FPSC Senior Auditor MCQs

Principles of Business & Financial Management MCQs

Communication should be:
(a) From Top to Bottom level
(b) From Bottom to top
(c) 2 way
(d) None of these
Answer: c

Which ethical approach is guided by what will result in the greatest good for the greatest number of people?
(a) Moral-Rights approach
(b) Individual approach
(c) Utilitarian approach
(d) Justice approach
Answer: d

Low level management has a complete authority to make decisions in case of:
(a) Centralization
(b) Decentralization
(c) Scalar Chain
(d) Order
Answer: b

Which one of the following individuals is most closely associated with scientific management?
(a) Frederick Taylor
(b) Mary Parker Follett
(c) Harold Koontz
(d) Max Weber
Answer: a

Each subordinate should report to one and only one superior is called:
(a) Authority
(b) Unity of command
(c) Unity of direction
(d) Order
Answer: b

The __________ specifies the financial decisions that result from your personal financial planning.
(a) personal financial plan
(b) personal budget
(c) personal finance objective
(d) None of the above
Answer: a

Which of the following is the least likely way that you may benefit from having an understanding of personal finance?
(a) Assessing the advice of financial advisers
(b) Becoming the president of a large national bank
(c) Making your own financial decisions
(d) Becoming a financial adviser
Answer: b

A(n) __________ represents what you give up as a result of making an alternative decision.
(a) purchase price
(b) financing cost
(c) opportunity cost
(d) liquidity need
Answer: c

A __________ is not a key component of a complete financial plan.
(a) plan for working at a major brokerage firm
(b) plan to manage your liquidity
(c) budget plan
(d) plan for financing (managing your credit and loans)
Answer: a

Your __________ is (are) the value of what you own minus the value of what you owe.
(a) net assets
(b) budget
(c) net liabilities
(d) net worth
Answer: d