Fundamentals Areas of Business Test 10

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Fundamentals Areas of Business Test 10

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Weekly Quiz Competition

Question 1
1 / -0

Which approach that seeks to the link strategy, business, performance and HRM policies and practices, assumes that there are a number of HRM practices that are suitable for all organizations?

A
Best practice

B
Best fit

C
Resource-based view

D
Life cycle models

Solution

Best practice method of human resource management states that there are a number of HR activities that can e followed by every organisation for a competitive advantage irrespective of the organisational structure. It shows the relationship between good practices of HR and organisational performance in terms of employee commitment and satisfaction. It integrates all the requirements for effective HRM into one method without considering the strategies and policies.
Question 2
1 / -0

The scope of human resource management includes:

A
Production

B
Marketing

C
Inventory management

D
Training & Development

Solution

Human resource management deals with the most valuable resource of the organization. It is the effective management of employees and bringing out the best from them so that it helps the organisation as well the employee to compete in the market. It aims at evaluating performance of the employees and providing them with training and development to the employees for better results and greater contribution to productivity.
Hence, option (D) is the correct answer.
Question 3
1 / -0

The offer curve shows

A
the exchange ratio between two commodities in terms of opportunity costs

B
the various quantities of its exportable commodity a country is willing to exchange for an importable commodity at various international prices

C
factor price = Marginal product of the factor

D
capital inflows

Solution

The offer curve shows the different quantities of a particular commodity demanded by one country from the other at the different relative prices of their products. ...
Question 4
1 / -0

The present value of the future contributions of employees is one of the methods of_______________.

A
Human Resource Accounting

B
Inflation Accounting

C
Social Accounting

D
Responsibility Accounting

Solution

Human resource accounting is providing the cost of acquiring, allocating and maintaining human resources, developing effective management practices. This is done for better human resource planning i.e., how the employees be trained, skills to be provided so that they contribute for the organisation and lead to growth in future. It is done to reduce labour turnover so that the self confidence and morale of the employees increases and they work harder.
Question 5
1 / -0

In which stage of HR intranet site development are multiple sites linked together to create a seamless experience for the individual?

A
Personalised

B
Integrated

C
Transactional

D
Brochureware

Solution

The integrated method of human resource management understands the need for HRM in the competitive world to go ahead of all. It recognizes the need for reaching high through skilled employees, distinct organizational structure, management systems and processes. It is a combination of rational and progressive approaches dependent on strategic reference and two important variables i.e., reliance on the labor market in addition to quantity, and quality of control over the labor process.
Hence, option (B) is the correct answer.
Question 6
1 / -0

After conducting the business analysis for developing a new product, a company must do ________.

A
idea generation

B
product positioning

C
product development and testing

D
test marketing

Solution

Product developing and testing refers to the process of developing the best suitable product to meet the target market's needs and testing whether the product developed by the company actually satisfies the target market's needs or not.
Question 7
1 / -0

Indicate the correct statement_________.

A
India has been a pioneer in social marketing

B
Advertising Standards Council of India is a statutory body set up by government of India

C
Both A and B are incorrect

D
Both A and B are correct
Question 8
1 / -0

The field of HRM was founded on the idea that the competitive advantage of the organization relies on the following source of capital:

A
Cultural, human and system capital

B
Social, cultural and human capital

C
cultural, source capital and system capital

D
Cultural, human and source capital

Solution

Human resource management is the evaluation of the organization's human resources, performance, needs, grievances, etc. It aims at the overall development of the employees so that they contribute more to the company's growth and help it compete with the outside market. It relies on the idea of social, cultural, and human capital. Social capital is the customer's satisfaction and loyalty toward the organization which helps it win over the competitors. Cultural capital is the unique method followed by the organization or the unique ideas which provide it an edge over its competitors. Human capital increases the income of individuals by enhancing their technical skills and generating more job opportunities.
Hence, option (B) is the correct answer.
Question 9
1 / -0

Which of the following functions of HRM deals with 'Collective Bargaining'?

A
Staffing

B
Forecasting

C
Employee-assistance management

D
Employee relations management

Solution

Employee relation management refers to managing the relationship between the various employees in the organization. Collective bargaining is the group process of negotiating work-related issues with the hope of coming to an agreement. It depends on mutual understanding and give and take principles between the employer and the employees. It helps the unskilled workers to voice their opinion and grievances to their superiors.
It helps in creating a friendly environment in the organization when the views of the subordinates are heard. It boosts the morale of the employees and they contribute more to the organization.
Hence, option (D) is the correct answer.
Question 10
1 / -0

Strategic human resources management involves :

A
Financing project marketing related programming

B
Setting employment standards and policies

C
Linking human resources with strategic objectives to improve performance

D
Project planning

Solution

Strategic human resource management is the connection between a company's human resources and its strategies, objectives, and goals. It aims at improving flexibility, develops a fit organizational structure and improves business performance. For better implementation of strategic human resource management, the strategies need to be planned according to the needs of the employees as the company's growth is directly linked with the human resources.
Hence, option (C) is the correct answer.

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Re-Attempt Weekly Quiz Competition

Fundamentals Areas of Business Test 10

Result

Fundamentals Areas of Business Test 10

Score

-

Rank

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SHARING IS CARING

Question 1

Best practice

Best fit

Resource-based view

Life cycle models

Solution

Question 2

Production

Marketing

Inventory management

Training & Development

Solution

Question 3

the exchange ratio between two commodities in terms of opportunity costs

the various quantities of its exportable commodity a country is willing to exchange for an importable commodity at various international prices

factor price = Marginal product of the factor

capital inflows

Solution

Question 4

Human Resource Accounting

Inflation Accounting

Social Accounting

Responsibility Accounting

Solution

Question 5

Personalised

Integrated

Transactional

Brochureware

Solution

Question 6

idea generation

product positioning

product development and testing

test marketing

Solution

Question 7

India has been a pioneer in social marketing

Advertising Standards Council of India is a statutory body set up by government of India

Both A and B are incorrect

Both A and B are correct

Question 8

Cultural, human and system capital

Social, cultural and human capital

cultural, source capital and system capital

Cultural, human and source capital

Solution

Question 9

Staffing

Forecasting

Employee-assistance management

Employee relations management

Solution

Question 10

Financing project marketing related programming

Setting employment standards and policies

Linking human resources with strategic objectives to improve performance

Project planning

Solution

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