the given options
Which of the following account balance is shown on credit side of Trial Balance?
(It is assumed that all account balances are shown on normal balance)
► Cash account
► Furniture account
► Vehicle account
► Capital account
If you start with cash book balance (Dr.), which of the following item will be
deducted in Bank Reconciliation Statement?
The cost of moving plant and machinery to a new site will be treated as:
► Revenue expense
► Capital expense
► Administrative expense
► Operating expense
Balance
20 units @ 13 = 260
Eighty-five units were sold, what is the value of the ending inventory using the
FIFO method of inventory costing?
► Rs.260
► Rs.232
► Rs.284
► Rs.268
Cost/Unit Total
Date Item Quantity Rs. Rs.
Jan. 2 Beginning inventory 10 10 100
Mar. 4 Purchase 35 11 385
May 8 Purchase 40 12 480
Nov. 3 Purchase 20 13 260
De31 Merchandise available 105 1,225
10 @ 10
35 @ 11
35 @ 12
now remaining are
5 units @ 12 = 60
20 units@ 13 =260
closing stock = 25 units and value = 320
80 units were sold, Use the FIFO method of inventory costing and determine the
cost of goods sold.
► Rs. 1,225
► Rs. 1,015
► Rs. 965
► Rs. 905
= 400,000-25000 / 5 = 75000
► Rs. 160,000
► Rs. 96,000
► Rs. 75,000
► Rs. 57,600
► Rs.25, 000
► Rs. 75,000
► Rs. 15,000
► Rs. 1, 00,000
A decrease in value of a fixed asset due to age, wear and tear is known as:
► Depreciation
► Accumulated Depreciation
► Appreciation
► Written Down Value
► Cost price
► Market value
► Fair value
► Written down value (WDV)
In cost of goods sold statement, the ‘cost of material consumed’ is equal to:
What would be the value of 'cost of goods manufactured' if the total factory cost
of the month is Rs. 6,000, opening work in process is Rs. 2,000 and the closing
work in process is Rs. 2,500?
► Rs. 5,500
► Rs. 8,000
► Rs. 4,500
► Rs. 8,500
► Raw material
► Work in process
► Finished goods
► Merchandise inventory
Question No: 20 ( Marks: 1 ) - Please choose one
If cost of sales is Rs. 95,000, sales are Rs. 200,000 and operating expenses are
Rs. 100,000. What will be the net result?
Which of the following account balance will be shown on debit side of Trial
Balance? (It is assumed that all account balances are shown on normal balance)
► Cash account
► Furniture account
► Vehicle account
► All of the given options
► Customer’s account
► Sales return account
► Goods account
► Accounts receivable
Which of the following account will be credited in the books of ABC Co. Ltd., if
furniture is purchased on cash?
► Furniture account
► Cash account
► Business account
► Bank account
Which of the following account will be credited, If Mr. “A” started business with
cash
Rs. 2, 00,000?
► Capital account
► Cash account
► Mr. A’s account
► Business account
► Mr. “B” / Accounts Receivable account (Dr) and Sales account (Cr)
► Cash account (Dr) and sales account (Cr)
► Sales account (Dr) and Mr. B / Accounts Receivable account (Cr)
► Goods Sold account (Dr) and Mr. B / Accounts Receivable account (Cr)
► Accounts Receivable
► Accounts Payable
► Sales Revenue
► Marketable Securities
► Liquid assets
► Current assets
► Fixed assets
► Capital assets
► Trading account
► Profit & Loss account
► Receipts & Payments account
► Balance Sheet
Question No: 30 ( Marks: 1 ) - Please choose one
► Balance Sheet
► Trading and Profit & Loss account
► Cash Flow Statement
► Statement of Retained Earnings
In an account, if credit side < debit side then the balance is known as:
► Negative Balance
► Debit Balance
► Positive Balance
► Credit Balance
► Voucher
► General Journal
► General Ledger
► Trial balance
► Debit
► Credit
► Revenue
► None of the given options
Economic resources owned by a business and expected to benefit for the future
operations are called:
► Expenses
► Assets
► Capital
► Liabilities
Assets total Rs.50, 000 and Liabilities total Rs.10, 000. What is the equity of the
business?
An expense incurred by the business for the purchase of land & building is an
example of:
► Capital Expense
► Revenue Expense
► Deferred Expense
► Preliminary Expense
Prepare Cash and Capital Accounts with the help of given Journal entries.
