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|Management · November 2021

UGC NET Management November 2021 Question PaperPaper 1 & Paper 2 with Answer Key

The complete UGC NET November 2021 question paper for Management, covering Paper 1 (General Aptitude) and Paper 2 (Management). Every question below is shown with its options and the correct answer, and a detailed explanation you can unlock by signing in. All 150 questions are free to practise.

UGC NET November 2021 at a glance

Exam	UGC NET November 2021
Papers	Paper 1 (General Aptitude) and Paper 2 (Management)
Exam date(s)	November 30, 2021
Shift(s)	Shift 1
Paper 1 questions	50 questions · 60 minutes · 100 marks
Paper 2 questions	100 questions · 120 minutes · 200 marks
Total	150 questions
Marking scheme	+2 per correct answer · No negative marking

Paper 1

General Aptitude

UGC NET November 2021 · Management sitting

50 questions60 min100 marks

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Paper 2

Management

UGC NET November 2021

100 questions120 min200 marks

Practice Now

Paper 1 — General Aptitude

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50 questions with the answer key and explanations.

Question 1
Using the enrolment data for B.Tech, M.Tech, M.Phil and MBA from 2016–2020, find the average number of vacant B.Tech seats over this period.
Enrolment against sanctioned intake (shown in brackets) for B.Tech, M.Tech, M.Phil and MBA, 2016–2020.

Year B.Tech (120) M.Tech (30) M.Phil (20) MBA (60)
2016 96 24 12 52
2017 110 26 14 57
2018 108 25 13 54
2019 112 28 15 56
2020 104 27 16 48
1. A14
2. B15
3. C16
4. D17
Answer: (A) 14
Explanation
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Question 2
From the same enrolment table, which course recorded the highest percentage increase in enrolment from 2016 to 2017?
Enrolment against sanctioned intake (shown in brackets) for B.Tech, M.Tech, M.Phil and MBA, 2016–2020.

Year B.Tech (120) M.Tech (30) M.Phil (20) MBA (60)
2016 96 24 12 52
2017 110 26 14 57
2018 108 25 13 54
2019 112 28 15 56
2020 104 27 16 48
1. AB.Tech
2. BM.Tech
3. CM.Phil
4. DMBA
Answer: (C) M.Phil
Explanation
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Question 3
Find the difference between the average number of vacant seats in M.Tech and MBA over 2016–2020.
Enrolment against sanctioned intake (shown in brackets) for B.Tech, M.Tech, M.Phil and MBA, 2016–2020.

Year B.Tech (120) M.Tech (30) M.Phil (20) MBA (60)
2016 96 24 12 52
2017 110 26 14 57
2018 108 25 13 54
2019 112 28 15 56
2020 104 27 16 48
1. A2.4
2. B2.5
3. C2.6
4. D2.7
Answer: (C) 2.6
Explanation
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Question 4
Which year had the highest average enrolment across the four listed courses?
Enrolment against sanctioned intake (shown in brackets) for B.Tech, M.Tech, M.Phil and MBA, 2016–2020.

Year B.Tech (120) M.Tech (30) M.Phil (20) MBA (60)
2016 96 24 12 52
2017 110 26 14 57
2018 108 25 13 54
2019 112 28 15 56
2020 104 27 16 48
1. A2017
2. B2018
3. C2019
4. D2020
Answer: (C) 2019
Explanation
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Question 5
Which year had the minimum total number of vacant seats across all four courses?
Enrolment against sanctioned intake (shown in brackets) for B.Tech, M.Tech, M.Phil and MBA, 2016–2020.

Year B.Tech (120) M.Tech (30) M.Phil (20) MBA (60)
2016 96 24 12 52
2017 110 26 14 57
2018 108 25 13 54
2019 112 28 15 56
2020 104 27 16 48
1. A2016
2. B2017
3. C2018
4. D2019
Answer: (D) 2019
Explanation
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Question 6
Who proposed the theory of meaningful verbal learning, which holds that new material is learned effectively when it can be related to existing concepts already present in a learner's cognitive structure?
1. ABenjamin Bloom
2. BJerome Bruner
3. CLawrence Kohlberg
4. DDavid Ausubel
Answer: (D) David Ausubel
Explanation
David Ausubel's theory of meaningful (verbal) learning, also called subsumption theory, argues that learning is meaningful only when new information connects to relevant existing ideas in the learner's cognitive structure — the basis of his 'advance organizer' teaching technique. Bloom is known for the taxonomy of educational objectives, Bruner for discovery learning and the spiral curriculum, and Kohlberg for stages of moral development.
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Question 7
Arrange the following steps for developing a performance test into the correct sequence:
A. Develop an observation/rating form
B. Try out items before the final form
C. Conduct job/task analysis
D. Develop the administration format
E. Develop a task-sampling plan
1. AA, D, B, C, E
2. BC, A, E, D, B
3. CD, B, C, E, A
4. DB, C, D, A, E
Answer: (B) C, A, E, D, B
Explanation
Performance-test construction begins with a job/task analysis (C) to determine the abilities to be tested, followed by developing an observation/rating form (A) to score performance, then a task-sampling plan (E) that selects which representative tasks/samples to include, an administration format (D) to standardize how the test is given, and finally trying out the items (B) before finalizing the test. The correct order is C, A, E, D, B.
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Question 8
Statement I: In Piaget's pre-operational stage, the child learns language and begins using symbols for objects.
Statement II: In the formal-operational stage, learning occurs through reflexes, senses and movement-actions.
1. ABoth statements are true
2. BBoth statements are false
3. CStatement I is true; Statement II is false
4. DStatement I is false; Statement II is true
Answer: (C) Statement I is true; Statement II is false
Explanation
Statement I correctly describes Piaget's pre-operational stage (roughly ages 2–7), where children acquire language and symbolic (pretend) thought. Statement II is false: learning through reflexes, senses and motor actions describes the sensorimotor stage (birth to ~2 years), not the formal-operational stage (from ~11 years), which is characterized by abstract, hypothetical and logical reasoning.
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Question 9
The National Knowledge Commission (NKC) focused its deliberations on five key areas of the knowledge paradigm. Identify the correct set of these key mandate areas from:
A. Access
B. Concepts
C. Delivery
D. Applications
E. Services
1. AA, B, C, D only
2. BB, C, D, E only
3. CA, B, D, E only
4. DA, C, D, E only
Answer: (C) A, B, D, E only
Explanation
The National Knowledge Commission (2005–2009) organized its recommendations around five areas of the knowledge paradigm: Access to knowledge, Knowledge Concepts, Knowledge Creation, Knowledge Applications, and Knowledge Services. Among the five items listed here, 'Delivery' (C) is not one of NKC's five areas — the actual third area is 'Creation' — so the correct areas are Access, Concepts, Applications and Services only (A, B, D, E).
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Question 10

Match List-I (digital education initiatives) with List-II (what each is known for).

List-I	List-II
A. e-Gyankosh	I. Open Educational Resources developed by NCERT in 2013
B. e-Pathshala	II. Digital repository of learning resources developed by Open and Distance Learning (ODL) institutions
C. NROER (National Repository of Open Educational Resources)	III. Educational e-resources developed by NCERT in 2015
D. NDL (National Digital Library of India)	IV. Virtual repository / single-window search facility developed by IIT Kharagpur

AA-II, B-III, C-I, D-IV
BA-I, B-IV, C-II, D-III
CA-IV, B-I, C-III, D-II
DA-III, B-II, C-IV, D-I

Answer: (A) A-II, B-III, C-I, D-IV

Explanation

e-Gyankosh is IGNOU's digital repository of self-instructional learning material developed by Open and Distance Learning (ODL) institutions (II). e-Pathshala is NCERT's platform of educational e-resources launched in 2015 (III). NROER is NCERT's Open Educational Resources platform launched in 2013 (I). NDL, developed by IIT Kharagpur, is the virtual repository and single-window search facility aggregating content from many sources (IV). So the correct match is A-II, B-III, C-I, D-IV.

Question 11
The concept of a scientific 'paradigm' — a set of shared assumptions, methods and standards that define normal science within a discipline until a revolutionary shift replaces it — is most closely associated with the work of which philosopher of science?
1. AKarl Popper
2. BR. A. Fisher
3. CImre Lakatos
4. DT. S. Kuhn
Answer: (D) T. S. Kuhn
Explanation
Thomas S. Kuhn introduced the concept of a 'paradigm' in 'The Structure of Scientific Revolutions' (1962), describing how normal science operates within an accepted paradigm until anomalies trigger a paradigm shift. Karl Popper is known for falsifiability, R. A. Fisher for statistical methods and design of experiments, and Imre Lakatos for the 'research programme' concept that refined Kuhn's and Popper's ideas.
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Question 12
Which of the following software is specifically designed for qualitative data analysis, such as coding interview transcripts, field notes and documents?
1. ASPSS
2. BR
3. CNVivo
4. DSTATA
Answer: (C) NVivo
Explanation
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Question 13
Which of the following are standard objections raised against mixed-methods research?
A. Epistemological differences between paradigms
B. Quantitative research is inherently better than qualitative research
C. Quantitative and qualitative research have different aims
D. Quantitative and qualitative research rest on different ontological assumptions
E. Paradigmatic incompatibility between the two approaches
1. AA, B, C, D only
2. BB, C, D, E only
3. CA, C, D, E only
4. DA, B, D, E only
Answer: (C) A, C, D, E only
Explanation
Standard objections to mixed-methods research (raised mainly by 'purists') cite epistemological differences (A), different aims/purposes (C), different ontological assumptions (D), and paradigmatic incompatibility (E) between quantitative and qualitative traditions. Option B — that quantitative research is inherently better — is a value judgement, not a recognized methodological objection to mixing methods, so the correct set excludes B.
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Question 14

Match List-I (research terms) with List-II (their meanings).

List-I	List-II
A. Constant	I. A group interview focused on a tightly defined topic
B. Semiotics	II. A segment of the population selected for research
C. Sample	III. An attribute in terms of which the cases in a study do not differ
D. Focus group	IV. An approach to the analysis of documents and other phenomena as systems of signs

