Question 1

Question 19: When a business receives cash from a customer, which accounts are affected?

Accepted Answer

B) Cash (Credit), Accounts Receivable (Debit)

Cash is credited, and Accounts Receivable is debited when a business receives cash from a customer.

Question 2

Question 7: What is the primary objective of conducting mock interviews in a corporate setting?

Accepted Answer

b) Training and skill development

Mock interviews are conducted to provide practice, refine interview skills, and enhance the overall performance of individuals in real interview scenarios.

Question 3

Q5: What is the nature of planning in organisational management?

Accepted Answer

A. Dynamic

Planning is dynamic and requires constant adjustment to meet changing conditions.

Question 4

Q1: What is the primary purpose of planning in an organisation?

Accepted Answer

C. Goal setting

Planning involves setting organisational goals and objectives to guide decision-making and resource allocation.

Question 5

Question 12: What is the primary goal of the public sector?

Accepted Answer

c) Service provision

The public sector focuses on providing essential services to the public, often without a profit motive.

Question 6

Question 9: A distribution with positive kurtosis is said to be:

Accepted Answer

C) Leptokurtic

Leptokurtic distributions have heavier tails and a more peaked central region.

Question 7

Q20: Why is innovation often hindered by excessive planning?

Accepted Answer

D. May resist change

Excessive planning can create resistance to change, hindering innovation.

Question 8

Question 15: Kurtosis is concerned with the:

Accepted Answer

A) Shape of the distribution

Kurtosis assesses how the tails of a distribution compare to the normal distribution.

Question 9

Question 12: What are the rights of an unpaid seller?

Accepted Answer

d) All of the above

Explanation: The rights of an unpaid seller include the retention of goods, refusal to deliver, and compensation for losses.

Question 10

Question 15: Who has the right to cancel an auction sale?

Accepted Answer

a) Seller

Explanation: The seller generally has the right to cancel an auction sale, especially if the highest bid does not meet a reserve price.

Question 11

Q8: In what way can excessive planning contribute to organisational inefficiency?

Accepted Answer

B. Wasting resources

Excessive planning without implementation can lead to resource wastage.

Question 12

Question 16: What does the concept of Karma signify in the context of work life in Indian philosophy?

Accepted Answer

B) Action and responsibility

Karma in Indian philosophy signifies the importance of action and taking responsibility in work life.

Question 13

Q11: Why is planning considered essential for organisational success?

Accepted Answer

C. It provides a sense of direction

Planning provides a roadmap and sense of direction for achieving organisational goals.

Question 14

Question 20: What is the purpose of the rules of debit and credit in accounting?

Accepted Answer

A) Ensure equality in financial transactions

The rules of debit and credit ensure that the accounting equation remains in balance by maintaining equality in financial transactions.

Question 15

Question 14: Which financial statement is prepared using the balances of the ledger accounts?

Accepted Answer

B) Balance Sheet

Description : The Balance Sheet is prepared using the balances of the ledger accounts, presenting the financial position of a business.

Question 16

Question 9: When is a Trial Balance prepared in the accounting cycle?

Accepted Answer

C) Before Preparing Financial Statements

A Trial Balance is prepared before financial statements to ensure the equality of debits and credits.

Question 17

Q 12: In the context of organisational learning, what does the term knowledge management primarily focus on?

Accepted Answer

B

Explanation: Knowledge management involves the processes of capturing, organising, and utilising knowledge within an organisation.

Question 18

Question 14: What is a characteristic of the private sector?

Accepted Answer

c) Profit motive

The private sector is driven by the profit motive and aims to maximise financial gains.

Question 19

Question 17: What is the goal of Indias National Health Policy in relation to population?

Accepted Answer

C) Achieving zero population growth

The National Health Policy aims to achieve a stable population growth rate.

Question 20

If the cross-price elasticity of two goods is negative, it indicates that they are:

Accepted Answer

a) Complementary goods

A negative cross-price elasticity suggests that the goods are complementary; when the price of one rises, the demand for the other falls.

Unit 2 — Question Paper

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