Time: 60 min
Marks: 50
Student Info
StudentID:
Center:
ExamDate:
Marks
Q No. 9 10 11 12 13 14 15 16
Marks
Q No. 17 18 19 20 21 22 23 24
Marks
Q No. 25 26 27 28 29 30 31 32
Marks
Q No. 33 34 35 36 37 38 39 40
Marks
Q No. 41
Marks
Question No: 1 ( Marks: 1 ) - Please choose one
► Liabilities
► Assets
► Capital
► Income
The allocation of the cost of a tangible plant asset to expense in the periods, in which
services are received from the asset, is termed as:
► Appreciation
► Depreciation
► Fluctuation
► None of the given options
► Voucher
► General Journal
► General Ledger
► Trial Balance
Question No: 6 ( Marks: 1 ) - Please choose one
► A memorandum statement
► A ledger account
► A part of cash book
► A part of journal
If you start with cash book balance (Dr.), which of the following item will be deducted in
Bank Reconciliation Statement?
► Rs.7, 500
► Rs.7, 978
► Rs.8, 000
► Rs.8, 400
► Rs.260
► Rs.232
► Rs.284
► Rs.320
► Rs. 205,000
► Rs. 215,000
► Rs. 220,000
► Rs. 225,000
► Machinery account
► Depreciation account
► Cash account
► Capital account
► Rs.25, 000
► Rs. 75,000
► Rs. 15,000
► Rs. 1, 00,000
In cost of goods sold statement the ‘total factory cost’ is equal to:
Which of the following organization converts raw material into finished goods?
► Trading concern
► Manufacturing concern
► Merchandising concern
► Service concern
► Interest expenses
► Wages and salaries
► Depreciation expenses
► Discount Allowed
Which of the following is an alternate term which can be used for “Capital”?
► Liability
► Owner’s net worth
► Working capital
► Asset
If salaries expense is Rs. 2,500, purchases are Rs. 16,000 and rent (office building) is Rs.
300 during the year, what would be the total of "general & administrative expenses"?
► Rs. 300
► Rs. 2,500
► Rs. 2,800
► Rs.18, 800
Which of the following account balance will be shown on debit side of Trial Balance? (It
is assumed that all account balances are shown on normal balance).
► Capital account
► Sundry creditors account
► Accounts payable account
► Cash account
The amount brought by the proprietor in the business should be credited to:
► Cash account
► Capital account
► Drawings account
► Proprietor account
Which of the following account will be credited, if business sold goods for Rs.10,000 on
credit?
► Cash account
► Sales account
► Accounts receivable account
► Purchases account
Which of the following account will be credited, if business purchased a vehicle on cash?
► Vehicle account
► Cash account
► Business account
► Bank account
Which of the following journal entry will be recorded, if the goods are sold on credit to
Mr. 'B'?
► Mr. “B” / Accounts Receivable account (Dr) and Sales account (Cr)
► Cash account (Dr) and sales account (Cr)
► Sales account (Dr) and Mr. B / Accounts Receivable account (Cr)
► Goods Sold account (Dr) and Mr. B / Accounts Receivable account (Cr)
► Selling Expenses
► General Expenses
► Financial Expenses
► All of the given options
An informal accounting statement that lists the ledger account balances at a point in time
and compares the total of debit balances with the total of credit balances is known as:
► Income Statement
► Balance Sheet
► Trial Balance
► Cash Book
► Cash Book
► Purchase Return Book
► Purchase Book
► All of the given options
► Pass Book
► Cash Book
► Purchase Book
► Sales Book
In an account, if credit side < debit side then the balance is known as:
► Negative Balance
► Debit Balance
► Positive Balance
► Credit Balance
According to the double entry system of accounting, an account that obtains benefit is:
► Debit
► Credit
► Income
► No need to show as accounting record
Question No: 39 ( Marks: 1 ) - Please choose one
Mr. “A” sold goods to Mr. “B” for Rs. 3,000 on October 8, 2008 and Mr. “B” paid at the
same time. It will be case of ______________ sales.
► Cash
► Credit
► Accrual based
► None of the given options
State with reasons whether the following items of expenditure are capital or revenue
in nature.