AA-III, B-IV, C-II, D-I
BA-II, B-III, C-I, D-IV
CA-I, B-III, C-II, D-IV
DA-IV, B-I, C-II, D-III

Answer: (A) A-III, B-IV, C-II, D-I

Explanation

Question 15
Statement I: Questionnaires are completed by the participants themselves.
Statement II: Interview schedules are completed by the interviewer/researcher.
1. ABoth correct
2. BBoth incorrect
3. CStatement I correct; Statement II incorrect
4. DStatement I incorrect; Statement II correct
Answer: (A) Both correct
Explanation
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Question 16
The English word 'communication' derives from the Latin roots 'communis'/'communicare'. What meaning do these roots convey?
1. ATo provide specific information
2. BTo make something uncommon
3. CTo make information common or shared
4. DTo produce information
Answer: (C) To make information common or shared
Explanation
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Question 17
Differences in power and status between communicators are typically said to create which kind of barrier in communication?
1. ATechnological barrier
2. BCultural barrier
3. CPhysical barrier
4. DSemantic barrier
Answer: (D) Semantic barrier
Explanation
When power and status differences make a subordinate hesitant to speak candidly, or a superior's words carry disproportionate weight, the meaning conveyed and received gets distorted — this is classified as a semantic barrier because it affects how meaning is interpreted, not the physical channel (physical barrier), technology used (technological barrier), or differing customs (cultural barrier).
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Question 18
A Google Meet class in which teachers and students actively discuss a topic together is an example of which type of communication?
1. AIntrapersonal communication
2. BGroup communication
3. CMass communication
4. DDownward communication
Answer: (B) Group communication
Explanation
Group communication involves interaction among multiple participants who exchange ideas and engage in discussion, which describes a live online class with active back-and-forth between teacher and students. It is not intrapersonal (communication within oneself), mass communication (one-to-many with no interaction, like broadcast), or purely downward communication (a one-way instruction flow from a superior), since active discussion involves two-way, multi-participant exchange.
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Question 19
What best describes a 'smart consumer' of media?
1. AFollowing only a few preferred channels
2. BBelieving only a few media channels
3. CDisbelieving all messages
4. DRecognising both subtle and obvious forms of messaging
Answer: (D) Recognising both subtle and obvious forms of messaging
Explanation
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Question 20
Assertion (A): Classroom instruction and classroom management are two basic features of classroom communication.
Reason (R): Teachers' classroom communication rests on the principle of edutainment.
1. ABoth A and R are true, and R is the correct explanation of A
2. BBoth A and R are true, but R is not the correct explanation of A
3. CA is true, but R is false
4. DA is false, but R is true
Answer: (B) Both A and R are true, but R is not the correct explanation of A
Explanation
Classroom communication genuinely rests on two pillars — instruction (delivering content) and management (regulating behaviour and classroom processes) — so Assertion A is true. It is also true that classroom communication can draw on the principle of edutainment (making learning engaging), so Reason R is true. However, edutainment is not the underlying reason instruction and management are the two basic features of classroom communication — that structural division exists independently of any entertainment principle — so R does not explain A.
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Question 21
What is the units digit of the product of the first 22 natural numbers (i.e., 22!)?
1. A0
2. B2
3. C4
4. D6
Answer: (A) 0
Explanation
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Question 22
Evaluate which of the following statements are correct:
A. The average of the first 20 multiples of 8 is 84.
B. There are 25 prime numbers between 100 and 200.
C. If the average of ten positive numbers is X and each number rises by 10%, the new average rises by 11%.
1. AA only
2. BB and C only
3. CA and B only
4. DA and C only
Answer: (A) A only
Explanation
A: The first 20 multiples of 8 form an arithmetic sequence from 8 to 160; average of an AP = (first + last)/2 = (8+160)/2 = 84. True. B: There are 21 primes between 100 and 200 (101, 103, 107, ..., 199), not 25. False. C: If every one of ten numbers increases by 10%, the average also increases by exactly 10% (scaling every value by 1.1 scales the mean by 1.1), not 11%. False. So only statement A is correct.
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Question 23
Statement I: Successive discounts of 10%, 30% and 50% are equivalent to a single discount of 68.5%.
Statement II: Successive discounts of 10%, 20% and 40% are equivalent to a single discount of 43.2%.
1. ABoth statements are true
2. BBoth statements are false
3. CStatement I is true; Statement II is false
4. DStatement I is false; Statement II is true
Answer: (C) Statement I is true; Statement II is false
Explanation
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Question 24
A sum of money placed at compound interest doubles itself in 4 years. In how many years will it amount to 8 times the original sum, at the same rate?
1. A12 years
2. B16 years
3. C5 years
4. D8 years
Answer: (A) 12 years
Explanation
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Question 25
Which term comes next in the sequence? AN, CQ, EU, ____
1. AGZ
2. BHZ
3. CIA
4. DJB
Answer: (A) GZ
Explanation
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Question 26
Assertion (A): In a valid categorical syllogism, the middle term must be distributed in at least one premise.
Reason (R): A valid conclusion cannot assert more than what is contained in its premises.
1. ABoth A and R are true, and R is the correct explanation of A
2. BBoth A and R are true, but R is not the correct explanation of A
3. CA is true, but R is false
4. DA is false, but R is true
Answer: (B) Both A and R are true, but R is not the correct explanation of A
Explanation
Assertion A states the standard rule against the fallacy of the 'undistributed middle': the middle term must be distributed at least once to genuinely connect the major and minor terms, so A is true. Reason R states the general principle that a valid conclusion cannot exceed what its premises establish (which underlies the separate rule against illicit distribution of the major/minor term), so R is also true. But R explains a different rule (about the conclusion's own terms), not why the middle term specifically must be distributed — so R does not explain A.
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Question 27
Which of the following relationships among categorical propositions (on the traditional square of opposition) are correct?
A. A and E are contradictories
B. A and O are contradictories
C. E and O are contradictories
D. I and O are contraries
E. I and O are subcontraries
1. AA, D, E only
2. BA, C, D only
3. CB and D only
4. DB and E only
Answer: (D) B and E only
Explanation
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Question 28
What fallacy occurs in the argument: 'His policy proposals have no merit because he was once charged with embezzlement'?
1. AAd hominem (abusive)
2. BArgument from ignorance
3. CAppeal to pity
4. DAppeal to inappropriate authority
Answer: (A) Ad hominem (abusive)
Explanation
The argument attacks the person's character (a past embezzlement charge) instead of engaging with the actual content or merits of the policy proposals — this is the abusive form of ad hominem, which discredits the arguer rather than the argument. It is not argument from ignorance (claiming something is true because it hasn't been disproven), appeal to pity (using sympathy to win agreement), or appeal to inappropriate authority (citing an unqualified source as proof).
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Question 29
A child feels heat radiating from an iron ball and concludes, without touching it, that the ball is hot. Through which means of cognition is this conclusion obtained?
1. APerception
2. BAnalogical reasoning
3. CInference
4. DVerbal authority
Answer: (C) Inference
Explanation
The child does not directly perceive the ball's heat by touching it; instead, the felt radiant warmth acts as a sign (linga) from which the ball's hotness is inferred — this is the classic Nyaya structure of inference (anumana), analogous to inferring fire from seeing smoke. It is not direct perception (pratyaksha, which would require direct sensory contact with the hot ball itself), analogical reasoning (upamana, inference by similarity to a known example), or verbal testimony (shabda).
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Question 30
Statement I: Asamavyapti (unequal pervasion) corresponds to the Universal Affirmative proposition.
Statement II: Samavyapti (equal pervasion) corresponds to the Universal Negative proposition.
1. ABoth statements are true
2. BBoth statements are false
3. CStatement I is true; Statement II is false
4. DStatement I is false; Statement II is true
Answer: (A) Both statements are true
Explanation
In Nyaya logic, asamavyapti (unequal pervasion, e.g. smoke and fire) allows inference in only one direction — smoke implies fire, but not fire implies smoke — which parallels a universal affirmative (A-type) proposition that does not convert simply. Samavyapti (equal pervasion, e.g. 'nameable' and 'knowable') allows inference in both directions since the terms are co-extensive, which parallels a universal negative (E-type) proposition, the only categorical form that converts simply. Both statements correctly describe this correspondence.
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Question 31
Which description best fits Ethernet?
1. AA program that identifies and moves traffic across local segments
2. BA protocol for wireless metropolitan area networks
3. CA system connecting computers/devices to form a local area network
4. DA device that communicates with another computer
Answer: (C) A system connecting computers/devices to form a local area network
Explanation
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Question 32
What are Trojan horses, in the context of computer security?
1. APrograms that automatically search the internet
2. BSelf-replicating viruses
3. CSoftware that gathers information by monitoring a system
4. DMalicious programs disguised as legitimate software
Answer: (D) Malicious programs disguised as legitimate software
Explanation
A Trojan horse is malicious software that misrepresents itself as legitimate or useful software to trick a user into installing or running it, after which it can perform harmful actions. Unlike viruses, Trojans do not self-replicate (ruling out B), and while some Trojans may include monitoring functionality, their defining characteristic is deceptive disguise (D), not merely monitoring (C) or automated searching (A).
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Question 33
Statement I: A data bus transfers data among the processor, memory and I/O devices.
Statement II: A data bus is unidirectional.
1. ABoth statements are true
2. BBoth statements are false
3. CStatement I is true; Statement II is false
4. DStatement I is false; Statement II is true
Answer: (C) Statement I is true; Statement II is false
Explanation
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Question 34
Which of the following statements about firewalls are correct?
A. A firewall examines traffic passing between a computer and a network.
B. A firewall verifies that data comes from a trusted source.
C. A firewall uses digital signatures.
D. A firewall can block access using lists of IP addresses.
1. AB and C only
2. BC and D only
3. CA and D only
4. DA and C only
Answer: (C) A and D only
Explanation
A firewall's core functions are inspecting/filtering traffic that crosses a network boundary (A) and blocking or allowing access based on rules such as IP address lists (D) — both true. Verifying that data comes from a trusted source via authentication (B) and using digital signatures (C) are functions of other security mechanisms (authentication systems, PKI/digital certificates), not a firewall's defining job, so B and C are not correct descriptions of a firewall. The correct set is A and D only.
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Question 35
Match List-I (cyber-threats) with List-II (what each is best known for).
List-I List-II
A. Hacking I. Clogs inbox with unwanted emails
B. Phishing II. Gives access to data entered via keyboard
C. Spyware III. Identity fraud
D. Spam IV. Illegal use of personal data
1. AA-I, B-III, C-II, D-IV
2. BA-IV, B-III, C-II, D-I
3. CA-IV, B-I, C-III, D-II
4. DA-II, B-IV, C-III, D-I
Answer: (B) A-IV, B-III, C-II, D-I
Explanation
Hacking is most associated with the illegal use of personal data obtained through unauthorized system access (IV). Phishing is the deceptive technique most closely associated with identity fraud (III). Spyware gives an attacker access to data entered via the keyboard through covert monitoring/keylogging (II). Spam clogs inboxes with unwanted emails (I). So the correct match is A-IV, B-III, C-II, D-I.
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Question 36
Match List-I (hazardous-waste characteristics) with List-II (their defining descriptions).
List-I List-II
A. Ignitable I. Very unstable
B. Corrosive II. Causes serious health issues
C. Reactive III. Destroys containers
D. Toxic IV. Able to sustain combustion
1. AA-I, B-II, C-IV, D-III
2. BA-IV, B-III, C-II, D-I
3. CA-IV, B-III, C-I, D-II
4. DA-I, B-IV, C-II, D-III
Answer: (C) A-IV, B-III, C-I, D-II
Explanation
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Question 37
Which of the following statements correctly describe anaerobic digestion of sewage sludge?
A. It is effective for treating organic solids.
B. It requires large amounts of external energy input.
C. It produces methane.
D. It reduces sludge volume and improves dewatering.
E. It is very fast and needs no large reactors.
1. AB, C, D, E only
2. BA, B, C only
3. CA, C, D, E only
4. DA, C, D only
Answer: (D) A, C, D only
Explanation
Anaerobic digestion effectively breaks down organic solids in sludge (A, true) and produces biogas rich in methane (C, true), while reducing sludge volume and improving its dewatering characteristics (D, true). It is a net energy producer rather than a large energy consumer, so B is false. It is also a relatively slow biological process requiring large digester/reactor tanks, so E is false. The correct set is A, C, D only.
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Question 38
Statement I: Toxic chemicals can injure organs and organ systems.
Statement II: Hepatotoxins are chemicals that damage the kidneys.
1. ABoth statements are true
2. BBoth statements are false
3. CStatement I is true; Statement II is false
4. DStatement I is false; Statement II is true
Answer: (C) Statement I is true; Statement II is false
Explanation
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Question 39
Match List-I (Millennium Development Goals 1–4) with List-II (their targets).
List-I List-II
A. Goal 1 I. Promote gender equality and empower women
B. Goal 2 II. Reduce child mortality
C. Goal 3 III. Eradicate extreme poverty and hunger
D. Goal 4 IV. Achieve universal primary education
1. AA-III, B-IV, C-I, D-II
2. BA-I, B-III, C-II, D-IV
3. CA-II, B-IV, C-III, D-I
4. DA-IV, B-II, C-I, D-III
Answer: (A) A-III, B-IV, C-I, D-II
Explanation
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Question 40
Assertion (A): Coastlines are high-potential areas for wind-energy generation.
Reason (R): Ocean water can be used as a coolant during wind-energy production.
1. ABoth A and R are true, and R is the correct explanation of A
2. BBoth A and R are true, but R is not the correct explanation of A
3. CA is true, but R is false
4. DA is false, but R is true
Answer: (B) Both A and R are true, but R is not the correct explanation of A
Explanation
Coastlines experience strong, consistent winds due to differential land-sea heating, making them genuinely high-potential sites for wind-energy generation, so Assertion A is true. Reason R, that ocean water can serve as a coolant in wind-energy production, is also a recognized point in offshore-wind engineering discussions, so R is true as a standalone fact. However, coastlines are chosen for wind energy primarily because of wind speed and consistency, not because of any cooling requirement — so R does not explain why A is true.
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Question 41
In ancient Buddhist monastic education, what was the term for the act by which a student admitted to a monastery renounced worldly and family relationships?
1. APravajya
2. BUpsampuda
3. CSamvartan
4. DUpnayan
Answer: (A) Pravajya
Explanation
Pravajya (Pali: pabbajja), meaning 'going forth', was the initial renunciation ceremony by which a novice left worldly and family ties to enter Buddhist monastic life. Upasampada was the later ceremony of full/higher ordination as a monk. Samvartan and Upnayan are terms from the Brahmanical/Vedic education tradition (convocation and the sacred-thread initiation), not Buddhist monastic renunciation.
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Question 42
The All India Council for Technical Education (AICTE) does not deal with maintenance of standards in which of the following fields?
1. AHotel Management
2. BTown Planning
3. CPharmacy
4. DNursing
Answer: (D) Nursing
Explanation
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Question 43
Statement I: Wood's Despatch (1854) was the first official document to explicitly support female education and urge measures for its expansion in India.
Statement II: Calcutta University was the first Indian university to allow girls to sit the matriculation examination.
1. ABoth statements are true
2. BBoth statements are false
3. CStatement I is true; Statement II is false
4. DStatement I is false; Statement II is true
Answer: (A) Both statements are true
Explanation
Wood's Despatch of 1854 is historically credited as the first official colonial policy document to explicitly recommend the extension and expansion of female education in India. Calcutta University was indeed the first Indian university to admit women to its matriculation examination, with Kadambini Ganguly and Chandramukhi Basu among the first women to matriculate there, in 1878. Both statements are true.
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Question 44
Which of the following statements reflect NEP 2020's vision of higher education?
A. It promotes individual and social well-being.
B. It values personal achievement without regard to economic or social contribution.
C. It places less emphasis on cognitive skills/outcomes.
D. It specifies skills and values to be developed at each stage of education.
E. It calls for a complete overhaul and re-energising of the education system to meet contemporary challenges.
1. AA, B, C only
2. BB, C, D only
3. CC, D, E only
4. DA, D, E only
Answer: (D) A, D, E only
Explanation
NEP 2020 explicitly states that education must promote individual and social well-being (A, true), it defines specific skills and values to be inculcated at each stage of schooling and higher education (D, true), and it frames itself as a complete overhaul and re-energising of the education system to meet 21st-century challenges (E, true). It does not devalue economic/social contribution as unimportant (B is a distortion) nor de-emphasize cognitive outcomes — NEP 2020 in fact stresses cognitive development alongside social, ethical and emotional capacities (C is false). The correct set is A, D, E only.
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Question 45

