✅ Correct Answer: A, B, and D only

📘 Explanation:

The passage clearly states:

“The non-mandatory recommendations were to apply to all the listed private and public sector companies, their directors, management, employees, and professionals associated with such companies.”

This directly confirms:

• ✅ A. Listed private companies – Mentioned in the scope.

• ✅ B. Listed public sector companies – Also included in the scope.

• ✅ D. Professionals associated – Explicitly noted in the passage.

❌ C. Shareholders – Not mentioned as part of the group to whom non-mandatory recommendations apply.

✅ Final Answer: A, B, and D only

✅ Correct Answer: Auditor of the company must have experience of 10 years

📘 Explanation:

The passage mentions the following mandatory recommendations:

• ✅ Audit committee should contain 3 independent directors with one having financial and accounting knowledge – Clearly stated.

• ✅ The Board should hold at least 4 meetings in a year with a maximum gap of 4 months between 2 meetings to review operational plans – Clearly stated.

• ✅ Director shall not be a member of more than 10 committees and shall not act as chairman of more than 5 committees across all companies – Clearly stated.

❌ Auditor of the company must have experience of 10 years – This is not mentioned in the passage as part of the mandatory recommendations.

✅ Final Answer: Auditor of the company must have experience of 10 years

✅ Correct Answer: A, B, D, C, E

✅ Explanation:

✅ Final Answer: A, B, D, C, E

✅ Correct Answer: A-III, B-IV, C-I, D-II

✅ Explanation: The matching corresponds to the types of communication and their typical modes or channels:

• A. Downward communication (I. Joint Forum): Downward communication refers to the flow of information from higher levels of the organization to lower levels. A joint forum can be a formal method of communicating policies or decisions to employees at lower levels.

• B. Upward communication (IV. Grievance): Upward communication refers to information flowing from lower levels to higher levels of the organization. A grievance is a form of communication where employees express concerns, complaints, or issues to management.

• C. Horizontal communication (I. Joint Forum): Horizontal communication refers to the flow of information between peers or colleagues at the same level within the organization. Joint forums can be used for collaborative discussions or problem-solving among departments.

• D. External communication (II. Annual Reports): External communication occurs between an organization and its external stakeholders (such as customers, investors, or the public). An annual report is typically shared with external stakeholders to report on the organization’s performance, activities, and financial health.

✅ Final Answer: A-III, B-IV, C-I, D-II.

✅ Correct Answer: Existing boards of companies will be restructured

📘 Explanation:

The passage clearly states:

“The committee recognizes that compliance with the recommendations would involve restructuring the existing boards of companies.”

This means that in order to follow the recommended governance code, companies will need to modify their current board structure.

Why other options are incorrect: ❌

❌ Foreign company can list in the Indian stock exchanges – This is not discussed in the passage at all.

❌ There will be only two categories of companies – The passage does not mention or imply a reclassification of companies into two categories.

❌ Directors will have to be re-elected – There is no mention of mandatory re-election of directors in the passage.

✅ Final Answer: Existing boards of companies will be restructured

Correct Answer : ❌ J. K. Galbraith

✅ Explanation:

J. K. Galbraith is not directly related to oligopoly models. He was more focused on institutional economics, market power, and the role of large corporations in shaping consumer behavior and economic policy, rather than formulating specific oligopoly market models.

❌ Why the other options are incorrect (i.e., they are related to oligopoly):

Paul M. Sweezy: Known for the kinked demand curve model, which explains price rigidity in oligopoly markets.

Augustin Cournot: Developed the Cournot model, one of the earliest and most foundational oligopoly models, where firms choose quantities independently.

Hall and Hitch: Proposed the “average-cost pricing” model, based on surveys of real firms, often discussed in the context of oligopolistic behavior.

✅ Final Answer: J. K. Galbraith

✅ Correct Answer: (a) A, B and D only

📚 Explanation:

Management Information Systems (MIS) are used to manage, analyze, and support decision-making within organizations by providing structured information based on data. Let’s break down the options:

1. A. Transaction Processing System (TPS)✅: TPS is a system used to manage and process the day-to-day transactions of an organization. Although it’s more operational in nature, TPS data is crucial for MIS because it provides the transactional data that feeds into higher-level reports and analyses.

2. B. Enterprise Resource Planning (ERP)✅: ERP systems integrate core business processes, such as finance, HR, production, and supply chain management. These systems provide the data needed for MIS to create reports that help managers in decision-making and resource planning.

3. C. Operating System Kernel (OSK)❌: The OSK is not an MIS. It’s part of the core software of an operating system that manages hardware and software resources. While it is essential for computer operations, it doesn’t serve the function of managing organizational information or decision-making.

4. D. Decision Support System (DSS)✅: DSS is a system designed to assist with decision-making by analyzing data and presenting it in a way that supports managers in making informed decisions. While DSS is more interactive and analytical than traditional MIS, it still falls under the umbrella of information systems supporting management decisions.

✅ Final Answer: (a) A, B and D only

✅ Correct Answer: Skill enhancement

✅ Explanation:
Training as a developmental strategy for rural entrepreneurship is most directly related to skill enhancement. This approach aims to equip rural individuals with the necessary technical, managerial, and entrepreneurial skills to successfully initiate and manage business ventures. By improving competencies in areas such as business planning, financial management, marketing, and use of technology, skill enhancement fosters self-employment and enterprise development, especially in areas where formal employment opportunities are scarce.

❌ Why the other options are incorrect:

• Building modern infrastructure: While crucial for overall rural development, infrastructure development is a physical and logistical strategy, not a training-focused one.

• Credit support: This refers to providing financial assistance or access to loans and is part of financial inclusion policies, not directly related to skill-based training.

• Harmonize government efforts: This focuses on policy coordination and administrative efficiency, not on enhancing individual capabilities through training.

✅ Final Answer: Skill enhancement.

✅ Correct Answer: (d) A central repository for integrated data

✅ Explanation:

A data warehouse is primarily designed to support decision-making and business intelligence by consolidating data from multiple sources into a single, centralized repository. It integrates data from various heterogeneous sources, cleans and transforms it, and stores it in a way optimized for querying and reporting.

❌ Why the other options are incorrect:

(a) A system used for transaction processing: This describes an OLTP (Online Transaction Processing) system, which is optimized for day-to-day operations like order entry or financial transactions, not for analytics or data warehousing.

(b) A tool for generating real-time analysis: While modern data warehouses may support near-real-time data updates, traditional data warehouses are optimized for batch processing and historical analysis rather than real-time analytics.

(c) A database for unstructured data storage: Data warehouses typically handle structured data. For unstructured data (like text, images, or video), systems like data lakes or NoSQL databases are more suitable.

Final Answer: (d) A central repository for integrated data

✅ Correct Answer: A, B, C and E only

📘 Explanation:

Corporate-level strategies deal with overall organizational scope and direction, including how the company manages its various businesses and resources.