1. Wages paid on the purchase of goods.
2. Carriage paid on goods purchased.
3. Transportation paid on purchase of machinery.
4. Octroi duty paid on machinery.
5. Octori duty paid on goods.
6. A second hand car was purchased for Rs. 7,000 and Rs, 5,000 were spent for its
repair and overhauling.
7. Office building was whitewashed at a cost of Rs. 3,000.
8. A new machinery was purchased for Rs. 80,000 and a sum of Rs. 1,000 was spent
on its installation and erection
9. Old furniture was repaired at a cost of Rs. 500.
10. Land was purchased for Rs. 1, 00,000 and Rs. 5,000 was paid for legal expenses.
MIDTERM EXAMINATION
Spring 2009
MGT101- Financial Accounting (Session - 4)
Ref No: 564819
Time: 60 min
Marks: 50
Student Info
StudentID:
Center: OPKST
Marks
Q No. 9 10 11 12 13 14 15 16
Marks
Q No. 17 18 19 20 21 22 23 24
Marks
Q No. 25 26 27 28 29 30 31 32
Marks
Q No. 33 34 35 36 37 38 39 40
Marks
Q No. 41
Marks
Question No: 1 ( Marks: 1 ) - Please choose one
► Revenue Expenditures
► Capital Expenditures
► Financial Expenditures
► Operating Expenditures
Which one of the following is NOT true for Profit & Loss Account?
► It shows whether a business has made a profit or loss over a financial
year
► It shows the financial performance of a business for the period
► It shows revenues and expenses for the period
► It is used to calculate surplus/deficit for a particular period
► Rs. 2, 25,000
► Rs. 2, 50,000
► Rs. 2, 75,000
► Rs. 75,000
The assets which have a limited useful life are termed as:
► Limited assets
► Depreciate able assets
► Unlimited assets
► None of the given options
Question No: 6 ( Marks: 1 ) - Please choose one
► Name of organization
► Bank receipt
► Debit amount
► Credit amount
When the process of production is completed, all the costs must be charged to:
While adjusting the cash balance of cash book, which of the following is NOT
taken into account.
► Revenue expense
► Capital expense
► Capital receipt
► Revenue receipt
► Revenue expense
► Capital expense
► Administrative expense
► Operating expense
► Rs. 205,000
► Rs. 215,000
► Rs. 220,000
► Rs. 225,000
► Rs. 160,000
► Rs. 96,000
► Rs. 75,000
► Rs. 57,600
► Rs. 20,000
► Rs.40, 000
► Rs.90, 000
► Rs.160, 000
► Stock account
► Cash account
► Supplier account
► Work in process account
► Raw material
► Work in process
► Finished goods
► Merchandise inventory
Which of the following particulars are included in the specimen of a cash receipt
voucher?
1) Name of the organization
2) Cash code
3) Date of transaction
Which of the following financial statement DO NOT show the financial health of a
business at a specific date?
If the cost of sales is Rs. 95,000, sales are Rs. 100,000 and operating expenses
are Rs. 200,000 during the year, what would be the net result?
If the cost of sales is Rs. 60,000, sales are Rs. 95,000 and operating expenses
are Rs.20,000 during the year. What would be the Net Profit?
► Rs.15,000
► Rs. 35,000
► Rs. 55,000
► Rs. 60,000
"Mr. “A” collected cash from debtors", the journal entry for this transaction is:
Which of the following account will be credited, if the goods are sold on credit to
Mr. Mahmood?
► Cash account
► Mr. Mahood account
► Sales account
► Purchases account
“Electricity bill for the month is paid by Mr. Imran Rs. 325”. What is the journal
entry to record this transaction?
► Cash a/c Rs. 325 (Dr.) , Utilities Expense a/c Rs. 325 (Cr.)
► Utilities Expense a/c Rs. 325 (Dr.), Cash a/c Rs. 325 (Cr.)
► Accounts Receivable a/c Rs. 325 (Dr.), Utilities Expense a/c Rs. 325 (Cr.)
► Utilities Expense a/c Rs. 325 (Dr.), Accounts Receivable a/c Rs. 325 (Cr.)
Which of the following entry will be recorded in the books of accounts for the
goods returned to Mr. 'A'?