Match List-I (institutions) with List-II (the cities in which they are located).

List-I	List-II
A. Central Institute of English and Foreign Languages	I. Hyderabad
B. Gramodaya Vishwa Vidyalaya	II. Chitrakoot
C. Central Institute of Tibetan Studies	III. Dharamshala
D. Indian Institute of Science	IV. Bangalore

AA-II, B-I, C-IV, D-III
BA-III, B-IV, C-II, D-I
CA-IV, B-III, C-I, D-II
DA-I, B-II, C-III, D-IV

Answer: (D) A-I, B-II, C-III, D-IV

Explanation

Question 46
In the passage, what is the author's main point in the opening sentence?
Most of the people who appear most often and most gloriously in the history books are great conquerors and generals and soldiers, whereas the people who really helped civilization forward are often never mentioned at all. We do not know who first set a broken leg, or launched a seaworthy boat, or calculated the length of the year, or manured a field; but we know all about the killers and destroyers.

People think a great deal of them, so much so that on all the highest pillars in the great cities of the world you will find the figure of a conqueror or a general or a soldier. And I think most people believe that the greatest countries are those that have beaten in battle the greatest number of other countries and ruled over them as conquerors. It is just possible they are, but they are not the most civilized.

Animals fight; so do savages; hence to be good at fighting is to be good in the way in which an animal or a savage is good, but it is not to be civilized. Even being good at getting other people to fight for you and telling them how to do it most efficiently—this, after all, is what conquerors and generals have done—is not being civilized. People fight to settle quarrels.

Fighting means killing, and civilized peoples ought to be able to find some way of settling their disputes other than by seeing which side can kill off the greater number of the other side, and then saying that that side which has killed most has won. And not only has won, but, because it has won, has been in the right. For that is what going to war means; it means saying that might is right.
1. AMost history books were written by soldiers
2. BNobody who advanced civilization is ever mentioned
3. CHistory gives much more attention to conquerors and soldiers than to people who advanced civilization
4. DConquerors and soldiers should never be mentioned in history
Answer: (C) History gives much more attention to conquerors and soldiers than to people who advanced civilization
Explanation
The opening sentence contrasts conquerors, generals and soldiers, who 'appear most often and most gloriously' in history books, with the people who 'really helped civilization forward' and are 'often never mentioned at all'. This is a claim about relative, not total, attention — the passage does not say civilization's true benefactors are never mentioned (ruling out B, which overstates 'often' as 'nobody ever'), nor does it claim history books were written by soldiers (A) or that soldiers should never be mentioned (D, a prescriptive claim the descriptive opening sentence does not make).
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Question 47
According to the passage, what figures commonly appear on the highest pillars in great cities?
Most of the people who appear most often and most gloriously in the history books are great conquerors and generals and soldiers, whereas the people who really helped civilization forward are often never mentioned at all. We do not know who first set a broken leg, or launched a seaworthy boat, or calculated the length of the year, or manured a field; but we know all about the killers and destroyers.

People think a great deal of them, so much so that on all the highest pillars in the great cities of the world you will find the figure of a conqueror or a general or a soldier. And I think most people believe that the greatest countries are those that have beaten in battle the greatest number of other countries and ruled over them as conquerors. It is just possible they are, but they are not the most civilized.

Animals fight; so do savages; hence to be good at fighting is to be good in the way in which an animal or a savage is good, but it is not to be civilized. Even being good at getting other people to fight for you and telling them how to do it most efficiently—this, after all, is what conquerors and generals have done—is not being civilized. People fight to settle quarrels.

Fighting means killing, and civilized peoples ought to be able to find some way of settling their disputes other than by seeing which side can kill off the greater number of the other side, and then saying that that side which has killed most has won. And not only has won, but, because it has won, has been in the right. For that is what going to war means; it means saying that might is right.
1. AThe same conqueror/general/soldier everywhere
2. BSome conqueror, general or soldier
3. CA figure representing the number of conquerors and soldiers
4. DA person who advanced civilization
Answer: (B) Some conqueror, general or soldier
Explanation
The passage states 'on all the highest pillars in the great cities of the world you will find the figure of a conqueror or a general or a soldier' — it does not claim it is literally the same individual figure repeated everywhere (A), a numerical tally (C), or a person credited with advancing civilization (D, which the passage says is instead the group typically left unmentioned). The correct reading is simply that some conqueror, general or soldier is commemorated.
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Question 48
According to the passage, which countries do most people commonly regard as the greatest?
Most of the people who appear most often and most gloriously in the history books are great conquerors and generals and soldiers, whereas the people who really helped civilization forward are often never mentioned at all. We do not know who first set a broken leg, or launched a seaworthy boat, or calculated the length of the year, or manured a field; but we know all about the killers and destroyers.

People think a great deal of them, so much so that on all the highest pillars in the great cities of the world you will find the figure of a conqueror or a general or a soldier. And I think most people believe that the greatest countries are those that have beaten in battle the greatest number of other countries and ruled over them as conquerors. It is just possible they are, but they are not the most civilized.

Animals fight; so do savages; hence to be good at fighting is to be good in the way in which an animal or a savage is good, but it is not to be civilized. Even being good at getting other people to fight for you and telling them how to do it most efficiently—this, after all, is what conquerors and generals have done—is not being civilized. People fight to settle quarrels.

Fighting means killing, and civilized peoples ought to be able to find some way of settling their disputes other than by seeing which side can kill off the greater number of the other side, and then saying that that side which has killed most has won. And not only has won, but, because it has won, has been in the right. For that is what going to war means; it means saying that might is right.
1. AThose that built the highest pillars
2. BThose most often defeated by others
3. CThose that defeated only a few countries
4. DThose that won the greatest number of battles against other countries
Answer: (D) Those that won the greatest number of battles against other countries
Explanation
The passage states: 'most people believe that the greatest countries are those that have beaten in battle the greatest number of other countries and ruled over them as conquerors.' This directly identifies option D as the belief described; the passage says nothing about pillar-building (A) causing greatness, and options B and C (being defeated, or defeating only a few) are the opposite of what the passage describes.
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Question 49
What does the author suggest about countries that have ruled over many other countries as conquerors?
Most of the people who appear most often and most gloriously in the history books are great conquerors and generals and soldiers, whereas the people who really helped civilization forward are often never mentioned at all. We do not know who first set a broken leg, or launched a seaworthy boat, or calculated the length of the year, or manured a field; but we know all about the killers and destroyers.

People think a great deal of them, so much so that on all the highest pillars in the great cities of the world you will find the figure of a conqueror or a general or a soldier. And I think most people believe that the greatest countries are those that have beaten in battle the greatest number of other countries and ruled over them as conquerors. It is just possible they are, but they are not the most civilized.

Animals fight; so do savages; hence to be good at fighting is to be good in the way in which an animal or a savage is good, but it is not to be civilized. Even being good at getting other people to fight for you and telling them how to do it most efficiently—this, after all, is what conquerors and generals have done—is not being civilized. People fight to settle quarrels.

Fighting means killing, and civilized peoples ought to be able to find some way of settling their disputes other than by seeing which side can kill off the greater number of the other side, and then saying that that side which has killed most has won. And not only has won, but, because it has won, has been in the right. For that is what going to war means; it means saying that might is right.
1. AThey are certainly not great in any sense
2. BThey are neither great nor civilized
3. CThey may be civilized but not great
4. DThey may be great in one sense, but are not necessarily the most civilized
Answer: (D) They may be great in one sense, but are not necessarily the most civilized
Explanation
The passage says of such countries: 'It is just possible they are [the greatest], but they are not the most civilized' — conceding they may be great by the conquest-based measure most people use, while explicitly denying that this makes them civilized. This is exactly option D; options A and B wrongly deny any greatness at all, and option C inverts the passage's actual claim (it grants possible greatness, not civilization — not the reverse).
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Question 50
In the passage, what does the phrase 'might is right' imply in the context of war?
Most of the people who appear most often and most gloriously in the history books are great conquerors and generals and soldiers, whereas the people who really helped civilization forward are often never mentioned at all. We do not know who first set a broken leg, or launched a seaworthy boat, or calculated the length of the year, or manured a field; but we know all about the killers and destroyers.

People think a great deal of them, so much so that on all the highest pillars in the great cities of the world you will find the figure of a conqueror or a general or a soldier. And I think most people believe that the greatest countries are those that have beaten in battle the greatest number of other countries and ruled over them as conquerors. It is just possible they are, but they are not the most civilized.

Animals fight; so do savages; hence to be good at fighting is to be good in the way in which an animal or a savage is good, but it is not to be civilized. Even being good at getting other people to fight for you and telling them how to do it most efficiently—this, after all, is what conquerors and generals have done—is not being civilized. People fight to settle quarrels.

Fighting means killing, and civilized peoples ought to be able to find some way of settling their disputes other than by seeing which side can kill off the greater number of the other side, and then saying that that side which has killed most has won. And not only has won, but, because it has won, has been in the right. For that is what going to war means; it means saying that might is right.
1. AThe winner is treated as right and the loser as wrong
2. BOnly powerful nations should wage war
3. CThose who are morally right should fight those who are wrong
4. DOnly the powerful can ever win a war
Answer: (A) The winner is treated as right and the loser as wrong
Explanation
The passage's final lines state that the side which 'has killed most has won. And not only has won, but, because it has won, has been in the right' — that is exactly what 'going to war means...saying that might is right'. The phrase therefore implies that victory (might) is equated with moral rightness after the fact, i.e., the winner is deemed right and the loser wrong — option A. It is not a prescriptive claim about who should fight (B, C) or a claim about who is capable of winning (D).
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Attempt Paper 1 — General Aptitude as a timed test

Spotted a shift or questions missing from this paper?