Concentration strategies, Retrenchment strategies, Simultaneous and sequential strategies, and Stability strategies are all examples of corporate-level strategies used to determine growth, downsizing, or maintaining the current position. These strategies guide the overall corporate portfolio decisions.

Stakeholder analysis map is a tool used for understanding stakeholders and is not classified as a corporate-level strategy.

✅ Final Answer: A, B, C and E only

✅ Correct Answer: Valuable, rare, costly to imitate, and efficiently organized

📘 Explanation:
The VRIO Framework is a tool for analyzing a company’s resources and capabilities to determine if they can provide a sustained competitive advantage. According to the framework, a resource leads to sustained competitive advantage if it is:

1. Valuable – it helps the firm exploit opportunities or neutralize threats.

2. Rare – not widely available to competitors.

3. Costly to Imitate – difficult or expensive for competitors to replicate.

4. Efficiently Organized – the firm must be able to leverage the resource effectively.

❌ Why the other options are incorrect:

• Valuable, widely available and flexible: This would not provide a competitive advantage, as being widely available would mean it’s not rare, and flexibility alone doesn’t guarantee sustained advantage.

• Rare, technologically advanced and easily substitutable: If the resource is easily substitutable, it would lose its value in providing a sustainable advantage.

• Unique, non-valuable and adaptable: A resource must be valuable to provide an advantage, so this option is incorrect.

✅ Final Answer: Valuable, rare, costly to imitate, and efficiently organized

✅ Correct Answer: A, B and D only

✅ Explanation:
A small-scale industrial unit is considered sick when there are significant signs of financial and operational distress. The following indicators from the options suggest such a condition:

• A. Borrowal Accounts of the unit remains substandard: This indicates financial stress and that the unit is unable to meet its debt obligations—one of the primary symptoms of industrial sickness.

• B. Erosion of the net worth due to accumulated losses: This reflects prolonged unprofitability and financial instability, a core criterion for classifying a unit as sick.

• D. Lack of commitment from the management part: Poor leadership or disinterest from management hampers decision-making and operational efficiency, further contributing to the decline of the unit.

❌ Why the other options are incorrect:

• C. The unit has been in commercial production for at least two years: This is a pre-condition to assess sickness under some norms, not a symptom of sickness itself.

• E. Competitors are flourishing: This may indicate external market competitiveness, but does not necessarily define the internal health or sickness of the unit.

✅ Final Answer: A, B and D only.

✅ Correct Answer: Personal Account

✅ Explanation: Outstanding wages refers to wages that a company owes to its employees but has not yet paid. Since outstanding wages represent amounts owed to specific individuals (the employees), it falls under Personal Accounts. In accounting, a Personal Account deals with entities like individuals, organizations, or creditors, and since outstanding wages are amounts owed to employees, it’s classified as a Personal Account.

❌ Why the other options are incorrect:

• Real Account: Real accounts represent assets or liabilities (like cash, buildings, or machinery). Outstanding wages don’t fall under this category because it’s not an asset or a physical property; it’s an obligation.

• Nominal Account: Nominal accounts relate to income, expenses, gains, or losses. While wages might be an expense, outstanding wages is an amount owed and thus a liability, not an expense or loss that would go into a nominal account.

✅ Final Answer: Personal Account.

✅ Correct Answer: Organisational culture

✅ Explanation:
The statement — “A system of shared meaning held by an organization’s members that distinguishes the organisation from others” — directly defines Organisational Culture. This refers to the values, beliefs, norms, and practices shared among members of an organization, which shape behavior and provide a unique identity that differentiates it from other organizations.

Organisational culture influences how employees interact, make decisions, and approach their work, and it plays a key role in employee satisfaction, performance, and alignment with organizational goals.

❌ Why the other options are incorrect:

• Organisational learning: Refers to an organization’s ability to acquire, share, and apply knowledge to improve over time — it does not define the shared meanings or identity of the organization.

• Organisational supremacy: This is not a standard term in organizational theory; it implies dominance or superiority but does not relate to shared meanings or internal culture.

• Organisational cohesiveness: Refers to the bond or unity among team members, but this focuses on group dynamics rather than the broader system of shared values and beliefs that define the organization’s uniqueness.

✅ Final Answer: Organisational culture.

✅ Correct Answer: Two categories

📘 Explanation:

The passage mentions that the committee’s recommendations are divided into mandatory and non-mandatory recommendations, which implies that the recommendations are classified into two categories.

❌ Three categories – This is not mentioned in the passage.

❌ Four categories – This is not mentioned in the passage.

❌ Five categories – This is not mentioned in the passage.

✅ Final Answer: Two categories

✅ Correct Answer: σ = √([1/12] (n² – 1))

📝 Note: We can derive the answer but we do not have that much time in the exam. We will use a shortcut method here. We will try to find out the standard deviation for the first 5 numbers and check which formula from the option fits the answer.

📘 Explanation:

Step 1: Find the Average

To start, we need to find the “average” of the numbers. For the first n numbers, we can find the average by adding up all the numbers and dividing by how many numbers there are.

For example, for the first 5 numbers: 1, 2, 3, 4, and 5:
Average = [1+2+3+4+5] / 5 = 15 / 5 = 3

So, the average is 3.

Step 2: Find How Far Each Number Is from the Average

Next, we look at how far each number is from the average. This is called the “difference.”

For example, for the first 5 numbers:

• How far is 1 from 3? It’s 2 steps away.
• How far is 2 from 3? It’s 1 step away.
• How far is 3 from 3? It’s 0 steps away.
• How far is 4 from 3? It’s 1 step away.
• How far is 5 from 3? It’s 2 steps away.

Step 3: Find the “Squared” Differences

Now, to make sure we don’t get negative numbers when we look at differences, we “square” each difference. Squaring means multiplying the number by itself.

For example:

• The difference for 1 was 2, so 2×2=4.
• The difference for 2 was 1, so 1×1=1.
• The difference for 3 was 0, so 0×0=0.
• The difference for 4 was 1, so 1×1=1.
• The difference for 5 was 2, so 2×2=4.

Step 4: Find the Average of the Squared Differences

Now we find the average of all these squared differences. This helps us see, on average, how far the numbers are from the average.

For example, the squared differences are 4, 1, 0, 1, and 4. We add them up:
4 + 1 + 0 + 1 + 4 = 10

Then, we divide by how many numbers there are (5 numbers):
Average of squared differences = 10 / 5 ​= 2

Step 5: Take the Square Root

Finally, to get the standard deviation, we take the square root of this average. The square root is just the opposite of squaring a number. So, for our example:

2^0.5 ​≈1.41

This is the standard deviation for the first 5 numbers.

Put n = 5 in all the alternatives and you can verify that only the right answer gives the value of sqrt(2).