► Accounts Receivable
► Accounts Payable
► Sales Revenue
► Marketable Securities
► Franchise rights
► Goodwill
► Patents
► Land
An informal accounting statement that lists the ledger account balances at a point
in time and compares the total of debit balances with the total of credit balances
is known as:
► Income Statement
► Balance Sheet
► Trial Balance
► Cash Book
► Cash Book
► Purchase Return Book
► Purchase Book
► All of the given options
► Latin
► English
► French
► Chinese
Mr.” A” sold goods for Rs. 3, 00,000 to Mr. “B”, Rs. 3, 00,000 will be treated as
_____________ for business.
► Revenue
► Net profit
► Gross profit
► Operating profit
We can define trail balance is a statement of all the open debit and credit
items in a double-entry ledger, made to test their equality whether it is correct or
not.
As the definition indicate us we can easily removed error through trial balance
MIDTERM EXAMINATION
Spring 2009
MGT101- Financial Accounting (Session - 6)
Ref No:
Time: 60 min
Marks: 50
Student Info
StudentID:
Center: OPKST
Marks
Q No. 9 10 11 12 13 14 15 16
Marks
Q No. 17 18 19 20 21 22 23 24
Marks
Q No. 25 26 27 28 29 30 31 32
Marks
Q No. 33 34 35 36 37 38 39 40
Marks
Q No. 41
Marks
Question No: 1 ( Marks: 1 ) - Please choose one
► Liabilities
► Assets
► Capital
► Income
Which of the following fixed asset is shown at cost rather than book value?
► Machinery
► Furniture
► Vehicles
► Land
Find out the missing value of an Accounting Equation with the help of given data:
While adjusting the cash balance of cash book, which of the following is NOT taken into
account.
If you start with cash book balance (Dr.), which of the following item will be deducted in
Bank Reconciliation Statement?
Cost/Unit Total
Date Item Quantity Rs. Rs.
Jan. 2 Beginning inventory 10 10 100
Mar. 4 Purchase 35 11 385
May 8 Purchase 40 12 480
Nov. 3 Purchase 20 13 260
De31 Merchandise available 105 1,225
80 units were sold, Use the FIFO method of inventory costing and determine the cost of
goods sold.
► Rs. 1,225
► Rs. 1,015
► Rs. 965
► Rs. 905
The products that are ready for sale are known as:
► Raw material
► Work in process
► Finished goods
► Closing stock
Which of the following account will be credited, when the goods are purchased on cash?
► Stock account
► Cash account
► Supplier account
► Work in process account
Partially completed products that are not yet ready for sale are known as:
► Raw material
► Work in process
► Finished goods
► Closing stock
Which of the following particulars are included in the specimen of a cash receipt
voucher?
4) Name of the organization
5) Cash code
6) Date of transaction
In which of the following condition a company will have positive working capital?
► If current assets > current liabilities
► If current Assets < current Liabilities
► If current assets = current liabilities
► If current assets < current liabilities
► Customer’s account
► Sales return account
► Goods account
► Accounts receivable
Which of the following account will be credited in the books of ABC Co. Ltd., if
furniture is purchased on cash?
► Furniture account
► Cash account
► Business account
► Bank account
Which of the following account will be credited in the books of XYZ Co. Ltd, if the
business purchased a vehicle though cheque?
► Vehicle account
► Cash account
► Business account
► Bank account
Which of the following item will appear on the Balance Sheet as current assets?
► Prepaid expenses
► Accrued expenses
► Furniture and Equipment
► Unearned revenue
► Public libraries
► NGOs
► Labor unions
► All of the given options
► General Ledger
► Balance Sheet
► Profit and Loss Account
► Cash Flow Statement
► Balance Sheet
► Trading and Profit & Loss account
► Cash Flow Statement
► Statement of Retained Earnings
► Journalizing
► Posting
► Balancing
► Analyzing
The original book of entry, in which all vouchers are first recorded, is called:
► General Journal
► General Ledger
► Trial Balance
► Balance Sheet
In an account, if credit side < debit side then the balance is known as:
► Negative Balance
► Debit Balance
► Positive Balance
► Credit Balance
► Intangible Asset
► Liquid Asset
► Current Asset
► Fixed Asset
► Debit
► Credit
► Revenue
► None of the given options
An organization operating with the objective of making profit from the sale of goods or
services is called:
► Transaction
► Business
► Society
► Trust
State with reasons whether the following events are transactions to Mr. Afnan’s
business
7) Mr. Afnan started business with Rs. 50,000.