Paper 2 — Management

Attempt this paper

100 questions with the answer key and explanations.

Question 1
Which one of the following information types is NOT included in a skill inventory?
1. AEmployee's personal data
2. BOrganization's training schedule
3. CEmployee's potential
4. DSalary and Job history
Answer: (B) Organization's training schedule
Explanation
A skill inventory tracks specific talent and background data for individual employees across an enterprise. It records personal background, work experience, current compensation, acquired capabilities, and potential for higher roles.

A. Employee's personal data — recorded to maintain individual employee profiles and demographics.

B. Organization's training schedule — correct. An overall corporate training calendar is an operational organizational schedule rather than an individual data point in a worker's skill inventory.

C. Employee's potential — recorded to track promotability and leadership readiness.

D. Salary and Job history — recorded to document past achievements and current compensation levels.
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Question 2
Which one of the following approaches stresses that there are no universal rules for managers to follow in order to perform the job?
1. AContingency
2. BSystem
3. CMathematical
4. DEmpirical
Answer: (A) Contingency
Explanation
The contingency approach asserts that there is no single best way to manage and organize an enterprise. Managerial action depends entirely on the specific situational conditions and environment surrounding each decision.

A. Contingency — correct. Emphasizes situational fit and explicitly rejects universal rules in favor of situational adaptability.

B. System — conceptualizes an organization as an interconnected network of interdependent subsystems.

C. Mathematical — applies quantitative optimization models and statistical equations to decision making.

D. Empirical — generalizes managerial principles by studying past corporate cases and executive experiences.
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Question 3
The best level of output for a perfectly competitive firm in short run is a point where P = MR = MC, provided that
1. AP < AVC
2. BP > AVC
3. CP = AVC
4. DP ≥ AVC
Answer: (D) P ≥ AVC
Explanation
In the short run, a competitive firm maximizes profit or minimizes loss where price equals marginal cost ( = MR = MC$), provided that market price covers average variable cost ( \ge AVC$).

If price falls below average variable cost ( < AVC$), operating revenue cannot even cover variable operating expenses. In that situation, the firm minimizes losses by shutting down immediately. When = AVC$, the firm reaches its shutdown point and breaks even on variable costs. Therefore, production continues whenever:

P ≥ AVC
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Question 4
What is the role of advertisements and selling costs in perfectly competitive markets?
1. AInformative to intimate product/service availability
2. BEnlarging the market size
3. CVery essential for the survival of the firm
4. DInfluencing buyer behavior
Answer: (A) Informative to intimate product/service availability
Explanation
In a perfectly competitive market, individual products are identical and all market participants possess complete knowledge. Because buyers are price takers and goods are homogeneous, promotional expenditure cannot build brand differentiation.

A. Informative to intimate product/service availability — correct. Advertisements serve purely to inform buyers about product existence or transaction availability without persuasive branding.

B. Enlarging the market size — characteristic of industry trade groups or monopoly promotion, not competitive sellers.

C. Very essential for the survival of the firm — individual firms do not need selling costs because they can sell their full output at the market price.

D. Influencing buyer behavior — persuasive advertising aimed at altering buyer preferences applies to monopolistic competition and oligopoly.
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Question 5
It is believed that employees’ attitude influences their perception of work, but the employees' experience at work may also modify or shape their attitudes. This is an example of:
1. AContingency Approach
2. BDemocratic Approach
3. CInteractional Approach
4. DSocio‐technical system Approach
Answer: (C) Interactional Approach
Explanation
The interactional approach in organizational behaviour views human conduct as the result of a continuous reciprocal relationship between the person and the environment.

Under this framework, individual cognitive predispositions shape how workplace tasks are perceived. In return, ongoing work experiences and environmental feedback modify the worker's attitudes over time.

A. Contingency Approach — aligns managerial structures with changing situational factors.

B. Democratic Approach — describes consultative leadership styles and worker participation in decisions.

C. Interactional Approach — correct. Captures the dynamic two-way mutual influence between personal traits and situational experiences.

D. Socio‐technical system Approach — balances social human relations with technical work processes.
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Question 6
Which one of the following employee behaviours is NOT true in case of high-stress level?
1. AAnxiety
2. BCareless mistakes
3. CNervousness
4. DLow and bad judgmental ability
Answer: (D) Low and bad judgmental ability
Explanation
High stress produces observable behavioral and emotional reactions such as anxiety, nervousness, agitation, and performance errors like careless mistakes.

A. Anxiety — a well-documented emotional and behavioral symptom of excessive work stress.

B. Careless mistakes — a frequent behavioral consequence of high stress due to divided attention and fatigue.

C. Nervousness — a classic affective and behavioral manifestation of elevated stress levels.

D. Low and bad judgmental ability — correct. Judgmental capability is an underlying cognitive capacity rather than a behavioral response pattern. High stress can impair decision outcomes temporarily, but characterizing it as an employee's intrinsic low and bad judgmental ability is incorrect.
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Question 7
Information regarding 'personal job demands (human expenditure involved in work, such as energy expenditure)' collected in job analysis falls in which one of the following?
1. AWork Activities
2. BWorker‐Oriented Activities
3. CPersonal Requirements
4. DJob Context
Answer: (B) Worker‐Oriented Activities
Explanation
In job analysis frameworks such as the Position Analysis Questionnaire (PAQ), data on human expenditure of energy is classified under worker-oriented activities.

Worker-oriented activities capture the human behaviors, physical efforts, and perceptual demands required to execute job duties.

A. Work Activities — focuses on task-oriented descriptions of duties performed, such as operating machines or compiling reports.

B. Worker‐Oriented Activities — correct. Encompasses human work expenditure, physical exertion, energy demands, and behavioral inputs.

C. Personal Requirements — specifies necessary candidate attributes such as education, licensing, and prior experience.

D. Job Context — describes physical working conditions, temperature, hazard exposure, and organizational atmosphere.
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Question 8
Which one of the following orientation programs seek to ratify the usefulness of the characteristics that the person brings to the new job?
1. ASerial Orientation
2. BDisjunctive Orientation
3. CInvestiture Orientation
4. DDivestiture Orientation
Answer: (C) Investiture Orientation
Explanation
In Van Maanen and Schein's socialization tactics, an investiture orientation program acknowledges, confirms, and ratifies the existing personal qualities, values, and skills that a newcomer brings to the organization.

A. Serial Orientation — pairs the newcomer with experienced organizational incumbents who serve as direct role models.

B. Disjunctive Orientation — develops newcomers without role models, requiring them to define their own path.

C. Investiture Orientation — correct. Confirms and builds upon the unique personal identity and existing qualities of the recruit.

D. Divestiture Orientation — seeks to strip away or reshape existing habits and traits to enforce conformity with group norms.
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Question 9
In which one of the following motives, relevant for organizational climate, there is an urge to be relevant and useful to large groups including society as a whole?
1. AAffiliation
2. BInfluence
3. CExtension
4. DAchievement
Answer: (C) Extension
Explanation
In Udai Pareek's organizational climate and motivational framework, the extension motive reflects a desire to be relevant, helpful, and valuable to larger groups and society as a whole.

A. Affiliation — driven by a desire to establish warm, supportive personal relationships with colleagues.

B. Influence — driven by an urge to make an impact on others and guide organizational directions.

C. Extension — correct. Represents concern for the larger community and social contribution beyond narrow self-interest.

D. Achievement — driven by internal standards of personal excellence and goal attainment.
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Question 10
If the market price of PQR Ltd. is 44, EPS is 3.75 and the retention ratio is 60%, then the multiplier according to Graham and Dodd Model of Dividend policy is
1. A15
2. B19.5
3. C16
4. D18.7
Answer: (C) 16
Explanation
The Graham and Dodd valuation formula expresses share price in terms of dividend per share, earnings per share, and an equity multiplier:

P = m * (D + E / 3)

Calculate dividend per share using the 40% payout ratio:

D = EPS * (1 - retention ratio) = 3.75 * 0.40 = 1.50

Substitute EPS and D into the term inside parentheses:

D + E / 3 = 1.50 + 3.75 / 3 = 1.50 + 1.25 = 2.75

Now solve for the multiplier m using the market price of 44:

44 = m * 2.75
m = 44 / 2.75 = 16
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Question 11
The holistic, integrated and goal‐oriented process of planning, recruiting, selecting, developing, managing, and compensating employees is known as
1. AHuman Resource Management
2. BStrategic Human Resource Management
3. CTalent Management
4. DHuman Resource Planning
Answer: (C) Talent Management
Explanation
Talent management is the holistic, integrated, and goal-oriented process of planning, recruiting, selecting, developing, managing, and compensating employees across their complete lifecycle.

A. Human Resource Management — the broad discipline covering policies, practices, and systems that influence employee behavior and performance.

B. Strategic Human Resource Management — links general human resource practices directly to long-term strategic organizational goals.

C. Talent Management — correct. Specifically defined as the integrated, end-to-end framework coordinating recruitment, development, and retention of critical talent.

D. Human Resource Planning — the specific forecasting process of determining future workforce supply and demand.
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Question 12
Which one of the following performance appraisal methods prevents supervisors from rating all or most employees "satisfactory" or "high"?
1. ACritical Incident Method
2. BForced Distribution Method
3. CPaired Comparison Method
4. DAlternation Ranking Method
Answer: (B) Forced Distribution Method
Explanation
The forced distribution method mandates that a rater assign predetermined percentages of employees into specific performance categories, conforming to a bell curve.

Because predetermined quotas must be allocated to top, middle, and low performers, supervisors cannot cluster all workers in high or satisfactory brackets.

A. Critical Incident Method — records specific effective and ineffective behavioral events during the rating period.

B. Forced Distribution Method — correct. Eliminates central tendency and leniency biases by imposing strict percentage caps per performance grade.

C. Paired Comparison Method — compares every employee against every other employee individually across a single trait.

D. Alternation Ranking Method — alternates between picking the best and worst remaining employees on a list.
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Question 13
In case of agency problem, the actions of managers are very likely to be directed towards the goal of
1. AProfit maximization
2. BWealth maximization
3. CSurvival and self‐sufficiency
4. DSelf‐sufficiency
Answer: (C) Survival and self‐sufficiency
Explanation
Agency theory highlights the conflict of interest between principals (shareholders) and agents (corporate managers). While shareholders seek wealth maximization, self-interested managers prioritize enterprise survival and self-sufficiency to secure their tenure, power, and compensation.

A. Profit maximization — an operational accounting goal that may not align with manager self-preservation.

B. Wealth maximization — the primary objective of shareholders, which managers often compromise when agency conflicts arise.

C. Survival and self‐sufficiency — correct. Protects managerial autonomy, reduces takeover risks, and safeguards personal executive benefits.

D. Self‐sufficiency — an incomplete description compared to the combined goal of organizational survival and self-sufficiency.
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Question 14
Which one of the following measures better explains inflation in an economic ecosystem?
1. AGNP deflator
2. BWholesale Price Index (WPI)
3. CConsumer Price Index (CPI)
4. DRate of change in GNP deflator
Answer: (D) Rate of change in GNP deflator
Explanation
Inflation is defined as the continuous percentage rate of increase in the general price level over time. A price index level alone represents an absolute index number, whereas inflation reflects the rate of change in that price index.

A. GNP deflator — provides a broad price index across all final goods and services, but an index level itself is not an inflation rate.