✅ Final Answer: σ = √([1/12] (n² – 1))

✅ Correct Answer: Corporate Governance

📘 Explanation:

The passage explicitly states that the primary objective of the committee under Shri Kumar Mangalam Birla was to promote and raise the standards of good corporate governance. The committee prepared a ‘Code’ to suit the Indian corporate environment, which aligns with the topic of Corporate Governance.

❌ Investors’ Protection – This is not the primary focus of the committee as mentioned in the passage.

❌ Investors and Shareholders Awareness – While the committee views corporate governance from the perspective of investors and shareholders, the main focus is on corporate governance, not awareness.

❌ SEBI Guidelines on Market Operations – The passage does not refer to market operations or SEBI guidelines on that aspect.

✅ Final Answer: Corporate Governance

✅ Correct Answer: C, A, B, D, E

✅ Explanation:

In a cost sheet, the typical order of cost components is as follows:

1. C. Material Consumed

   • This is the first cost element listed. It includes raw materials used in production.

2. A. Prime Cost

   • Prime Cost = Direct Materials (i.e., material consumed) + Direct Labour + Direct Expenses.

3. B. Factory Cost (also called Works Cost)

   • Factory Cost = Prime Cost + Factory Overheads.

4. D. Cost of Production

   • Cost of Production = Factory Cost + Administration Overheads related to production.

5. E. Cost of Sales

   • Cost of Sales = Cost of Production + Selling & Distribution Overheads + Adjustments for opening/closing stock of finished goods.

✅ Final Answer: C, A, B, D, E

✅ Correct Answer: Achievement

✅ Explanation:

David McClelland’s Theory of Needs emphasizes the need for achievement as a key factor related to entrepreneurship. According to McClelland, individuals with a high need for achievement are more likely to become successful entrepreneurs. This theory is often referred to as the Achievement Motivation Theory.

McClelland identified three primary needs that drive human behavior:

1. Need for Achievement (n-Ach): The desire to accomplish challenging goals, take risks, and succeed. Entrepreneurs are often driven by this need to achieve and are motivated by success rather than the fear of failure.

2. Need for Affiliation (n-Aff): The desire for friendly relationships and to be accepted by others. This is less associated with entrepreneurship, as entrepreneurs often need to work independently and take risks.

3. Need for Power (n-Pow): The desire to influence or control others. While entrepreneurs can have this need, it’s not as directly linked to entrepreneurial behavior as the need for achievement.

McClelland’s research showed that people with a high need for achievement are more likely to pursue entrepreneurial ventures, take calculated risks, and be motivated to innovate and succeed in business.

❌ Why the other options are incorrect:

• Innovation: While innovation is crucial in entrepreneurship, McClelland’s theory specifically highlights the need for achievement as the motivating factor behind entrepreneurial behavior, not innovation directly.

• Political system: McClelland’s theory is unrelated to political systems. It focuses on individual psychological needs, not the political environment.

• Cultural values: Though culture can influence entrepreneurial behavior, McClelland’s theory emphasizes individual needs (especially the need for achievement), rather than external cultural factors.

✅ Final Answer: Achievement

✅ Correct Answer: (b) B, A, D, C

📚 Explanation:

The process of using artificial intelligence (AI) for predictive analysis typically follows these steps:

1. B. Collect and organize big data: The first step is gathering relevant data. This data can come from various sources such as sensors, social media, customer interactions, or transactional databases. It’s essential to organize and structure the data so that it can be used effectively for analysis.

2. A. Develop an AI model with predictive capabilities: Once the data is collected and organized, the next step is to build the AI model that can analyze the data and make predictions. This involves selecting the right machine learning or deep learning algorithms, training the model on historical data, and ensuring it has the capability to generate accurate predictions.

3. D. Evaluate the performance of the model: After the model is developed, it’s crucial to test and evaluate its performance using new, unseen data. Metrics like accuracy, precision, recall, and F1-score are used to determine how well the model predicts outcomes.

4. C. Integrate the AI system with the company’s software: Finally, once the model is refined and performs well, it is integrated into the company’s existing software or systems. This allows the model to provide real-time predictions and insights to business users.

✅ Final Answer: (b) B, A, D, C

✅ Correct Answer: There is a mismatch between the organisation strategy and its external environment over time

💡 Explanation:
Strategic Drift occurs when an organization’s strategy fails to keep pace with changes in the external environment. Over time, this misalignment results in a gap between what the market demands and what the organization offers. This drift is typically unintentional and is caused by internal resistance to change, complacency, or slow decision-making, ultimately leading to reduced competitiveness and performance.

❌ Why the other options are incorrect:

• Organizations deliberately move towards innovation:
  This represents a proactive and intentional approach to change, which contrasts with the passive and reactive nature of strategic drift.

• Organizations implement successful strategies consistently:
  This indicates stability and alignment with external conditions, not the misalignment that defines strategic drift.

• Firms experience rapid growth and expansion:
  Rapid growth suggests effective strategic alignment with the external environment, not a divergence from it.

✅ Final Answer: There is a mismatch between the organisation strategy and its external environment over time

✅ Correct Answer: Frederick W. Taylor started as a clerk in Midvale but advanced to a senior supervisor in 1880.

📘 Explanation:

The passage clearly mentions, “In 1877, Frederick W. Taylor started as a clerk in Midvale but advanced to foreman in 1880.” The key term is foreman, not “senior supervisor,” making the statement incorrect.

❌ Scientific management is a theory of management that analyzes and synthesizes workflow. – This is true as per the passage.

❌ By the 1920s, scientific management was still influential but had entered into competition and syncretism with opposing or complementary ideas. – This is accurate, as mentioned in the passage.

❌ Taylor began his theory’s development within manufacturing industries. – The passage states Taylor’s work was developed within manufacturing industries, particularly steel, confirming this statement.

✅ Final Answer: Frederick W. Taylor started as a clerk in Midvale but advanced to a senior supervisor in 1880.

✅ Correct Answer: B. Time, C. Work setting, E. Social setting

✅ Explanation: In the process of perception, certain factors are influenced by the situation or context in which perception occurs. These situational factors can shape how an individual interprets and responds to information.

• B. Time: The time of day, timing of events, or duration of exposure to something can all influence how we perceive it. For example, we may interpret a person’s behavior differently depending on whether it’s early in the morning or late in the evening.

• C. Work setting: The environment in which an individual works (such as a noisy office versus a quiet one) can affect how they perceive their surroundings or interactions with others. For instance, employees in a more relaxed, open setting might perceive leadership and teamwork differently than those in a more rigid, hierarchical environment.

• E. Social setting: The social environment in which individuals interact can shape their perceptions. The presence of peers, authority figures, or specific group dynamics can influence how one perceives others and their behavior.

❌ Why the other options are incorrect:

• A. Similarity: Similarity refers to how much we identify with others based on shared traits or experiences. This is a personal factor, not a situational one.