8) Mr. Afnan bought furniture for Rs. 2,000 for business use.
9) Submitted a tender for goods worth Rs. 10,000.
10) Appointed a cashier on a salary of Rs. 2,000 per month.
11) Paid salary to cashier Rs. 2,000.
QUIZ
Mark the correct answer
► A construction supervisor site who sees an impending thunderstorm, tells workers to go home,
and secures the site is demonstrating
0 authority.
1 delegation.
2 accountability.
3 responsibility
► _________ involves the delegation of decision-making and authority to lower levels in the
organization.
0 Decentralization
1 Departmentalization
2 Specialization
3 Centralization
(5)The belief that a firm's obligation goes beyond that required by law and economics,
and includes a pursuit of long-term goals that are good for society is known as
¾ social responsiveness.
¾ ethical responsibility.
¾ social responsibility.
¾ social obligation)
(8) The process of assigning authority and responsibility to one’s subordinates to manage a
project is called
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centralization.
supervision.
delegation.
specialization.
¾ Scientific management
¾ Bureaucratic management
¾ Classical management
¾ Administrative management
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QUIZ
Choose the correct option.
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(5) Tactical goals and plans typically involve time periods of _________.
¾ 1 year.
¾ 1 to 3 years.
¾ 3 to 5 years.
¾ More than 5 years.
(6) ______________are those targets or future end results set by lower management
that address specific, measurable outcomes required from the lower levels.
¾ Strategic goals.
¾ Tactical goals.
¾ Operational goals.
¾ None of given options.
(8) A__________ is a prescribed series of related steps to be taken under certain recurring
circumstances.
¾ Procedure.
¾ Plans.
¾ Policy.
¾ Project.
(9) Tactical plans tend to be_________ specific and concrete than strategic plans.
¾ More.
¾ Less.
¾ Lower.
¾ None of given options
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0 Trust
1 Integrity
2 Consistency
8. The rights inherent in a managerial position to give orders and expect them
to be obeyed is known as:
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¾ responsibility
¾ span of control
¾ authority
¾ accountability
QUIZ
1. Conceptual skills relate to a manager’s ability to:
¾ Take a strategic view of how the part of the organization function.
¾ Solve detailed problems in groups.
¾ Correctly evaluate organizational problems.
¾ Understand and interact effectively with others in the organization.
► When the CEO of a large retail store chain decided to sell off or close some of the
locations that were not profitable, he was performing the management function
referred to as _________.
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¾ Leading
¾ Planning
¾ Controlling
¾ Organizing
¾ Knowledge management
¾ Learning Organization
¾ Entrepreneurship
¾ None of the given options
7. Ali is working in XYZ Company, he desires to get himself secure from crimes,
company lay offs and other adverse impacts. We can say that he fulfils the
----------------
- need.
¾ Self Actualization
¾ Social need
¾ Esteem
¾ Safety
9. ----------- involves the products, services, and other outcomes produced by the
organization.
¾ Inputs
¾ Transformation process
¾ Outputs
¾ Feed Back
11. --------------- searches organization and its environment for opportunities and
initiates “improvement projects” to bring about changes.
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¾ Disturbance handler
¾ Liaison
¾ Leader
¾ Entrepreneur
12. Mr. A is a manager in Xyz Company. He gets his work done with and through other
people. He leads the employees motivates them and have a good interaction with
his employees, which of the following skills he has:
¾ Technical Skills
¾ Human Skills
¾ Conceptual Skills
¾ Decisional Skills
13. ---------------- is the final step in the decision-making process.
¾ Implementing the decision
¾ Evaluating the decision
¾ Recognizing the decision
¾ Evaluating the alternatives
14. A --------- is a series of interrelated sequential steps that can be used to respond to
a structural problem.
¾ Policy
¾ Rule
¾ Well structured problems
¾ Procedure
15. Mintzberg grouped the ten managerial roles into three primary headings. Which of
the following is not one of these headings?
¾ interpersonal relationships
¾ transfer of information
¾ planning
¾ decision making
16. Organizations that have a high potential of offering rival products or services are
called
¾ Suppliers
¾ Competitors
¾ Clients
¾ Customers
17.
------------------- is achieved when the cost of producing a given output is
as low as possible.