B. Wholesale Price Index (WPI) — measures price changes only at the wholesale stage and excludes consumer services.

C. Consumer Price Index (CPI) — tracks prices of a fixed basket of consumer goods rather than economy-wide output.

D. Rate of change in GNP deflator — correct. Directly measures the dynamic macroeconomic inflation rate across the entire economy.
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Question 15
Du Pont analysis formula involves which financial elements for computation of earning power?
1. ANet profit margin, Total assets turnover and Equity multiplier
2. BTotal assets turnover and sales turnover profitability
3. CProfit margin, Sales turnover and Asset‐use efficiency
4. DTotal assets turnover and Equity multiplier
Answer: (B) Total assets turnover and sales turnover profitability
Explanation
In the original Du Pont system, a firm's earning power (Return on Total Assets or ROI) is calculated by multiplying total assets turnover by the profit margin on sales turnover:

Earning Power = Total Assets Turnover * Sales Turnover Profitability

Breaking this into financial ratios reveals:

(Sales / Total Assets) * (Net Profit / Sales) = Net Profit / Total Assets

A. Net profit margin, Total assets turnover and Equity multiplier — represents the three-stage extended Du Pont equation for Return on Equity (ROE), not basic earning power.

B. Total assets turnover and sales turnover profitability — correct. Captures the two essential operating dimensions of asset utilization and sales margin that define earning power.

C. Profit margin, Sales turnover and Asset‐use efficiency — redundant ratio terminology that does not represent the recognized formula.

D. Total assets turnover and Equity multiplier — combines an operating ratio with a financial leverage ratio without incorporating profitability.
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Question 16
Following information is available for the year 2018 and 2019 of ABC Ltd:

Calculate P/V ratio
Year 2018 2019
Sales Rs. 32,00,000 Rs 57,00,000
Profit/(Loss) (Rs 3,00,000) Rs 7,00,000
1. A40%
2. B16%
3. C28%
4. D12%
Answer: (A) 40%
Explanation
When financial figures for two consecutive periods are provided, the Profit-Volume (P/V) ratio is computed as:

P/V Ratio = (Change in Profit / Change in Sales) * 100

Calculate the change in profit from 2018 to 2019:

Change in Profit = Rs 7,00,000 - (-Rs 3,00,000) = Rs 10,00,000

Calculate the change in sales revenue over the same period:

Change in Sales = Rs 57,00,000 - Rs 32,00,000 = Rs 25,00,000

Substitute these values into the ratio formula:

P/V Ratio = (10,00,000 / 25,00,000) * 100 = 40%
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Question 17
Which methods of risk analysis better serve lender's perspective in the capital budgeting decisions?
1. ARisk Adjusted Discount Rate
2. BCertainty Equivalent approach
3. CSimulation and Sensitivity analyses
4. DDecision Analysis
Answer: (B) Certainty Equivalent approach
Explanation
Lenders prioritize default risk mitigation and require assurance regarding minimum certain cash flows available to service debt.

The certainty equivalent approach adjusts forecasted risky cash inflows directly into guaranteed, riskless equivalents using certainty coefficients.

A. Risk Adjusted Discount Rate — inflates discount rates in the denominator, which compounds risk over time rather than evaluating period-by-period cash flow safety.

B. Certainty Equivalent approach — correct. Directly removes risk from expected cash flows, giving lenders a conservative picture of assured debt-servicing funds.

C. Simulation and Sensitivity analyses — explore broad probabilistic outcomes without isolating the certain cash flow threshold required by creditors.

D. Decision Analysis — evaluates sequential choices using decision trees, primarily suited for project management decisions.
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Question 18
As per Walter's model, the market value of a growing firm will increase if the dividend payout ratio is
1. AIncreased
2. BDecreased
3. CConstant
4. D100%
Answer: (B) Decreased
Explanation
In James E. Walter's dividend valuation model, a growing firm has an internal rate of return exceeding its cost of capital ( > k$).

Because the firm generates higher returns by reinvesting earnings internally than shareholders could earn in alternative investments, retaining earnings maximizes share valuation. The optimal dividend payout ratio for a growing firm is 0%, meaning market value rises as payout is decreased.

A. Increased — reduces internal reinvestment and lowers firm value when > k$.

B. Decreased — correct. Retains more capital for profitable expansion, raising market price.

C. Constant — does not maximize equity value compared to reducing payout toward zero.

D. 100% — yields the lowest possible share value for a growth firm under Walter's model.
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Question 19
In the absence of covariance among securities in the portfolio, if each security has an average standard deviation of 20%, the portfolio of 100 securities would have a standard deviation of
1. A2%
2. BZero
3. C20%
4. D5%
Answer: (A) 2%
Explanation
When securities in an equally weighted portfolio are uncorrelated (zero covariance), portfolio variance equals the individual security variance divided by the number of securities:

Variance = (sigma ^ 2) / n

Taking the square root gives the portfolio standard deviation:

Portfolio SD = sigma / sqrt(n)

Substitute the individual standard deviation of 20% and portfolio size of 100:

Portfolio SD = 20% / sqrt(100) = 20% / 10 = 2%
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Question 20
The relationship between an investor's expectation of return on bonds with respect to the investment horizon is called
1. ABond yield
2. BYield to maturity
3. CRisk immunization
4. DTerm structure of interest rates
Answer: (D) Term structure of interest rates
Explanation
The term structure of interest rates describes the relationship between bond yields and their respective maturities across different investment horizons, depicted graphically as the yield curve.

A. Bond yield — the single rate of return generated by a specific bond investment.

B. Yield to maturity — the internal rate of return earned on a bond held until its final maturity date.

C. Risk immunization — an investment strategy that matches bond duration with holding periods to insulate against interest rate shifts.

D. Term structure of interest rates — correct. Maps how required bond returns vary with investment horizon.
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Question 21
___________ usually have intensive distribution because sales of these products tend to have a direct relationship to their availability
1. AConvenience Goods
2. BSpeciality Goods
3. CShopping Goods
4. DUnsought Goods
Answer: (A) Convenience Goods
Explanation
Convenience goods are everyday low-involvement items that consumers purchase frequently with minimal search effort. If a specific brand is missing from a store, consumers readily purchase a substitute, making intensive retail presence essential for sales volume.

A. Convenience Goods — correct. Relies on maximum market saturation and widespread placement to drive impulse purchases.

B. Speciality Goods — requires exclusive or selective distribution because buyers are willing to make special purchasing efforts.

C. Shopping Goods — distributed through selective channels where consumers compare quality, style, and price across stores.

D. Unsought Goods — products consumers do not normally think of buying, requiring aggressive personal selling rather than intensive distribution.
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Question 22
Which phrase best completes the statement below?

One of the key tasks of a marketer is to ____________ and to create a perception among consumers that the product is worth purchasing.
1. Amake products easily visible and available
2. Bpromote sales of products
3. Cdifferentiate their products from those of competitors
4. Ddo market surveys
Answer: (C) differentiate their products from those of competitors
Explanation
Product differentiation is the cornerstone of marketing strategy. Marketers must establish clear points of difference that distinguish their offering from rival goods, cultivating consumer perception of superior value.

A. make products easily visible and available — represents a logistical and merchandising task rather than core brand positioning.

B. promote sales of products — an execution tactic under the promotional mix rather than strategic value creation.

C. differentiate their products from those of competitors — correct. Builds the distinct brand identity and perceived value that justifies customer purchase decisions.

D. do market surveys — a research method used to gather data, not the central marketing objective itself.
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Question 23
When companies offer products in small packages or charge on a pay‐per‐use basis, then such strategies are part of:
1. ARegionalization strategies
2. BStrategies for the Bottom‐of‐the Pyramid
3. CStrategies for competing with global companies
4. DStrategies for internationalization
Answer: (B) Strategies for the Bottom‐of‐the Pyramid
Explanation
In C.K. Prahalad's Bottom-of-the-Pyramid (BOP) framework, low-income consumers face daily cash flow constraints. To serve these markets profitably, firms innovate with single-serve packages, sachets, and pay-per-use pricing structures.

A. Regionalization strategies — adapt marketing operations to specific geographic zones rather than socio-economic affordability levels.

B. Strategies for the Bottom‐of‐the Pyramid — correct. Tailors unit sizing and transaction terms to accommodate low daily income streams.

C. Strategies for competing with global companies — broad strategic initiatives that do not specifically center on micro-unit pricing.

D. Strategies for internationalization — foreign market entry modes such as exporting or joint ventures.
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Question 24
At the business level, organisations need to position their business as being Low‐cost leaders or Differentiated. The position when cost leadership is high in terms of lower prices/lower costs and differentiation is low, is called:
1. AFocused Cost Leaders
2. BCost Leaders
3. CDifferentiators
4. DFocused differentiators
Answer: (B) Cost Leaders
Explanation
Under Michael Porter's generic strategies, broad-scope competitive positioning is structured along cost leadership and differentiation dimensions.

A firm that achieves superior cost efficiency with low product differentiation across an entire industry occupies the Cost Leader position.

A. Focused Cost Leaders — applies a low-cost advantage exclusively to a narrow, specialized market segment.

B. Cost Leaders — correct. Competes industry-wide on the basis of low production costs and aggressive pricing without premium differentiation.

C. Differentiators — achieves industry-wide uniqueness and brand preference, typically carrying higher operating costs.

D. Focused differentiators — delivers customized or highly differentiated offerings within a targeted niche.
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Question 25
The process of converting a non‐productive, inactive asset into a productive asset by selling receivables to a company that specializes in their collection and administration, is described as
1. ACredit administration
2. BFactoring
3. CReceivables management
4. DCredit rating
Answer: (B) Factoring
Explanation
Factoring is a financial transaction where a business sells its accounts receivable to a specialized third party (a factor) at a discount, obtaining immediate working capital liquidity.

A. Credit administration — internal management of customer credit limits, billing terms, and ledger monitoring.

B. Factoring — correct. Sells inactive book debts to a factor to unlock liquid capital and transfer collection administration.

C. Receivables management — broad planning and control of credit sales, invoice collection, and customer creditworthiness.

D. Credit rating — formal assessment of an entity's or debt instrument's credit risk and default probability.
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Question 26
“Moments of Truth” in services marketing was given by:
1. AJan Carlzon
2. BRosser Reeves
3. CParasuraman and Zeithamal
4. DGary Armstrong
Answer: (A) Jan Carlzon
Explanation
Jan Carlzon, former chief executive of Scandinavian Airlines (SAS), popularized the concept of Moments of Truth in service management through his 1987 book.

He defined a moment of truth as any contact point where a customer interacts with any aspect of an organization, creating an opportunity to form or alter an impression of service quality.

A. Jan Carlzon — correct. Originated the phrase to emphasize frontline customer touchpoints in service leadership.

B. Rosser Reeves — developed the advertising concept of the Unique Selling Proposition (USP).

C. Parasuraman and Zeithamal — co-developed the SERVQUAL framework measuring service quality gaps.

D. Gary Armstrong — prominent marketing textbook author alongside Philip Kotler.
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Question 27
Which one of the following tasks is NOT expected to be performed in Sales Management?
1. AFormulating sales policies
2. BDesigning sales territories
3. CSelecting and recruitment of salesforce
4. DDetermining the selling price of the firm's products
Answer: (D) Determining the selling price of the firm's products
Explanation
Sales management focuses on directing the sales force, defining territories, managing quotas, and establishing frontline sales administration policies.

A. Formulating sales policies — an operational sales management responsibility setting guidelines for terms, discounts, and customer interaction.

B. Designing sales territories — a key sales management function establishing balanced geographical or account assignments.

C. Selecting and recruitment of salesforce — a core sales leadership task to build and staff field sales teams.

D. Determining the selling price of the firm's products — correct. Base pricing strategy is set by corporate leadership, marketing strategy, and finance, not by the sales management function alone.
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Question 28
In the retail industry, a 'Category Killer' is referred to as:
1. Aa multi‐category large discount store that is famous for its wide selection of products
2. Ba specialty store wedded to discounting and domination of a product category
3. Ca store in a residential area and offers all household goods and fresh groceries
4. Da unique 24/7 store located on major highways and also located in fuel stations
Answer: (B) a specialty store wedded to discounting and domination of a product category
Explanation
A category killer is a massive specialty retailer that carries an extraordinarily deep assortment within a single product category at discounted prices, dominating that market.