• D. Experience: Experience shapes perception, but it is an individual factor rather than one that changes depending on the situation. Experience involves one’s past learning or exposure to specific events, which is more internal.

✅ Final Answer: B. Time, C. Work setting, E. Social setting.

✅ Correct Answer: C, A, D, B

✅ Explanation:

Here is the correct sequence of steps involved in the enterprise registration process in India, particularly under MCA (Ministry of Corporate Affairs) for companies like Private Limited or LLPs:

🔹 C. Deciding your business structure

• The first step is to determine the type of business entity (e.g., sole proprietorship, partnership, LLP, private limited company, etc.).

• This affects the registration procedure, tax treatment, and legal liabilities.

🔹 A. Obtaining a Digital Signature Certificate (DSC)

• A DSC is mandatory for signing electronic documents while registering the company online.

• Directors or partners must obtain their own DSC from authorized agencies.

🔹 D. File for Name Approval

• After obtaining the DSC, the next step is to propose a unique company name and get it approved through the RUN (Reserve Unique Name) service on the MCA portal.

• The name must not conflict with existing registered names or trademarks.

🔹 B. File for Incorporation

• Once the name is approved, the incorporation forms (like SPICe+) are submitted with documents such as MOA (Memorandum of Association), AOA (Articles of Association), ID/address proofs, etc.

• After verification, the Certificate of Incorporation (CoI) is issued.

✅ Final Answer: C, A, D, B

🛑We believe there are some inconsistencies with the question, specifically whether to include or not to include sexual orientation as part of surface level diversity. Hence we have justified the alternative based on the answer provided by the exam authorities.

✅ Correct Answer: A, B, D

✅ Explanation:

Surface-level diversity refers to observable characteristics that are visible and easy to identify. These characteristics include things such as age, gender, race, physical appearance, and physical disabilities. These are often the first traits we notice when we interact with others.

Here’s how each option fits into surface-level diversity:

• A. Age: Surface-level diversity – Age is a visible characteristic and is one of the first things we notice about a person. Different age groups bring various perspectives and experiences to the workplace.

• B. Sexual Orientation : Surface-level diversity – Sexual Orientation is an observable characteristic and an important part of surface-level diversity. This diversity can impact the dynamics and effectiveness of teams.

• D. Physical Disability: Surface-level diversity – Physical disabilities are often visible and can influence how employees interact with their work environment. This is a key aspect of surface-level diversity.

Why the other options are incorrect:

• C. Number aptitude: Not a part of surface-level diversity – This refers to cognitive abilities and is not visible. Number aptitude falls under deep-level diversity, which involves differences in skills, knowledge, and cognitive abilities that are not immediately observable.

• E. Length of Tenure: Not a part of surface-level diversity – Length of tenure refers to how long an employee has been with the organization, which is not visible or immediately observable. This is more related to an individual’s experience and falls under deep-level diversity.

✅ Final Answer: A, B, D.

✅ Correct Answer: Mission, corporate appraisal

📘 Explanation:
Strategic analysis involves evaluating an organization’s overall purpose (mission) and assessing its internal and external environment (corporate appraisal). This helps in understanding where the organization currently stands and guides strategic planning. It focuses on big-picture elements that influence long-term direction rather than specific operational choices.

❌ Why the other options are incorrect:

• Market segmentation, product selection: These are marketing tactics, not part of the broad strategic analysis.

• Selection of competitors, choice of distribution channel: These are competitive and tactical decisions within marketing strategy, not the core focus of strategic analysis.

• Manpower planning, manpower inventory: These relate to human resource management and do not encompass the full scope of strategic analysis.

✅ Final Answer: Mission, corporate appraisal

✅ Correct Answer: B, C, A, E, D

🧾 Explanation:

Here’s the correct chronological order of the major events in the development of the International Monetary System:

• B. Classical Gold Standard (1870s – 1914):
  Countries fixed the value of their currencies in terms of a specific amount of gold. This system collapsed during World War I.

• C. Gold Exchange Standard (Interwar Period, especially 1920s – 1930s):
  A modified version of the gold standard where currencies were pegged to either gold or to a currency convertible into gold, such as the British pound or U.S. dollar.

• A. Bretton Woods System (1944 – 1971):
  Established after World War II, this system fixed exchange rates against the U.S. dollar, which was convertible to gold. It led to the creation of the IMF and the World Bank.

• E. Louvre Accord (1987):
  An agreement among major industrialized nations to stabilize the international currency markets and halt the decline of the U.S. dollar following the Plaza Accord (1985).

• D. European Union (Formally established in 1993):
  The EU led to deeper economic integration among European nations, eventually resulting in the formation of the Eurozone and the adoption of a common currency.

✅ Final Answer: B, C, A, E, D

✅ Correct Answer: A-IV, B-III, C-II, D-I

✅ Explanation:

• A. Selective perception → IV. Selective perception is when an individual interprets information based on their own interests, background, experiences, and attitudes. This causes them to filter and interpret what they perceive in a way that fits their personal views or preferences.

• B. Halo effect → III. The Halo effect refers to the tendency to form a positive general impression about someone based on one single positive trait or characteristic. For example, if someone is well-spoken, they may be judged as being competent overall, even if their other qualities don’t necessarily align.

• C. Stereotyping → II. Stereotyping involves making assumptions about someone based on their membership in a particular group, rather than assessing their individual traits or abilities. For instance, assuming that someone is good at math because they belong to a specific ethnic group is a form of stereotyping.

• D. Horns effect → I. The Horns effect is the opposite of the Halo effect, where a negative trait leads to a negative overall impression. For example, if someone has poor punctuality, they may be perceived as lazy or unprofessional overall, even if other aspects of their behaviour are positive.

✅ Final Answer: A-IV, B-III, C-II, D-I

✅ Correct Answer: Extracting patterns and knowledge from large datasets

✅ Explanation:

Data mining is the process of discovering useful patterns, trends, correlations, or insights from large volumes of data using statistical, machine learning, and analytical techniques. It is a key component of the knowledge discovery in databases (KDD) process and is widely used in fields such as marketing, fraud detection, and business intelligence.

Data mining goes beyond simply storing or organizing data—it involves analyzing data to find previously unknown and potentially valuable information.

❌ Why the other options are incorrect:

• Cleaning and storing data in a database:
  ❌ This is part of data preprocessing or data warehousing, not data mining. It prepares data for mining but doesn’t involve analysis.

• Structuring unorganised data into relational formats:
  ❌ This refers to data modeling or database design, not data mining.

• Creating storage schemas for raw data:
  ❌ This is related to database schema design or data architecture, not to the extraction of patterns or knowledge.

