Class 12 Organisation of Commerce and Management – Daily Revision MCQ (English Medium)
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For his contribution to the development of management thought through scientific experiments, who is known as the 'Father of Scientific Management'?
Chapter 1: Principles of Management
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Answer: C. F. W. Taylor
F. W. Taylor (1856–1915) applied scientific techniques instead of rule of thumb, so he is called the Father of Scientific Management.Who gave the keyword 'POSDCORB' for the functions of management?
Chapter 2: Functions of Management
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Answer: A. Luther Gulick
Luther Gulick coined POSDCORB: Planning, Organizing, Staffing, Directing, Co-ordination, Reporting and Budgeting.Which function of management is called the basic function because every other function is based on it?
Chapter 2: Functions of Management
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Answer: D. Planning
Planning means deciding in advance what is to be done; all other functions of management are based on it.The word 'entrepreneur' comes from the French verb 'entreprendre', which means:
Chapter 3: Entrepreneurship Development
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Answer: B. to undertake
'Entreprendre' means 'to undertake'; an entrepreneur undertakes a business and is willing to bear the risk of loss.In e-banking, RTGS stands for:
Chapter 4: Business Services
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Answer: B. Real Time Gross Settlement
RTGS is Real Time Gross Settlement: funds move between banks in real time and each transaction is settled on its own (gross) basis.When both the buyer and the seller in an e-business transaction are business firms, the transaction falls under:
Chapter 5: Emerging Modes of Business
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Answer: D. B2B
In B2B (Business to Business) both parties are business firms, e.g. a firm buying components from a supplier.Which form of outsourcing is a subset of BPO and covers more knowledge-based and specialised work?
Chapter 5: Emerging Modes of Business
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Answer: A. KPO (Knowledge Process Outsourcing)
KPO is a subset of BPO in which knowledge-based, specialised work is outsourced to a third party.The concept of 'Trusteeship', under which businessmen are considered trustees of society's wealth, was put forward by:
Chapter 6: Social Responsibilities of Business
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Answer: C. Mahatma Gandhi
Trusteeship is a socio-economic philosophy propounded by Mahatma Gandhi: the wealthy should act as trustees for the welfare of people.In India, 'National Consumer Day' is observed every year on:
Chapter 7: Consumer Protection
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Answer: A. 24th December
24th December is National Consumer Day; 15th March is observed as World (International) Consumer Rights Day.The term 'market' is derived from the Latin word 'mercatus'. What does it mean?
Chapter 8: Marketing
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Answer: C. to trade
'Mercatus' means 'to trade' or a place where business is transacted.
Class 12: MCQ in other subjects
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All questions are written by PadhaiNotes in our own words from the chapters of the official Maharashtra State Board Balbharati textbook (ebalbharati.in). Each question shows its chapter.