A. a multi‐category large discount store that is famous for its wide selection of products — describes hypermarkets or general mass merchandisers like Walmart.

B. a specialty store wedded to discounting and domination of a product category — correct. Defines category killers like Best Buy or Home Depot that crowd out smaller specialty shops.

C. a store in a residential area and offers all household goods and fresh groceries — describes neighborhood convenience stores or local supermarkets.

D. a unique 24/7 store located on major highways and also located in fuel stations — describes highway travel plazas or extended convenience outlets.
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Question 29
When is the finite population multiplier expected to be approximately equal to one?
1. AN ≥ 20 n
2. BN ≥ 30 n
3. CN ≥ 10 n
4. DN ≥ 40 n
Answer: (A) N ≥ 20 n
Explanation
The finite population correction factor adjusts sample variance when sampling without replacement from a finite population of size N with sample size n:

FPC = sqrt((N - n) / (N - 1))

In statistical practice, when the sample constitutes 5 percent or less of the population ( / N \le 0.05$), the correction factor is very close to 1 (0.975 or higher) and can be safely ignored. Rewriting this condition in terms of population size yields:

N ≥ 20 n
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Question 30
Which of the following is true with regard to method of least squares used in simple regression analysis?
1. AIt minimises the sum of the squared values of the independent variable
2. BIt minimises the sum of squared differences between the values of independent variable and their mean
3. CIt minimises the sum of the squared differences between the actual values of dependent variable and the estimated values of the dependent variable as per regression equation
4. DIt minimises the sum of squared values of the dependent variable
Answer: (C) It minimises the sum of the squared differences between the actual values of dependent variable and the estimated values of the dependent variable as per regression equation
Explanation
The Ordinary Least Squares (OLS) criterion determines the regression parameters by minimizing the sum of the squared vertical residuals between the observed values and the estimated values:

Sum of e^2 = Sum of (Y - Y_hat)^2

A. It minimises the sum of the squared values of the independent variable — incorrect. The independent variable X is treated as predetermined and its values are not minimized.

B. It minimises the sum of squared differences between the values of independent variable and their mean — describes total variation of X, not the estimation objective.

C. It minimises the sum of the squared differences between the actual values of dependent variable and the estimated values of the dependent variable as per regression equation — correct. This is the exact formal definition of the least squares principle.

D. It minimises the sum of squared values of the dependent variable — incorrect. The unadjusted sum of squared Y values is a fixed property of the observed sample.
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Question 31
In statistical quality control, the expected process variation (natural tolerance) is commonly taken to be
1. Aμ ± 1σ
2. Bμ ± 2σ
3. Cμ ± 3σ
4. Dμ ± s/√n
Answer: (C) μ ± 3σ
Explanation
In statistical process control, the natural tolerance limits representing expected process variation are set at three standard deviations on either side of the process mean:

μ ± 3σ

Under a normal distribution of process output, this natural tolerance interval encompasses 99.73 percent of all inherent random variation when the process is in statistical control.

A. μ ± 1σ — encompasses only 68.27 percent of process output, leaving excessive normal variation outside the limits.

B. μ ± 2σ — covers 95.45 percent of process output, commonly used for warning limits rather than natural tolerance.

C. μ ± 3σ — correct. Represents the universal standard for natural process limits and Shewhart control bounds.

D. μ ± s/√n — represents the standard error interval of the sample mean rather than process natural tolerance.
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Question 32
Who is widely credited for placing Japan as a world leader in the quality of its manufactured products?
1. ASchonberger R. J.
2. BDeming W.E.
3. CJuran J.M
4. DGoddard. W
Answer: (B) Deming W.E.
Explanation
W. Edwards Deming introduced statistical process control and systematic quality management principles to Japanese manufacturing leadership starting in 1950 through JUSE.

His teachings on continuous improvement and statistical methods transformed post-war Japanese industry into a global benchmark of manufacturing quality, commemorated by the prestigious Deming Prize.

A. Schonberger R. J. — popularized Japanese manufacturing techniques and World Class Manufacturing concepts in the 1980s.

B. Deming W.E. — correct. Universally recognized as the foremost American statistician credited with Japan's quality revolution.

C. Juran J.M — also contributed significantly to Japanese quality through the Quality Trilogy, though Deming is primarily cited for pioneering the movement.

D. Goddard. W — prominent consultant in just-in-time manufacturing and Kanbans.
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Question 33
A transportation problem with m origins and n destinations becomes a trans-shipment problem with
1. A(m + n) sources and (m + n) destinations
2. B(m + n - 1) sources and equal number of destinations
3. C(m - n) sources and (m - n) destinations
4. D(m + n -2) sources and (m + n – 2) destinations
Answer: (A) (m + n) sources and (m + n) destinations
Explanation
In Alex Orden's trans-shipment formulation, every origin and destination node can act as an intermediate transfer point.

To convert a standard transportation problem with m origins and n destinations into a general trans-shipment model, every node is configured with dual capability as both a possible sender and receiver. This results in an augmented square tableau containing:

(m + n) sources and (m + n) destinations

A sufficiently large buffer stock is assigned to intermediate nodes to handle trans-shipment throughput.
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Question 34
When a firm is not expected to prefer FDI to licensing?
1. AThe firm has valuable know how that cannot be adequately protected by a contract
2. BThe firm needs tight control over a foreign entity in order to maximize its market share and earnings in that country
3. CThe firm faces high transportation costs and tariffs
4. DThe firm's skills and capabilities are difficult to replicate in a foreign market
Answer: (C) The firm faces high transportation costs and tariffs
Explanation
Internalization theory explains why multinational enterprises choose Foreign Direct Investment (FDI) over licensing when contractual hazards exist.

A. The firm has valuable know how that cannot be adequately protected by a contract — favors FDI because licensing risks technological expropriation.

B. The firm needs tight control over a foreign entity in order to maximize its market share and earnings in that country — favors FDI to coordinate global pricing and market strategies.

C. The firm faces high transportation costs and tariffs — correct. High trade barriers favor local overseas production over exporting, but they do not favor FDI over licensing because both methods manufacture within the host market.

D. The firm's skills and capabilities are difficult to replicate in a foreign market — favors FDI because tacit knowledge is difficult to transfer effectively to independent licensees.
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Question 35
In the context of Data Mining, which one of the following is a method of Data Reduction?
1. ANormalization
2. BData Compression
3. CMultiple Regression
4. DOutlier Analysis
Answer: (B) Data Compression
Explanation
In data warehousing and data mining preprocessing, data reduction obtains a reduced representation of a data set that is substantially smaller in volume while preserving analytical integrity.

A. Normalization — a data transformation technique scaling attribute values into a specified range such as 0 to 1.

B. Data Compression — correct. A core data reduction method that encodes data to occupy reduced storage space without significant loss of information.

C. Multiple Regression — a predictive modeling tool estimating relationships between variables, not primarily a reduction method.

D. Outlier Analysis — a data cleaning and anomaly detection step identifying abnormal observations.
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Question 36
In the context of the International Monetary System, the case for a fixed exchange rate regime claims:
1. AThe need to maintain a fixed exchange rate imposes monetary discipline on a country
2. BThe goods and service manufactured in the country become more competitive in international markets
3. CFloating exchange rate regimes are vulnerable to speculative pressure
4. DFar from correcting trade imbalance, depreciating a currency in the foreign exchange market tends to cause price inflation
Answer: (A) The need to maintain a fixed exchange rate imposes monetary discipline on a country
Explanation
The classic macroeconomic argument for fixed exchange rates is that pegging currency parity prevents national monetary authorities from engaging in inflationary money supply expansion.

A. The need to maintain a fixed exchange rate imposes monetary discipline on a country — correct. Forces governments to rein in inflation and maintain fiscal prudence to preserve the fixed parity.

B. The goods and service manufactured in the country become more competitive in international markets — exchange rate rigidity can result in currency overvaluation, hurting export competitiveness.

C. Floating exchange rate regimes are vulnerable to speculative pressure — an argument against floating regimes rather than the affirmative foundational claim for fixed discipline.

D. Far from correcting trade imbalance, depreciating a currency in the foreign exchange market tends to cause price inflation — reflects the J-curve criticism of devaluation rather than the central pillar of fixed regime design.
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Question 37
The computer system most likely to be used by a large bank for the savings account of a customer would be:
1. AAn on‐line, real‐time system
2. BA generalized utility system
3. CA batch processing system
4. DA direct access database system
Answer: (A) An on‐line, real‐time system
Explanation
Commercial banking savings accounts require immediate ledger updating and instantaneous balance validation during teller, ATM, and online transactions.

A. An on‐line, real‐time system — correct. Processes account debits, credits, and balance inquiries instantaneously upon entry, preventing overdrafts and transaction conflicts.

B. A generalized utility system — refers to foundational system software utilities such as file management and compression tools.

C. A batch processing system — collects transactions to execute together at scheduled intervals, suitable for end-of-month statements or payroll rather than live savings accounts.

D. A direct access database system — describes underlying storage architecture rather than the interactive processing mode needed for real-time customer banking.
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Question 38
Which one of the following is NOT desirable while handling a grievance?
1. AThe union will identify specific contractual provisions allegedly being violated
2. BMake arrangements with individual employees that are inconsistent with the labor agreement
3. CHold the grievance discussions privately
4. DExamine the grievant personnel's record
Answer: (B) Make arrangements with individual employees that are inconsistent with the labor agreement
Explanation
Effective grievance administration requires strict adherence to the established collective bargaining agreement to ensure fairness, consistency, and legal validity.

A. The union will identify specific contractual provisions allegedly being violated — highly desirable and necessary to establish the precise factual basis of the grievance.

B. Make arrangements with individual employees that are inconsistent with the labor agreement — correct. Undermines the collective labor agreement, creates discriminatory precedents, and constitutes an improper labor practice.

C. Hold the grievance discussions privately — desirable to prevent public posturing and maintain confidentiality.

D. Examine the grievant personnel's record — desirable to review past performance, warnings, and work history relevant to the complaint.
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Question 39
Entrepreneurs who are characterized by a refusal to adopt opportunities and make changes in production systems even if it affects the returns of the organization are called
1. AFabian Entrepreneurs
2. BLife timers entrepreneurs
3. CImitative entrepreneurs
4. DDrone entrepreneurs
Answer: (D) Drone entrepreneurs
Explanation
In Clarence Danhof's typology of entrepreneurship, drone entrepreneurs are ultra-conservative traditionalists who rigidly adhere to established customary methods.

They refuse to embrace new market opportunities or modify production techniques, even when continued resistance causes substantial operational losses.

A. Fabian Entrepreneurs — cautious and skeptical, adopting innovations only when non-adoption threatens business survival.

B. Life timers entrepreneurs — individuals who view business ownership as an enduring lifestyle rather than an aggressive growth vehicle.

C. Imitative entrepreneurs — readily adopt and copy successful innovations introduced by innovating entrepreneurs.

D. Drone entrepreneurs — correct. Completely refuse change despite declining organizational returns.
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Question 40
Which one of the following is NOT a part of the current account of a country's balance of payments?
1. AImport of Goods
2. BPortfolio Investment
3. CInvestment income
4. DExport of Goods
Answer: (B) Portfolio Investment
Explanation
The Balance of Payments is divided into the Current Account and the Capital and Financial Account.

The Current Account records cross-border transactions involving trade in goods, services, primary investment income, and unilateral transfers. Portfolio Investment involves cross-border acquisition of financial securities (shares and bonds) and is recorded in the Capital and Financial Account.

A. Import of Goods — component of the merchandise trade balance in the current account.

B. Portfolio Investment — correct. Belongs to the capital and financial account rather than the current account.

C. Investment income — covers dividends, interest, and profits earned across borders, classified under current account primary income.