✅ Final Answer: Extracting patterns and knowledge from large datasets

✅ Correct Answer: A. Forming → C. Storming → E. Norming → D. Performing → B. Adjourning

✅ Explanation:
This is the classic Five-Stage Model of Group Development proposed by Bruce Tuckman. It outlines how teams typically evolve over time:

1. Forming – Team members meet and start to understand the group’s purpose. There’s polite behavior and uncertainty about roles.

2. Storming – Conflicts may arise as personalities clash and individuals compete for roles or influence.

3. Norming – The group starts to establish norms, resolve differences, and work more cohesively.

4. Performing – The team reaches peak productivity, collaboration is strong, and goals are achieved effectively.

5. Adjourning – (Added later by Tuckman) The group disbands after achieving its goals, often with some emotional reflection or closure.

✅ Final Answer: A → C → E → D → B

✅ Correct Answer: Operant conditioning theory

✅ Explanation:
Operant conditioning theory, developed by B.F. Skinner, explains learning as a process where voluntary behaviors are shaped by consequences. Specifically, behaviors followed by rewards (positive reinforcement) or the removal of unpleasant stimuli (negative reinforcement) are more likely to be repeated. This theory focuses on strengthening or weakening behaviors through reinforcement and punishment, making it directly aligned with the statement provided.

❌ Why the other options are incorrect:

• Social learning theory: Focuses on learning through observation and imitation, especially of role models, and includes concepts like vicarious reinforcement, but does not involve direct conditioning through rewards or punishments tied to voluntary behavior.

• Classical conditioning theory: Developed by Ivan Pavlov, this theory involves learning through associating two stimuli, typically leading to an involuntary response (like salivation), not voluntary behavior shaped by rewards or punishments.

• Behaviorism theory: While behaviorism is the broader school of thought that includes operant conditioning, the term itself doesn’t specify the mechanism of reinforcement through voluntary behavior. It includes both classical and operant conditioning approaches.

✅ Final Answer: Operant conditioning theory.

✅ Correct Answer: (a) Operational, Tactical, Strategic

✅ Explanation:

In Management Information Systems (MIS), the decision-making process is typically classified into three levels: Operational, Tactical, and Strategic. These levels reflect the hierarchy of decision-making in an organization:

• Operational Level:
  Decisions are routine and structured, dealing with day-to-day operations. Example: inventory control, payroll processing.

• Tactical Level:
  Mid-level decisions that are semi-structured. Managers use MIS to allocate resources or plan departmental activities. Example: budget allocation, sales planning.

• Strategic Level:
  High-level, unstructured decisions focused on long-term goals and policies. MIS supports executives in analyzing trends and making strategic choices. Example: market expansion, product development strategies.

❌ Why the other options are incorrect:

• (b) Local, National, Global:
  These are geographic or scope-based classifications, not levels of decision-making in MIS.

• (c) Financial, Managerial, Operational:
  These refer to functional areas within a business, not decision-making levels.

• (d) Direct, Indirect, Strategic:
  “Direct” and “Indirect” are not standard categories in MIS decision levels. Only “Strategic” aligns, making this grouping inconsistent with accepted MIS classifications.

✅ Final Answer: (a) Operational, Tactical, Strategic

✅ Correct Answer: A, C, D only

📘 Explanation:

Business Process Reengineering (BPR) is about fundamentally rethinking and radically redesigning business processes to achieve dramatic improvements in critical performance measures such as cost, quality, service, and speed.

Key aspects of BPR include:

• Radical Redesign (A):
  BPR involves completely rethinking and redesigning processes rather than making small improvements.

• Fundamental Rethinking (C):
  It requires questioning existing assumptions and taking a fresh look at how work is done.

• Dramatic Results (D):
  The goal is to achieve significant, breakthrough improvements, not just incremental changes.

❌ Why the other options are incorrect:

• Operational Redesign (B):
  This implies more incremental or operational improvements, which is contrary to the radical nature of BPR.

• Operational Transformation (E):
  This is not a standard term associated with BPR and implies a gradual change rather than radical redesign.

✅ Final Answer: A, C, D only

✅ Correct Answer: Midvale Steel Company

📘 Explanation:

The passage clearly states, “The Midvale Steel Company, ‘one of America’s great armor plate making plants,’ was the birthplace of scientific management.” Therefore, the correct answer is Midvale Steel Company.

❌ Bethlehem Steel Corporation and Bethlehem Steel Incorporation are not mentioned in the passage as the birthplace of scientific management.

❌ Midvale Steel Corporation is also not a correct term as per the passage; the correct term is Midvale Steel Company.

✅ Final Answer: Midvale Steel Company

✅ Correct Answer: 1870s

📘 Explanation:

The passage states, “In 1877, Frederick W. Taylor started as a clerk in Midvale,” indicating that Taylor began his career at the Midvale Steel Company in the 1870s.

❌ 1860s – The passage does not mention Taylor starting his career in the 1860s.

❌ 1880s – Taylor started his career in the 1870s, though he advanced to foreman in the 1880s.

❌ 1890s – The passage does not suggest that Taylor started his career in the 1890s.

✅ Final Answer: 1870s

✅ Correct Answer: A, C, B, D

✅ Explanation:

A business plan follows a logical sequence to present information in a clear and persuasive way for investors, partners, or internal planning. Here’s the ideal order for the components listed:

🔹 A. Executive Summary

• Comes first, but is usually written last.

• Provides a brief overview of the entire business plan.

• Includes highlights from all sections: business concept, market opportunity, financial projections, etc.

• It helps readers quickly understand what the business is and why it will succeed.

🔹 C. Description of Business

• Provides detailed information about the business:

  • Nature of the business

  • Vision and mission

  • Products/services offered

  • Industry background and business objectives

🔹 B. Management and Organization Plan

• Introduces the organizational structure and the key members of the team.

• Describes roles, responsibilities, and backgrounds of the founders and leadership.

• Important for showing how the business will be run and by whom.

🔹 D. Financial Plan

• Typically the last major section.

• Includes projections for:

  • Income statement

  • Balance sheet

  • Cash flow statement

• Also includes funding requirements and break-even analysis.

✅ Final Answer: A, C, B, D

✅ Correct Answer: A-IV, B-III, C-II, D-I

✅ Explanation:

Let’s match LIST-I (Cash Flow) with LIST-II (Activities):

Explanation of the Matching:

1. A. Short term deposit → IV. Cash and cash equivalents

   • Short-term deposits (usually with a maturity of three months or less) are considered cash equivalents because they are highly liquid and can be easily converted into cash.

2. B. Proceeds from issue of equity shares → III. Financing Activities

   • The issuance of equity shares is a financing activity as it involves the raising of capital through equity, which affects the entity’s capital structure.

3. C. Purchase of Machinery → II. Investing Activities

   • The purchase of machinery is classified as an investing activity because it involves the acquisition of long-term assets that are expected to generate future economic benefits.

4. D. Employee benefits expenses paid → I. Operating Activities

   • Employee benefits expenses paid, such as salaries and wages, are part of the core operations of the business and are thus classified as operating activities.

