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Test: Practice Questions - 3 - CAT MCQ


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20 Questions MCQ Test CMAT Mock Test Series - Test: Practice Questions - 3

Test: Practice Questions - 3 for CAT 2024 is part of CMAT Mock Test Series preparation. The Test: Practice Questions - 3 questions and answers have been prepared according to the CAT exam syllabus.The Test: Practice Questions - 3 MCQs are made for CAT 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Practice Questions - 3 below.
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Test: Practice Questions - 3 - Question 1
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Which of the following is NOT one of the primary needs for good project scheduling?

Detailed Solution for Test: Practice Questions - 3 - Question 1
While developing better troubleshooting procedures is valuable, it's not considered a primary need for good project scheduling. Project scheduling primarily focuses on efficient time management, cost reduction, and minimizing idle time to ensure that project goals are met efficiently. An interesting additional fact is that good project scheduling can significantly enhance a team's ability to anticipate and mitigate issues, but troubleshooting is more reactive than the proactive planning and execution facilitated by scheduling.
Test: Practice Questions - 3 - Question 2
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The time necessary to complete a project is referred to as:

Detailed Solution for Test: Practice Questions - 3 - Question 2
The term "implementation time" specifically refers to the duration required to complete a project from start to finish. This encompasses all stages of the project, from initial planning and design through to execution and closure. An interesting additional fact is that understanding and accurately estimating implementation time is crucial for project managers to allocate resources effectively, manage stakeholders' expectations, and ensure timely delivery.
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Test: Practice Questions - 3 - Question 3
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The successful project managers spend most of their time:

Detailed Solution for Test: Practice Questions - 3 - Question 3
Effective communication with the project team is a critical activity for successful project managers. It ensures that everyone is aligned with the project goals, understands their responsibilities, and stays informed about progress and changes. An interesting additional fact is that project managers may spend up to 90% of their time communicating with team members and other stakeholders to ensure the project's success.
Test: Practice Questions - 3 - Question 4
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A prerequisite of effective time management is:
Detailed Solution for Test: Practice Questions - 3 - Question 4
A good Work Breakdown Structure (WBS) is fundamental for effective time management in projects. It breaks down the project into smaller, more manageable components, making it easier to allocate resources, assign responsibilities, and monitor progress. An interesting additional fact is that the WBS is considered a cornerstone of project management because it provides a clear framework for what needs to be done and who is responsible for each task.
Test: Practice Questions - 3 - Question 5
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Which type of project cost estimate is the most accurate?
Detailed Solution for Test: Practice Questions - 3 - Question 5
Definitive estimates are the most accurate type of project cost estimate. They are detailed and based on a thorough assessment of the project's scope, resources, and constraints. Definitive estimates are typically made once a project's design is well understood. An interesting additional fact is that while these estimates require more time and information to prepare, they are crucial for budgeting and financial planning, reducing the risk of cost overruns.
Test: Practice Questions - 3 - Question 6
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Which of the following is a direct project cost?
Detailed Solution for Test: Practice Questions - 3 - Question 6
Direct project costs are those that can be directly attributed to the project, such as materials and labor. In this case, piping for an irrigation project is a direct cost because it is a tangible expense directly associated with the construction and execution of the project. An interesting additional fact is that distinguishing between direct and indirect costs is crucial for accurate project budgeting and financial reporting.
Test: Practice Questions - 3 - Question 7
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Life Cycle Costing is a term that is:
Detailed Solution for Test: Practice Questions - 3 - Question 7
Life Cycle Costing is an approach used when making decisions between alternatives by considering all costs associated with the lifecycle of a product or project, from acquisition through disposal. This method is not limited to any specific industry and is used by both government and private sector organizations to ensure cost-effective decision-making. An interesting additional fact is that Life Cycle Costing helps in understanding the total cost of ownership, which is critical for long-term financial planning and sustainability assessments.
Test: Practice Questions - 3 - Question 8
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Measured quality of a manufactured product is:
Detailed Solution for Test: Practice Questions - 3 - Question 8
The measured quality of a manufactured product is subject to a certain amount of variation due to factors such as material quality, manufacturing processes, and human error. Quality control processes aim to minimize this variation, but some level of fluctuation is inevitable. An interesting additional fact is that statistical process control (SPC) is a method used to monitor and control quality by tracking the variation in process outputs.
Test: Practice Questions - 3 - Question 9
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Which of the following is the most efficient means of product quality inspection?
Detailed Solution for Test: Practice Questions - 3 - Question 9
Acceptance sampling and variable sampling are considered efficient means of product quality inspection. Acceptance sampling involves inspecting a random sample of the product, whereas variable sampling focuses on measuring and analyzing specific variables or characteristics of the product. Both methods are efficient because they balance the need for quality assurance with the practical limitations of inspecting every single item. An interesting additional fact is that these sampling techniques can significantly reduce inspection time and costs while still providing a high level of confidence in product quality.
Test: Practice Questions - 3 - Question 10
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Which of the following has the greatest effect on a product's reliability and maintenance characteristics?
Detailed Solution for Test: Practice Questions - 3 - Question 10
Both conceptualization and product design have significant effects on a product's reliability and maintenance characteristics. The conceptualization phase defines the product's purpose and requirements, while the design phase translates these into specific product features and specifications. Together, these phases determine how well the product will perform and how easy it will be to maintain. An interesting additional fact is that involving reliability engineers early in the design process can help in identifying and mitigating potential issues before they become costly to fix.
Test: Practice Questions - 3 - Question 11
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Cost budgeting can be best described by which of the following?
Detailed Solution for Test: Practice Questions - 3 - Question 11
Cost budgeting involves establishing budgets, standards, and a monitoring system to measure and manage the investment costs of a project. This process is essential for financial control, enabling project managers to ensure that the project remains within budget. An interesting additional fact is that effective cost budgeting helps in identifying cost variances early in the project lifecycle, allowing for timely adjustments and interventions to keep costs under control.
Test: Practice Questions - 3 - Question 12
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Which of the following is a type of intangible business property that is protected by law:
Detailed Solution for Test: Practice Questions - 3 - Question 12
A trademark is a type of intangible business property that is protected by law. It can be a name, symbol, or design that identifies and distinguishes the source of the goods or services of one party from those of others. Trademarks are crucial for branding and can be legally enforced to prevent unauthorized use. An interesting additional fact is that trademarks, once registered, can provide exclusive rights to use the mark in commerce, potentially indefinitely, as long as they are in use and their registrations are properly maintained.
Test: Practice Questions - 3 - Question 13
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Limited liability, indefinite length of life, ease of expansion, legal entity, and transfer of ownership are considered advantages of a:
Detailed Solution for Test: Practice Questions - 3 - Question 13
A corporation offers several advantages, including limited liability for its owners, indefinite length of life, ease of expansion through the sale of stock, status as a legal entity separate from its owners, and ease of ownership transfer. These features make the corporate structure appealing for businesses seeking to grow and attract investment. An interesting additional fact is that the limited liability feature protects the personal assets of the shareholders from the corporation's debts and obligations.
Test: Practice Questions - 3 - Question 14
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Which of the following is one way that freedom in a private enterprise system is limited by laws:
Detailed Solution for Test: Practice Questions - 3 - Question 14
In a private enterprise system, the freedom to engage in various occupations can be limited by laws requiring professional licensing. This ensures that individuals meet certain standards of competence and professionalism in fields where their work could significantly impact public safety and welfare, such as in healthcare, law, and engineering. An interesting additional fact is that licensing requirements vary by jurisdiction and profession but generally involve education, examination, and sometimes ongoing professional development.
Test: Practice Questions - 3 - Question 15
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Non-corporations are taxed as pass-through entities, meaning that:
Detailed Solution for Test: Practice Questions - 3 - Question 15
Pass-through taxation means that the profits and losses of the business are passed through to the owners' personal tax returns, avoiding the double taxation that can occur with corporations (where the corporation pays taxes on profits, and shareholders pay taxes on dividends). This is common for sole proprietorships, partnerships, and S corporations. An interesting additional fact is that this tax structure can significantly affect the choice of business entity for entrepreneurs, as it influences both the complexity of tax compliance and the overall tax burden.
Test: Practice Questions - 3 - Question 16
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Which of the following activities is an example of preparing before attempting to sell an idea:
Detailed Solution for Test: Practice Questions - 3 - Question 16
Determining the details of your idea is a crucial preparatory step before attempting to sell it. This involves clarifying what the idea entails, how it solves a problem, and why it's valuable. Preparing thoroughly ensures that you can present your idea confidently and address potential questions or objections. An interesting additional fact is that understanding the details of your idea also helps in identifying the right audience and tailoring your pitch to their interests and needs.
Test: Practice Questions - 3 - Question 17
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Which of the following statements is true about business startup requirements:
Detailed Solution for Test: Practice Questions - 3 - Question 17
The financial requirements to start a new business vary significantly depending on the nature of the venture. For example, a tech startup may need substantial investment in software development, whereas a retail business might require funding for inventory and a physical location. An interesting additional fact is that careful financial planning and understanding the unique needs of the business can greatly influence its success and sustainability.
Test: Practice Questions - 3 - Question 18
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If an entrepreneur obtains a commercial bank loan to finance a new venture, s/he is often required to:
Detailed Solution for Test: Practice Questions - 3 - Question 18
Providing collateral is a common requirement for obtaining a commercial bank loan. Collateral serves as security for the loan; in case of default, the bank can seize the collateral to recover the loaned amount. This requirement helps mitigate the bank's risk when lending to new ventures. An interesting additional fact is that the type of collateral accepted can vary widely, including real estate, equipment, inventory, or even personal assets.
Test: Practice Questions - 3 - Question 19
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The type of capital resources that a startup business needs to begin operating usually depends on the:
Detailed Solution for Test: Practice Questions - 3 - Question 19
The capital resources required for a startup to begin operations are largely determined by the industry in which the business will operate. Different industries have varying requirements for equipment, technology, inventory, and facilities. For example, a manufacturing business will have different capital needs compared to a software development company. An interesting additional fact is that understanding industry-specific capital requirements is crucial for effective business planning and securing the necessary funding or investment.
Test: Practice Questions - 3 - Question 20
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The primary components of the quality management function are:
Detailed Solution for Test: Practice Questions - 3 - Question 20
The primary components of the quality management function are quality planning and quality control and assurance. Quality planning involves defining quality standards and how those standards will be met, while quality control and assurance are about ensuring those standards are achieved through ongoing monitoring and corrective actions. An interesting additional fact is that effective quality management not only improves product or service quality but also enhances customer satisfaction and operational efficiency.
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