Efficiency
Effectiveness
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m 7
Break
evenBoth
A and B
19. Mr. X the HR manager of Star Mini Miners Club recruits labor with different skills for
different jobs. This approach is characteristic of
Equity
Impersonality
Division of labor
Discipline
20. In ABC Company, all the activities particularly those regarding decision-making,
are concentrated within a particular location and/or group. The company observes
Centralization
Decentralization
Span of
control
Job Rotation
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QUIZ
1. Which of the following is not allowed in a brainstorming session?
¾ Clear definition of the problem
¾ Criticism of poor ideas
¾ Large number of alternatives
¾ Recording of all alternatives
3. A job has high -------------- if workers are given substantial freedom, independence, and
discretion in scheduling the work and determining the procedures to be used in carrying it
out.
¾ Autonomy
¾ Feed back
¾ Skill Variety
¾ Enlargement
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► A ------------- Structure is well suited to organizations which have a single or dominant
core product because each subunit becomes extremely adept at performing its particular
portion of the process.
0 Divisional
1 Functional
2 Matrix
3 Both A and B
► Managers will often not choose the decision alternative that rational decision making
indicates to be best because they have a “vague feeling” that another alternative will be
better. Which of the behavioral factors that influence decision-making does this behavior
reflect?
0 Bounded rationality
1 Escalation of commitment
2 Intuition
3 Satisficing
► ------------ means that the two merging companies became history and a new firm is
established
0 Acquisition
1 Merger
2 Joint Venture
3 Both A and B
► ------------- means only one company became history which is the acquired company while
the acquiring company remain.
0 Joint Venture
1 Merger
2 Acquisition
3 Both A and B
► A ------------- takes as input an object or situation described by a set of properties, and
outputs a yes/no decision.
0 Decision Criteria
1 Decision Making Process
2 Decision Tree
3 None of the given options
► Which element of structure refers to the continuous line of authority that extends from the
highest organizational levels to the lowest and clarifies who reports to whom?
0 Work specialization
1 Span of control
2 Centralization
3 Unity of command
► For a manager to control or direct the work of an employee, the manager must have
_____.
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¾ Line authority
¾ Responsibility
¾ Referent power
¾ Staff authority
14. Organizations that have developed the capacity to continuously adapt and change
because their members take an active role in identifying and resolving work-related
issues are called _____
organizations.
¾ Learning
¾ Visionary
¾ Community
¾ Interdependent
15. Master Sofa Makers recently bought an upholstery firm, Fabulous Fabrics, in an effort to
control its inputs by becoming its own supplier. This is an example of -------------.
¾ Concentration
¾ Vertical integration
¾ Horizontal integration
¾ Diversification
17. Organizations using Porter's _____ strategy select a market segment in an industry and
attempt to exploit it rather than serve the broad market.
¾ Cost leadership
¾ Differentiation
¾ Stuck in the middle
¾ Focus
19. ---------- are an organization's objectives, and --------- are the documented ways that
organizations intend to meet those objectives.
¾ Goals; plans
¾ Stated goals; real goals
¾ Standing plans; single-use plans
¾ Specific plans; directional plans
20. Which of the following is NOT one of the characteristics of well-designed goals?
¾ Goals should be written in terms of actions rather than outcomes.
¾ Goals should be measurable and quantifiable.
¾ Goals should be challenging but attainable.
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10
0 Goals should be communicated to all organizational members who need to know
about them.
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QUIZ
(1) When we classify managers according by their level in the organization
they are described as _______.
¾ .Functional, staff and line managers
¾ Top managers, middle managers and supervisors
¾ High level and lower level managers
¾ General Managers and administrative managers
(2) All of the following are primary management functions except _______.
¾ Setting goals
¾ Hiring employees
¾ Monitoring activities
¾ Motivating employees
(4) A manager who has a reputation for being open and honest and understands how to motivate
employees and customers is said to have good ________ skills.
¾ Sales
¾ Political
¾ Interpersonal
¾ Technical
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¾ Henry Mintzberg
¾ .Peter Drucker
¾ Adam Smith
¾ Max Weber
(9)___________ Plans specify the details on how overall objectives are to be achieved.
¾ Tactical
¾ Strategic
¾ Long term
¾ Operational
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QUIZ
Choose the most appropriate option.
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► An ________________is the purchase of all or part of one organization by another.