✅ Final Answer: A-IV, B-III, C-II, D-I

✅ Correct Answer: PERT

📘 Explanation:

• PERT: A technique used for planning and scheduling complex projects, especially when the duration of project tasks is uncertain. PERT helps in managing time, evaluating project timelines, and identifying the critical path of tasks to minimize project delays.

❌ Why other options are incorrect:

• EOQ (Economic Order Quantity): A technique used in inventory management to determine the optimal order quantity that minimizes the total cost of inventory, including ordering and holding costs. It’s not specifically for project management.

• VAM (Vogel’s Approximation Method): A method used to find an initial feasible solution for the transportation problem in operations research. It helps in minimizing transportation costs but is not related to project management.

• LCM (Least Cost Method): A method used in transportation problems to minimize transportation costs by allocating resources based on the least cost per unit. It is not used in project management.

✅ Final Answer: PERT

✅ Correct Answer: Portfolio Matrix

📘 Explanation:
The Portfolio Matrix (also known as the BCG Matrix) is a strategic tool used by firms to allocate resources by linking business growth rate with the relative competitive position (market share) of the firm’s business units or products. It classifies businesses into categories like Stars, Cash Cows, Question Marks, and Dogs based on these two dimensions, helping managers decide where to invest, develop, or divest. This helps prioritize resources to maximize growth and profitability.

❌ Why the other options are incorrect:

• Strategy: This is a broad concept, not a specific tool for resource allocation based on growth rate and competitive position.

• Delphi technique: A forecasting method involving expert consensus, not a resource allocation tool.

• TOWS matrix: A strategic planning tool that matches internal strengths/weaknesses with external opportunities/threats but does not directly link growth rate with competitive position.

✅ Final Answer: Portfolio Matrix

✅ Correct Answer: A – III, B – IV, C – II, D – I

📘 Explanation:

• A. ANOVA test → III:
  ANOVA (Analysis of Variance) is used to compare means across multiple groups and determine if they have been drawn from the same population.

• B. T-Test → IV:
  The T-test is typically used when the sample size is small (n ≤ 30) and the population standard deviation is unknown.

• C. Z-Test → II:
  The Z-test is applicable when the sample size is large (n > 30) and the population standard deviation is known.

• D. Goodness of fit Test → I:
  This test checks how well the observed data matches the expected distribution, testing the validity of assumptions about the population distribution (often a Chi-square test).

✅ Final Answer: A – III, B – IV, C – II, D – I

✅ Correct Answer: Technological Innovation

✅ Explanation:

• It involves upgrading existing technology (like SMS to instant messaging or voice assistants).

• It improves the efficiency, quality, and user experience of communication tools.

• It often results from R&D and advancements in software or communication tech (e.g., encryption, voice recognition, AI in messaging).

❌ Why the other options are incorrect:

• Radical Innovation: Involves completely new technologies or business models that disrupt entire industries. Text/voice messaging innovations are typically incremental.

• Breakthrough Innovation: Brings significant advancement but is often rarer and more dramatic than updates in messaging systems.

• Ordinary Innovation: Involves small, gradual improvements without new technology—text and voice messaging improvements typically rely on tech advances, so this doesn’t fully apply.

✅ Final Answer: Technological Innovation

✅ Correct Answer: (a) A, B, C, D

📚 Explanation:

The steps involved in building a data warehouse follow a logical sequence where data flows from raw source systems to actionable insights. Here’s how each step works:

1. Data extraction from source system (A): Data is first collected from various operational systems or external sources, typically through ETL (Extract, Transform, Load) processes. These systems could include CRM, ERP, or external APIs.

2. Data transformation and cleaning (B): Once the data is extracted, it’s transformed into a consistent format. This stage involves cleaning the data, handling missing values, and ensuring consistency, such as converting date formats or standardizing units of measure.

3. Data storage in the warehouse (C): The cleaned and transformed data is then loaded into the data warehouse. This data is typically structured in a way that facilitates efficient querying and reporting.

4. Data presentation and reporting (D): Finally, the data is made available for analysis and reporting, often through Business Intelligence (BI) tools that allow users to visualize and interpret the data for decision-making.

✅ Final Answer: (a) A, B, C, D

✅ Correct Answer: Deterministic

📘 Explanation:

Deterministic (D/D/1 or D/D/c): Correct model, because both the arrival process and the service times are deterministic (fixed intervals for both).

❌ Why other options are incorrect:

• Poisson-Exponential Single Server (M/M/1): Not suitable because both the arrival times and service times are random, while in the described case, they are fixed and deterministic.

• Poisson-Exponential Dual Server (M/M/2): Not suitable because the system has two servers and the service times are random, while the described case only involves one server and deterministic service times.

• Poisson-Exponential Multiple Server (M/M/c): Not suitable because it assumes random arrivals and random service times, but the described system has deterministic arrivals and service times.

✅ Final Answer: Deterministic

✅ Correct Answer: Leadership

✅ Explanation:
Leadership is the quality of an entrepreneur that involves harnessing the power of relationships, putting people first, and empowering others to take on challenges. A strong entrepreneurial leader inspires trust, builds teams, motivates individuals, and drives collective effort toward a shared vision. This people-centric approach is key to mobilizing support, managing change, and fostering innovation.

❌ Why the other options are incorrect:

• Creativity: Refers to the ability to generate innovative ideas or solutions, but not necessarily to managing or empowering people.

• Achievement motivation: Involves the internal drive to accomplish goals and attain success, focusing more on personal ambition than on leading others.

• Administration: Deals with organizing, planning, and managing resources efficiently, but lacks the interpersonal and motivational aspects central to leadership.

✅ Final Answer: Leadership.

✅ Correct Answer: Rapid change in competitive forces in the business environment due to the entry of multinational corporations

📘 Explanation:

Liberalization opens up the economy to foreign players, especially multinational corporations, increasing competition dramatically. This new competitive environment forces domestic companies to engage in more detailed and forward-looking strategic planning to survive and thrive. The entry of MNCs brings in new technologies, business models, and marketing strategies, raising the stakes for local businesses and making strategic planning crucial.

❌ Why the other options are incorrect:

Change in the technological environment:
While technology impacts business strategies, it is not directly linked to liberalization. Technological changes occur independently and may or may not coincide with economic liberalization.

Change in the career expectations of people at household level:
Career expectations affect human resource planning and management, but they do not directly influence the overall importance of strategic planning caused by liberalization.

Growing cases of labour regulations and laws:
Labour laws affect operational compliance and HR functions but are not a primary driver for increased strategic planning due to liberalization of the economy.

✅ Final Answer: Rapid change in competitive forces in the business environment due to the entry of multinational corporations

✅ Correct Answer: 1880s and 1890s

📘 Explanation:

• 1880s and 1890s: ✅ True – Taylor began developing the concept of Scientific Management during these decades, specifically within manufacturing industries like steel.