D. Export of Goods — component of visible merchandise receipts in the current account.
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Question 41
A price ceiling below the equilibrium price of a commodity leads to
1. Commodity glut in market
2. Shortage of commodity
3. Demand erosion
4. Black marketing
Choose the correct answer from the options given below:
1. A1 and 2 only
2. B2 and 3 only
3. C2 and 4 only
4. D1 and 4 only
Answer: (C) 2 and 4 only
Explanation
When a statutory price ceiling is imposed below market equilibrium, quantity demanded expands while producers reduce supply, producing an excess demand or commodity shortage (2).

Because legal supplies at the capped price cannot satisfy consumer demand, unofficial parallel trading emerges where buyers pay illegal premiums, creating black marketing (4).

Statement 1 is incorrect because price ceilings create shortages rather than gluts.

Statement 2 is correct because quantity demanded exceeds quantity supplied at the lower ceiling price.

Statement 3 is incorrect because artificially low prices expand consumer demand rather than eroding it.

Statement 4 is correct because unmet demand incentivizes illegal resale above the ceiling price.
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Question 42
The essential conditions for price discrimination practice to succeed in different markets are
1. Firms must have strong interdependence per se
2. Firm must have some control over the price of the product
3. Differentiated products and strong entry restrictions
4. Price elasticity of demand must differ in different markets
5. Markets for the products must be separable
Choose the correct answer from the options given below:
1. A1, 2 and 3 only
2. B2, 3 and 4 only
3. C3, 4 and 5 only
4. D2, 4 and 5 only
Answer: (D) 2, 4 and 5 only
Explanation
In economic theory, third-degree price discrimination requires three core conditions: pricing power, differing elasticities, and market segmentation.

Condition 2 (Price control) — the seller must possess monopoly power to set price rather than taking market prices.

Condition 4 (Differing price elasticity) — buyers in separated submarkets must exhibit different sensitivities to price changes.

Condition 5 (Separable markets) — markets must be physically or legally separated to prevent arbitrage or resale across customer groups.

Interdependence (1) characterizes oligopoly rivalry rather than price discrimination, and physical product differentiation (3) describes monopolistic competition rather than charging different prices for the same good.
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Question 43
Which of the following are creative problem-solving characteristics of effective managers?
1. Cognitive style
2. Conceptual blocks
3. Divergent thinking
4. Activity balance
Choose the correct answer from the options given below:
1. A1 and 3 only
2. B2 and 3 only
3. C1, 3 and 4 only
4. D2, 3 and 4 only
Answer: (C) 1, 3 and 4 only
Explanation
In managerial skill frameworks, creative problem solving involves cognitive adaptability, ideational fluidity, and balanced thinking styles.

1. Cognitive style — an individual's characteristic manner of processing information and generating solutions.

2. Conceptual blocks — mental obstacles and perceptual rigidities that inhibit creative thinking rather than managerial strengths.

3. Divergent thinking — the ability to explore multiple unique angles and synthesize novel connections.

4. Activity balance — maintaining equilibrium between disciplined analytical rigor and unstructured creative exploration.

Excluding conceptual blocks leaves statements 1, 3, and 4 as the positive creative characteristics.
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Question 44
The term 'Flexible Manufacturing Technology' or 'Lean Production', covers a range of manufacturing technologies designed to:
1. Become compliant with government regulations
2. Become compliant with government regulations
3. Increase utilization of individual machines through better scheduling
4. Improve quality control at all stages of the manufacturing process
Choose the correct answer from the options given below:
1. A1, 3 and 4 only
2. B2, 3 and 4 only
3. C1 and 4 only
4. D2 and 3 only
Accepted answers: (A) 1, 3 and 4 only, (B) 2, 3 and 4 only
Explanation
Flexible manufacturing technology and lean production systems aim to eliminate shop-floor waste, optimize machine scheduling (3), and establish rigorous quality control throughout production (4).

Because statements 1 and 2 are printed identically in the exam source, option combinations {1, 3 and 4} and {2, 3 and 4} represent identical statement sets combining quality control, machine scheduling, and the printed regulatory statement.

Both Option A and Option B contain this valid grouping and are accepted.
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Question 45
Theory of international trade promotes
1. Increase in demand for exportable products
2. Rise in prices and volumes
3. Improvement in quality of products
4. Reduction in prices and increase in quality for consumers
Choose the correct answer from the options given below:
1. A1, 2 and 3 only
2. B1, 3 and 4 only
3. C2, 3 and 4 only
4. D1 and 2 only
Answer: (B) 1, 3 and 4 only
Explanation
International trade theory demonstrates that cross-border specialization by comparative advantage yields clear economic gains.

Statement 1 is correct because access to foreign markets increases export demand for competitively produced domestic goods.

Statement 2 is incorrect because trade enhances competition and reduces consumer price levels rather than driving general price inflation.

Statement 3 is correct because foreign competition drives technological innovation and continuous product improvement.

Statement 4 is correct because consumers benefit from lower imported prices and wider assortments of high-quality products.

Combining the valid statements gives 1, 3 and 4 only.
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Question 46
To achieve its aims in Strategic Human Resource Management, the organization formulates and execute Human Resources
1. Policies
2. Behaviors
3. Practices
4. Competencies
Choose the correct answer from the options given below:
1. A1 and 2 only
2. B1 and 3 only
3. C2 and 3 only
4. D1, 2, 3 and 4
Answer: (D) 1, 2, 3 and 4
Explanation
In Strategic Human Resource Management frameworks, competitive advantage requires an integrated architecture connecting institutional HR design with workforce capabilities.

1. Policies — institutional guidelines establishing organizational principles for employee relations and performance.

2. Behaviors — motivated employee actions and collaborative efforts needed to accomplish organizational goals.

3. Practices — day-to-day HR operational processes such as staffing, training, and incentive management.

4. Competencies — essential knowledge, skills, and abilities developed within the workforce.

All four components are formulated and executed in concert to deliver strategic organizational performance.
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Question 47
The salient features of Zero-Base Budgeting are:
1. It is a decision-oriented approach
2. The decision unit is broken into understandable decision packages which are ranked according to importance
3. The responsibility is shifted from top management to the manager of the decision unit
4. It is an accounting-oriented approach
5. Top management decides why a particular amount of money should be spent on a particular decision unit
Choose the correct answer from the options given below:
1. A1, 2 and 3 only
2. B4 and 5 only
3. C1 and 2 only
4. D3, 4 and 5 only
Answer: (A) 1, 2 and 3 only
Explanation
Zero-Base Budgeting (ZBB) requires managers to justify all proposed expenditures from a zero base rather than incrementally adjusting prior budgets.

Statement 1 is correct because ZBB evaluates programs based on expected benefits and strategic necessity rather than routine bookkeeping.

Statement 2 is correct because activities are structured into discrete decision packages ranked in order of priority.

Statement 3 is correct because unit managers must defend and justify their own decision packages from scratch.

Statement 4 is incorrect because traditional incremental budgeting is accounting-oriented, whereas ZBB is managerial and decision-oriented.

Statement 5 is incorrect because unit managers initiate the justification, not top management alone.
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Question 48
The formula for calculating Degree of operating Leverage (DOL) are:
1. DOL = % change in EBIT / % change in sales
2. DOL = Contribution / EBIT
3. DOL = (EBIT+Fixed Cost) / EBIT
4. DOL = EBIT / Contribution
Choose the correct answer from the options given below:
1. A1, 3 and 4 only
2. B2, 3 and 4 only
3. C1, 2 and 3 only
4. D1 and 2 only
Answer: (C) 1, 2 and 3 only
Explanation
Degree of Operating Leverage measures the percentage change in operating income resulting from a percentage change in sales volume:

DOL = % change in EBIT / % change in sales

At a given sales level, this relationship is expressed as:

DOL = Contribution / EBIT

Because Contribution equals operating earnings plus fixed operating costs (Contribution = EBIT + Fixed Cost), the expression becomes:

DOL = (EBIT + Fixed Cost) / EBIT

Statement 4 inverts this relationship and is incorrect, leaving statements 1, 2, and 3 as valid formulations.
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Question 49
Funds flow and Cash flow statements are important managerial tools and help the firm to know:
1. Liquidity position
2. Capital expenditure incurred
3. Dividend paid
4. Extent of external financing
Choose the correct answer from the options given below:
1. A1, 2 and 3 only
2. B2, 3 and 4 only
3. C1 and 4 only
4. D1, 2, 3 and 4
Answer: (D) 1, 2, 3 and 4
Explanation
Funds flow and cash flow statements disclose the sources and uses of working capital and liquid funds over a reporting period.

1. Liquidity position — revealed through net changes in cash balances and short-term liquidity generation.

2. Capital expenditure incurred — reported under investing applications when acquiring plant and machinery.

3. Dividend paid — recorded as an application of funds and financing cash outflow to equity holders.

4. Extent of external financing — detailed through proceeds from issuing share capital, debentures, or long-term debt.

All four items are actively evaluated using funds and cash flow statements.
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Question 50
Portfolio theory provides a normative approach to investing based on which of the following assumptions?
1. Risk‐return spread is uniform for all asset classes
2. Investors are risk‐averse
3. Market risk pricing is identical for all investors
4. Return on assets are normally distributed
5. Uniform investment horizon
Choose the correct answer from the options given below:
1. A1, 2 and 3 only
2. B2, 3 and 4 only
3. C3, 4 and 5 only
4. D1, 3 and 5 only
Answer: (B) 2, 3 and 4 only
Explanation
Harry Markowitz's Modern Portfolio Theory establishes a normative mean-variance framework based on classical economic axioms.

Assumption 2 (Risk aversion) — investors demand higher expected returns to compensate for taking on additional portfolio variance.

Assumption 3 (Identical risk pricing) — capital market participants operate under competitive market pricing with homogeneous risk-reward trade-offs.

Assumption 4 (Normal distribution) — asset returns follow a normal distribution described entirely by their mean and variance.

Statement 1 is false because risk-return profiles vary fundamentally across distinct asset classes. Among the available choices, option B correctly captures assumptions 2, 3, and 4.
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Question 51
Out of the following, which are the most common error committed by Entrepreneurs?
1. To anticipate roadblocks
2. No commitment or dedication
3. Proposing market niche (Segment)
4. Lack of demonstrated experience
5. No realistic goals
Choose the correct answer from the options given below:
1. A1, 2 and 3 only
2. B2, 4 and 5 only
3. C3, 4 and 5 only
4. D2, 3, 4 and 5 only
Answer: (B) 2, 4 and 5 only
Explanation
In entrepreneurship literature, common startup pitfalls stem from poor preparation, inadequate focus, and unrealistic planning.

Statement 1 (Anticipating roadblocks) — a prudent risk management practice, not an error.

Statement 2 (No commitment or dedication) — a major reason for early venture failure.

Statement 3 (Proposing market niche) — a sound strategic positioning decision identifying underserved customer segments.

Statement 4 (Lack of demonstrated experience) — a frequent deficiency leading to operational miscalculations.

Statement 5 (No realistic goals) — a planning failure that misallocates scarce initial resources.

Excluding the positive strategic actions 1 and 3 leaves statements 2, 4, and 5 as the common errors.
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Question 52
Identify the drivers for increased Foreign Institutional Investment flows in Indian stock markets in recent times
1. Covid‐19 pandemic driven liquidity outflows from the western capital markets
2. Geopolitical supply chain relocations
3. Increased India weightage in MSCI Emerging Market Index
4. Steep decline in interest rates in large market friendly economies
5. Favourable risk‐reward ratios in Indian stock market
Choose the correct answer from the options given below:
1. A1, 2 and 3 only
2. B3, 4 and 5 only
3. C2, 3 and 4 only
4. D1, 2, 3 and 4 only
Answer: (B) 3, 4 and 5 only
Explanation
Foreign Institutional Investment (FII) equity inflows into emerging markets respond to benchmark index revisions, global monetary policy liquidity, and relative market valuations.

Statement 3 (MSCI index weightage) — increasing India's weight in global benchmark indices directly mandates passive index-tracking funds to allocate greater capital into Indian equities.