► merger
► Concentration
► Acquisition
► Joint venture
► A _____________is a mean whereby an organization that is unable to pay its debts can seek
court protection from creditors and from certain contract obligations while it attempts to regain
financial stability.
► Bankruptcy
► Divestiture
► Harvest
► Liquidation
► ___________is the obligation or expectation to perform and carry out duties and achieve
goals related to a position.
0 Accountability
1 Authority
2 Responsibility
3 Liability
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QUIZ
1) The person most closely associated with bureaucratic management is
¾ Adam Smith
¾ Frederick Taylor
¾ Frank Gilbreth
¾ Max Weber
3) An organization which relies on rules and has a set hierarchy of authority is using what
type of management?
¾ Bureaucratic
¾ Contingency
¾ Administrative
¾ Scientific
4) For his fast-food restaurant, Bob Stevens recruits labor with different skills for
different jobs. This approach is characteristic of
¾ rationality
¾ impersonality
¾ division of labor
¾ hierarchical structure
¾ Traditional
¾ Charismatic
¾ Rational-legal
¾ Neoclassical
¾ computer literacy
¾ media management
¾ international politics
¾ human resources
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7) In what specific sequence do managers perform their functions to help achieve
company goals?
8) A regional vice president lets local store managers operate each store as if it were a
separate business. In this effort to better coordinate company human and material
resources, the VP was seeking to improve what managerial function?
¾ Controlling
¾ Directing
¾ Organizing
¾ Planning
¾ Decisional
¾ Figurehead
¾ Stakeholder
¾ Spokesperson
10) Which of the following sets of managerial roles classify Mintzberg's ten most
common roles of managers?
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QUIZ
15
(3) The importance of environmental scanning (outside of national
security agencies) was first recognized by firms in the _____ industry.
¾ television
¾ advertising
¾ computer
¾ life insurance
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(8) When Gina Wright, Head of Plant Safety brought employees
together to discuss the fire safety procedures at the plant after the
fire, she was performing the following role:
¾ Leader
¾ Disturbance handler
¾ Disseminator
¾ Spokesperson
► In the brutal world of athlete endorsements, the two big sporting-apparel companies --
Reebok and Adidas frequently go head to head. Adidas acquired Reebok in 2006 and
combined with each other as one organization, the process is called:
► Acquisition
► Divesture
► Merger
► Joint venture
► ABC Company is unable to pay its debts and seek court protection from creditors and
from contract obligations while it attempts to regain its financial ability. The status of the
organization is:
► Divesture
► Harvest
► Turnaround
► Bankruptcy
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17
► A firm pursuing --------------- attempts to gain a competitive advantage primarily by
reducing its economic costs below its competitors.
► Differential strategy
► Focus Strategy
► Stability Strategy
► Cost Leadership Strategy
► Mr. Umar undertook a new business of providing internet fiber cables to corporations and
homes by investing Rs. 1000000 and assumes some accountability for the inherent risks.
We can say that Mr Umar is an
► Entrepreneur
► Intrapreneur
► Innovator
► Risk taker
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► ---------------is the downward transfer of formal authority from superior to subordinate. The
employee is empowered to act for the supervisor, while the supervisor remains
accountable for the outcome.
► Accountability
► Delegation
► Authority
► None of the given options
► All the organizations make --------------- that are also called large scale action plans for
interacting with the environment in order to achieve long-term goals.
► Policies
► Plans
► Strategies
► Rules
► Mr. Amir is the Chief Executive officer of ABC Company. All of his subordinates
coordinate with him in order to achieve organizational goals. The type of coordination
they have with one an other is called:
► Vertical Coordination
► Horizontal Coordination
► Flat coordination
► All of the given options
► In ABC Company, middle level managers are also given the authority to
give
their opinion in decision making process. It is called as:
► Centralization
► Decentralization
► Span of control
► Downsizing
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QUIZ
19
commitment to the group instead of frequent personal exchange
and face-to-face meetings.
0 Virtual
1 Cross-functional
2 Transnational
3 Self-managed
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applicant, if hired, will be successful?
¾ Selection process
¾ Human resource inventory report
¾ Recruitment
¾ Strategic human resource planning
11. Martin is the physician who heads the Critical Care Unit at
Mercy Hospital, the most important roles that he performs
probably
__________ roles.
¾ Monitor
¾ Decisional
¾ Figurehead
¾ Disseminator
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