Why the other options are incorrect:

• 20th Century: ❌ False – While scientific management was influential in the 20th century, its origin dates back to the 1880s and 1890s.

• 21st Century: ❌ False – Scientific Management emerged much earlier, in the late 19th century, not in the 21st century.

• 1890s and 1900s: ❌ False – Though the theory gained more influence in the 1910s, its development primarily occurred in the 1880s and 1890s.

✅ Final Answer: 1880s and 1890s

✅ Correct Answer: (a) A, B and C only

📚 Explanation:

Management Information Systems (MIS) are designed to help organizations with decision-making and management processes by providing useful, timely, and accurate information. Here’s how each option fits into the functions of MIS:

1. A. To support tactical and operational decision-making✅: One of the primary functions of MIS is to support tactical (mid-level) and operational (day-to-day) decision-making. MIS systems provide managers with the data and reports they need to make decisions regarding business operations, performance, and resources.

2. B. To process data into meaningful information✅: MIS plays a critical role in converting raw data into structured, meaningful information. This transformation helps decision-makers understand the data and make informed choices based on it.

3. C. To predict future data trends✅: MIS systems can use historical data and provide insights or forecasts based on past patterns, which can support decision-making for future planning.

4. D. To develop artificial intelligence algorithms❌: This is not a function of MIS. Developing AI algorithms is typically the domain of more specialized systems, such as data science platforms or machine learning frameworks, not traditional MIS.

✅ Final Answer: (a) A, B and C only

✅ Correct Answer: A and D only

✅ Explanation:

A flow of fund occurs when there is a change in working capital, i.e., a transaction affects current assets or current liabilities in a way that alters total working capital.

Let’s analyze each option:

A. Purchase of furniture for cash

• Furniture = Non-current asset (increase)

• Cash = Current asset (decrease)
  ➡️ One current and one non-current item involved → Yes, flow of fund

B. Payment of outstanding wages for cash

• Both outstanding wages (current liability) and cash (current asset) are current items
  ➡️ Just a reshuffling within working capital → No flow of fund

C. Purchase of building by issue of shares

• Building = Non-current asset

• Share capital = Equity
  ➡️ No current asset or liability involved → No flow of fund

D. Payment of creditor by issue of debenture

• Creditor = Current liability (decrease)

• Debenture = Non-current liability (increase)
  ➡️ One current and one non-current item involved → Yes, flow of fund

E. Cash collection from debtors

• Cash (current asset) increases

• Debtors (current asset) decrease
  ➡️ Movement within current assets → No flow of fund

✅ Final Answer: A and D only

✅ Correct Answer: (d) Database

📚 Explanation:

A Database in a Management Information System (MIS) serves as the primary component for gathering and storing data. The database stores data in an organized structure, ensuring it can be easily accessed and retrieved when needed. It acts as the central repository where data is collected, stored, and made available for processing, analysis, and reporting.

❌ Why the other options are incorrect:

• ❌ (a) Hardware: While hardware provides the physical infrastructure for an MIS, such as servers and storage devices, it does not directly gather or store data. It simply provides the necessary tools for the system to operate.

• ❌ (b) Software: Software in an MIS is used for processing, analyzing, and displaying data. It does not directly handle the gathering or storage of data, which is the role of the database.

• ❌ (c) Data Processing: Data processing involves manipulating and analyzing the data, but it doesn’t store the data itself. It works with data that is already collected and stored in a database.

✅ Final Answer: (d) Database

✅ Correct Answer: A-I, B-III, C-IV, D-II

✅ Explanation:

Matching the institutes with their correct activities:

• A. National Institute of Small Industry Extension and Training (NISIET) → I. Training, research, and consultancy
  NISIET (now known as ni-msme) is involved in training, research, and providing consultancy for small industries.

• B. National Institute for Entrepreneurship and Small Business Development (NIESBUD) → III. Co-ordinating and overseeing activities of various institutes engaged in entrepreneurship development
  NIESBUD is an apex body under the Ministry of Skill Development and Entrepreneurship that coordinates and supports institutions involved in entrepreneurial development.

• C. National Small Industries Corporation (NSIC) → IV. Supply of machinery, marketing assistance, and training
  NSIC supports MSMEs by providing raw materials, marketing, technology support, and machinery on lease or hire-purchase basis.

• D. Institute for Design of Electrical Measuring Instruments (IDEMI) → II. Render services to the instrumentation industry
  IDEMI provides design, development, and testing services for the instrumentation and electrical measuring instruments industry.

✅ Final Answer: A-I, B-III, C-IV, D-II.

✅ Correct Answer: A – II, B – III, C – I, D – IV

📘 Explanation:

A. Price elasticity of demand – II ✅
This is calculated as the percentage change in quantity demanded divided by the percentage change in price, showing how sensitive demand is to price changes.

B. Income elasticity of demand – III ✅
This measures how demand changes in response to changes in consumer income. It helps identify whether goods are normal or inferior.

C. Perfectly inelastic demand – I ✅
In this case, demand remains unchanged regardless of price changes. The demand curve is vertical.

D. Perfectly elastic demand – IV ✅
Here, demand drops to zero with even the slightest increase in price. The demand curve is horizontal, indicating infinite elasticity.

✅ Final Answer: A – II, B – III, C – I, D – IV

✅ Correct Answer: A, C, D, E, B

✅ Explanation:

Here’s the correct order and explanation for each step in the organizational change process:

1. A. Diagnosis
   The first step is diagnosing the current situation. This involves identifying the issues, challenges, and areas in need of change within the organization. A thorough diagnosis helps in understanding the root causes of problems.

2. C. Information Collection
   Following the diagnosis, relevant data is collected. This includes gathering information from various sources, such as employee feedback, performance metrics, and external factors that may impact the organization. The purpose is to better understand the situation and make informed decisions.

3. D. Deliberation
   After collecting information, the organization deliberates and discusses possible solutions to the identified problems. This involves consulting with key stakeholders, considering alternative solutions, and assessing the potential impact of various changes.

4. E. Action Proposal
   Based on the deliberation, an action proposal is created. This is a detailed plan outlining the changes to be implemented, including timelines, resources, and key responsibilities. The action proposal sets the foundation for the next steps.

5. B. Implementation
   Finally, the action plan is executed. Implementation is where the proposed changes are put into practice, and adjustments are made based on real-time feedback and challenges that may arise during the execution phase.

✅ Final Answer: A, C, D, E, B.

✅ Correct Answer: χ² cal < χ² table

📝 Note: In Statistics,we never accept a null hypothesis.
We either reject the null hypothesis or we fail to reject the null hypothesis.
In the context of the question we will treat the failure to reject the null hypothesis as the acceptance of null hypothesis

📘 Explanation:

The symbol in the options indicate the question is related to Chi-Square Test.

