Test: Nature And Significance Of Management - 1 - Commerce MCQ

The three R's – reduce, reuse and recycle. It all help to cut down on the amount of waste thrown away. 
They conserve natural resources, landfill space and energy. Plus, the three R's save land and money communities must use to dispose of waste in landfills.

 Effectiveness in management is concerned with doing the right task/completing activities/achieving goals within the prescribed time. In other words, it is concerned with end results.

Policy making is not an objective of management. It is in fact a process that involves the setting up of goals and objectives for the organisation and the determining the ways to achieve the desired goals. That is, it can be said that policy making is the path through which the objectives of a management i.e. organisational objectives (such as earning profits and growth of the organisation), social objectives (such as providing employment) and personal objectives can be achieved.

They are the ones, responsible for developing the policies and goals for the organization. On the other hand, middle level managers interpret these policies in terms of plans and objectives and works towards implementing them with the help of the operational management. The operational management as per the instructions of the middle management directly oversees the actual work process.

Coordination is the force that binds all the other functions of management. It is however, the essence of management, for achieving harmony among individual efforts towards the accomplishment of group goals. 

Coordination is not a separate function of management but it is the essence of management. Any organization has different types of department. All These departments have their own set of work,while doing this work, there is high probability of some clashes,and that's the time we need coordination. Management synchronizes the activity of different departments and individuals towards the achievement of organizational goal.

Policies and strategies are formulated under planning which is a function of management. Planning is deciding in advance what to do, how to do when to do, and who is to do it. Planning involves setting objective sand developing appropriate courses of action to achieve these objectives.

Business risk is the uncertainty of profit due to various seen and unforeseen causes when there is inadequate profit or even losses its because of some such causes which itself is business risk.

Middle level management is the link between top and lower level managers. So middle level manager consist of finance manager. President and chairman are a part of top level management and a supervisor comes under operational or supervisory level.

Non-economic activities are those activities which do not generate any income or money while they are carried out. Patriotism, sentiment, sympathy are all emotions, feelings of an individual whereas teaching is an activity which involves money transfer after it is carried out (unless it is intentionally carried out without any pay). Because a teacher gets salary for teaching, it is not an example of non-economic activity.