In such a scenario,

• In practice, when the statistic equals the table value, it’s effectively on the boundary, implying no strong evidence against or for the null hypothesis.

✅ Final Answer: χ² cal < χ² table

✅ Correct Answer: Fixed cost at each level of output

✅ Explanation:

The Total Cost (TC) curve represents the sum of Total Fixed Cost (TFC) and Total Variable Cost (TVC) at each level of output:

$$\text{TC}=\text{TFC}+\text{TVC}$$

Therefore, the vertical distance between the TC curve and the TVC curve at any given level of output is:

$$\text{TC}-\text{TVC}=\text{TFC}$$

Since fixed costs do not change with output, this vertical distance remains constant across all output levels (as long as fixed costs are unchanged).

❌ Why the other options are incorrect:

• The law of diminishing returns: This pertains to decreasing marginal output with increasing input, and is reflected in the shape of the marginal cost curve—not in the vertical distance between TC and TVC.

• Marginal cost at each level of output: Marginal cost is the slope of the TC or TVC curve (rate of change), not the vertical distance between them.

• Variable cost at each level of output: Variable cost is depicted entirely by the TVC curve, not by the distance between TC and TVC.

✅ Final Answer: Fixed cost at each level of output.

✅ Correct Answer: A-II, B-I, C-IV, D-III

🧾 Explanation:

• A. Decision Support System (DSS) → II. Provides information for non-routine and complex decision making
  DSS helps in making informed decisions for problems that are not routine or are semi-structured by analyzing large datasets and presenting key insights.

• B. Knowledge Management System → I. Capturing, organizing, and sharing organizational knowledge
  This system ensures that valuable organizational knowledge is collected, stored, and shared to improve efficiency and innovation.

• C. Artificial Intelligence → IV. Simulation of human intelligence in machines
  AI refers to the ability of machines to perform tasks that normally require human intelligence, such as learning, reasoning, and problem-solving.

• D. Enterprise Resource Planning (ERP) → III. Integrating core business processes across departments
  ERP systems unify different business functions (like finance, HR, procurement) into one system to improve coordination and data consistency.

✅ Final Answer: A-II, B-I, C-IV, D-III

✅ Correct Answer: A and E only

📘 Explanation:

A. ✅ True – The slope of an indifference curve shows the Marginal Rate of Substitution (MRS) between two goods, indicating how much of one good a consumer is willing to give up to get one more unit of another good.

B. ❌ False – For perfect substitutes, the indifference curve is a straight line with a negative slope, not positive. A positive slope would contradict the principle of diminishing MRS.

C. ❌ False – Indifference curves never intersect, even for perfect complements. Intersecting curves would violate the assumption of transitivity of preferences.

D. ❌ False – Indifference curves do not intersect under any condition. Doing so implies inconsistent consumer behavior.

E. ✅ True – In the case of perfect substitutes, the indifference curves are straight lines, indicating a constant MRS.

✅ Final Answer: A and E only

✅ Correct Answer: Ind AS-7

✅ Explanation:

Ind AS-7 deals with the Cash Flow Statement. It prescribes the principles for presenting the cash flows of an entity, including how cash flows should be classified into:

1. Operating activities

2. Investing activities

3. Financing activities

The purpose of the Cash Flow Statement is to provide relevant information about the cash inflows and outflows over a specific period, helping users of the financial statements assess the entity’s ability to generate future cash flows and manage its liquidity.

❌ Why the other options are incorrect:

• Ind AS-2: Inventories – Deals with the accounting treatment of inventories.

• Ind AS-3: Cash Flow Statements (replaced by Ind AS 7).

• Ind AS-16: Property, Plant, and Equipment – Deals with the accounting for tangible fixed assets (PP&E).

✅ Final Answer: Ind AS-7

✅ Correct Answer: A – III, B – IV, C – II, D – I

📘 Explanation:

1. Project Management → CPM (Critical Path Method)

   • CPM is used in project management to determine the longest path of dependent tasks and optimize scheduling.

2. Assignment → Complete Enumeration Method

   • The Complete Enumeration Method is used to find an optimal solution by evaluating all possible assignments in assignment problems.

3. Transportation → VAM (Vogel’s Approximation Method)

   • VAM is a heuristic method used to find an initial feasible solution for transportation problems in operations research.

4. Queuing → Last Come First Served (LCFS)

   • LCFS is a queue discipline where the most recent arrival is served first, commonly used in stack-based systems.

✅ Final Answer: A – III, B – IV, C – II, D – I

✅ Correct Answer: Taylorism

📘 Explanation:

• Taylorism: ✅ True – Known as Scientific Management, developed by Frederick Taylor to improve efficiency and labor productivity through scientific analysis.

Why the other options are incorrect:

• Managerial Rationalism: ❌ False – Broader theory focusing on logical decision-making, not specifically on labor efficiency like Taylorism.

• Fayolism: ❌ False – Henri Fayol’s principles on general management, not focused on labor productivity.

• Functional Organization: ❌ False – Focuses on organizational structure, not labor efficiency or work analysis like Taylorism.

✅ Final Answer: Taylorism

✅ Correct Answer: Learning

✅ Explanation:
The interplay of drives, stimulus, responses, and reinforcement refers to the process of learning. This process is foundational in both behavioral psychology and operant conditioning.

• Drives refer to internal states that motivate behavior (e.g., hunger or thirst).

• Stimulus refers to external factors that trigger a response (e.g., a sound or an event).

• Responses are the actions taken in reaction to stimuli.

• Reinforcement is the process of strengthening a behavior by providing a reward or removing a negative stimulus.

This process leads to learning, where individuals acquire new behaviors or modify existing ones based on their interactions with the environment and the consequences they face.

❌ Why the other options are incorrect:

• Attitude: Refers to a settled way of thinking or feeling about something, but is not directly about the learning process.

• Belief: A conviction or acceptance that something is true, often developed through experiences or influence, but not directly shaped by the interplay of drives and stimuli.

• Perception: Involves interpreting and organizing sensory information, but it doesn’t fully encompass the process of learning through reinforcement and response.

✅ Final Answer: Learning.

✅ Correct Answer: C, D, E only

📘 Explanation:

In statistics, sampling methods refer to the techniques used to select a sample (a subset of the population) that represents the entire population. These methods are crucial for making inferences about a population without studying every individual.

Types of Sampling Methods in Statistics:

• Probability Sampling Methods
  1. Simple Random Sampling
  2. Systematic Sampling
  3. Stratified Sampling
  4. Cluster Sampling
  5. Area Sampling
  6. Multi-Stage Sampling

• Non-Probability Sampling Methods
  1. Convenience Sampling
  2. Judgmental (Purposive) Sampling
  3. Snowball Sampling
  4. Quota Sampling
  5. Panel Sampling

✅ Final Answer: C, D, E only