Statement 4 (Decline in global interest rates) — ultra-low interest rates and monetary easing in developed economies encouraged global institutional investors to seek higher yields in emerging markets.

Statement 5 (Favourable risk‐reward ratios) — robust corporate earnings growth and resilient economic fundamentals made Indian equity returns attractive relative to global risks.

Combining these financial drivers yields statements 3, 4, and 5.
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Question 53
Notable myths about Entrepreneurs and Entrepreneurship are
1. Entrepreneurs are academics and social misfits
2. Entrepreneurs must fit into an ideal profile
3. Entrepreneurs are doers and thinkers
4. All Entrepreneurs need is money
5. Entrepreneurs are not born but made
Choose the correct answer from the options given below:
1. A1, 2, 3 and 4 only
2. B2, 3, 4 and 5 only
3. C1, 2 and 4 only
4. D3, 4 and 5 only
Answer: (C) 1, 2 and 4 only
Explanation
Donald F. Kuratko identifies prominent myths that misrepresent the true nature of entrepreneurship.

Myth 1 (Academics and social misfits) — a classic myth assuming entrepreneurs cannot function in structured academic or corporate environments.

Myth 2 (Must fit an ideal profile) — a myth assuming successful founders possess a uniform personality checklist.

Statement 3 (Doers and thinkers) — an established reality that refutes the myth that entrepreneurs are merely action-oriented doers.

Myth 4 (All they need is money) — a widespread misconception overlooking market vision, managerial talent, and operational execution.

Statement 5 (Not born but made) — an accepted educational reality confirming entrepreneurial skills can be learned.

Statements 1, 2, and 4 represent the myths.
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Question 54
The reasons why firms enter into strategic alliances are:
1. Enter new markets
2. Abide by government regulations
3. Reduce manufacturing costs
4. Developing and diffusing technology
Choose the correct answer from the options given below:
1. A1, 2 and 3 only
2. B2, 3 and 4 only
3. C1, 2 and 4 only
4. D1, 3 and 4 only
Answer: (D) 1, 3 and 4 only
Explanation
Strategic alliances enable participating organizations to leverage complementary assets, achieve operational scale, and share commercial risk.

1. Enter new markets — alliances with established local players accelerate distribution access and overcome foreign entry barriers.

3. Reduce manufacturing costs — pooling production volumes and sharing supply facilities achieves greater economies of scale.

4. Developing and diffusing technology — joint research partnerships reduce capital risk and accelerate technical diffusion.

While regulatory compliance may shape legal structuring in certain countries, market expansion, cost reduction, and technological development (1, 3, and 4) form the foundational strategic rationale.
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Question 55
Out of the following, which are the CORRECT forms of Product Life Cycle?
1. Bell‐shaped PLC
2. Scalloped PLC
3. Cycle‐Recycle PLC
4. Growth‐Slump PLC
Choose the correct answer from the options given below:
1. A1, 2, 3 and 4
2. B2, 3 and 4 only
3. C1, 3 and 4 only
4. D1, 2 and 3 only
Answer: (A) 1, 2, 3 and 4
Explanation
Philip Kotler identifies several documented profile variations of the Product Life Cycle across different industries.

1. Bell‐shaped PLC — the classic textbook progression through introduction, rapid growth, maturity, and decline.

2. Scalloped PLC — observed when new product characteristics, alternate uses, or new customer segments produce successive sales waves over time.

3. Cycle‐Recycle PLC — common in pharmaceuticals where renewed promotion or secondary applications trigger a second sales cycle.

4. Growth‐Slump PLC — typical of novel gadgets where initial rapid adoption is followed by a sharp drop and stabilization at a replacement level.

All four patterns are recognized forms of the Product Life Cycle.
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Question 56
Which of the following denote the CORRECT set of unrecognised form of Organisational Justice?
1. Procedural justice
2. Shareholder justice
3. Collateral justice
4. Interactional justice
Choose the correct answer from the options given below:
1. A1 and 3 only
2. B2 and 3 only
3. C1 and 2 only
4. D1 and 4 only
Answer: (B) 2 and 3 only
Explanation
Organizational justice theory defines fairness perceptions at work through three formal dimensions: distributive justice, procedural justice, and interactional justice.

1. Procedural justice — recognized form evaluating the perceived fairness of decision-making processes and rules.

2. Shareholder justice — an unrecognized form that does not exist in organizational behaviour justice frameworks.

3. Collateral justice — an unrecognized form not found in organizational behaviour literature.

4. Interactional justice — recognized form assessing interpersonal treatment and communication quality from authorities.

Statements 2 and 3 represent the unrecognized forms.
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Question 57
Once a company has appointed dealers, the main elements of dealer motivation then are:
1. Territory of operation
2. Trade discount
3. Special incentives
4. Effective communication
Choose the correct answer from the options given below:
1. A1, 2 and 3 only
2. B2, 3 and 4 only
3. C1, 3 and 4 only
4. D1 and 2 only
Answer: (B) 2, 3 and 4 only
Explanation
Territory of operation is a static structural parameter established during initial dealer appointment and contract drafting.

Once dealers are actively operating, ongoing motivation relies on trade margins, targeted bonuses, and collaborative communication.

2. Trade discount — provides the base profit margin necessary to incentivize active selling effort.

3. Special incentives — volume rebates, seasonal bonuses, and contests that drive incremental channel push.

4. Effective communication — transparent sharing of marketing collateral, product updates, and technical support.

Combining these operational drivers yields statements 2, 3, and 4.
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Question 58
In consumer markets, for a market segment to be an effective and viable target, the segment should be:
1. Identifiable
2. Reachable
3. Transcending International boundaries
4. Sizeable
Choose the correct answer from the options given below:
1. A1 and 2 only
2. B1, 2 and 4 only
3. C2, 3 and 4 only
4. D3 and 4 only
Answer: (B) 1, 2 and 4 only
Explanation
Philip Kotler specifies that an effective and actionable market segment must satisfy the core criteria of identifiability, accessibility, and substantiality.

1. Identifiable (Measurable) — marketers must be able to identify member characteristics and measure purchasing power.

2. Reachable (Accessible) — the firm must be capable of effectively communicating with and distributing goods to the segment.

3. Transcending International boundaries — not a requirement because profitable segments can be entirely local or national.

4. Sizeable (Substantial) — the segment must be sufficiently large and commercially viable to warrant customized marketing effort.

Statements 1, 2, and 4 represent the necessary criteria.
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Question 59
To gain sustainable competitive advantage in low-cost manufacturing, Indian businesses are expected to:
1. Reduce production cost, sacrifice profits and advertise more
2. Support MSMEs, to strengthen the supply chain
3. Adopt product differentiation and focus more on innovations
4. Bridge trust deficit and gain support from the public, workers and policy markers
Choose the correct answer from the options given below:
1. A1 and 2 only
2. B2 and 3 only
3. C1, 2 and 3 only
4. D2, 3 and 4 only
Answer: (D) 2, 3 and 4 only
Explanation
Sustainable manufacturing competitiveness requires deep institutional capability, domestic supplier ecosystems, innovation, and social trust.

Statement 1 is unsustainable because simply sacrificing profit margins while inflating advertising costs damages balance sheet viability.

Statement 2 is essential because developing robust MSME supplier tiers deepens component sourcing and lowers aggregate supply chain costs.

Statement 3 is essential because combining process efficiency with product differentiation protects manufacturing margins against low-wage competitors.

Statement 4 is essential because building institutional alignment with labor unions, civic communities, and policymakers ensures policy stability.

Statements 2, 3, and 4 form the sustainable strategic roadmap.
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Question 60
Which of the following are necessary conditions for applying Siméon Denis Poisson distribution in the field of managerial decision making?
1. Each occurrence of an event is independent of the occurrence of the other event
2. The probability of an occurrence is the same for any two intervals of equal length
3. Poisson distribution describes continuous occurrences over a specific time interval
4. In each interval, occurrences can range from zero to infinity
Choose the correct answer from the options given below:
1. A1 and 2 only
2. B1, 3 and 4 only
3. C1, 2 and 4 only
4. D1, 2 and 3 only
Answer: (C) 1, 2 and 4 only
Explanation
The Poisson distribution models the number of discrete events occurring in a fixed interval of time or space.

Condition 1 (Independence) — an occurrence in one interval has no influence on occurrences in any disjoint interval.

Condition 2 (Stationarity) — event probability is identical for any two intervals of equal duration.

Statement 3 is incorrect because the Poisson distribution is strictly discrete, measuring countable occurrences ( = 0, 1, 2, ...$) rather than continuous variables.

Condition 4 (Range) — the countable number of possible events in an interval has no theoretical upper bound, extending from zero to infinity.

Statements 1, 2, and 4 represent the valid conditions.
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Question 61
An outlier does NOT affect which of the following statistical measures?
1. Quartile range
2. Standard deviation
3. Median
4. Regression coefficients
Choose the correct answer from the options given below:
1. A1 and 3 only
2. B1, 3 and 4 only
3. C1 and 2 only
4. D2 and 4 only
Answer: (A) 1 and 3 only
Explanation
Order statistics and positional metrics resist the distorting influence of extreme sample values located in distribution tails.

1. Quartile range — computed as - Q_1$, focusing solely on the middle 50 percent of ranked data and ignoring tail extremes.

2. Standard deviation — squares individual deviations from the mean, making it exceptionally sensitive to outliers.

3. Median — identifies the physical middle observation of a sorted array, remaining unchanged by distant extreme values.

4. Regression coefficients — Ordinary Least Squares minimizes squared residuals, allowing outliers with high leverage to alter slopes substantially.

Therefore, outliers do not affect measures 1 and 3.
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Question 62
Out of the following, which are the IMF facilities available to member countries?
1. Extended Fund Facility (EFF)
2. Structural Adjustment Lending (SAL)
3. Compensatory Financing Facility (CFF)
4. Stand‐by Arrangements (SBA)
Choose the correct answer from the options given below:
1. A1 and 2 only
2. B1, 2 and 3 only
3. C1, 3 and 4 only
4. D2, 3 and 4 only
Answer: (C) 1, 3 and 4 only
Explanation
The International Monetary Fund provides balance-of-payments financing through specialized lending facilities.

1. Extended Fund Facility (EFF) — an IMF window providing medium-term support to overcome structural balance of payments deficits.

2. Structural Adjustment Lending (SAL) — a non-project lending facility created and managed by the World Bank, not the IMF.

3. Compensatory Financing Facility (CFF) — an IMF mechanism assisting members facing temporary export shortfalls beyond their control.

4. Stand‐by Arrangements (SBA) — the core short-term IMF lending program addressing temporary external payment crises.

Statements 1, 3, and 4 are IMF facilities.
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Question 63
Which of the following are types of foreign exchange risks or exposures?
1. Translation Exposure
2. Translation Exposure
3. Social Exposure
4. Economic Exposure
Choose the correct answer from the options given below:
1. A1 and 2 only
2. B1, 2 and 4 only
3. C1, 2, 3 and 4 only
4. D1 and 4 only
Answer: (B) 1, 2 and 4 only
Explanation
International financial management categorizes corporate foreign exchange risk into transaction, translation, and economic exposures.

Translation Exposure (1 and 2) — the accounting risk arising when consolidating foreign subsidiary balance sheets into parent reporting currency.

Social Exposure (3) — a sociological concept that does not constitute a recognized category of foreign exchange risk.

Economic Exposure (4) — the risk that exchange rate fluctuations will permanently alter the present value of future corporate operating cash flows.

Preserving the duplicate exam statement for translation exposure, the valid currency exposures are 1, 2, and 4.
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Question 64
Out of the following, the examples of radical innovations are:
1. Personal Computers
2. Frozen Yogurt
3. Disposable diapers
4. Overnight mail delivery
5. Microwave popcorn
Choose the correct answer from the options given below:
1. A2, 4 and 5 only
2. B1, 2 and 3 only
3. C1, 3 and 5 only
4. D1, 3 and 4 only
Answer: (D) 1, 3 and 4 only
Explanation
Radical innovations establish fundamentally new product categories, transform consumer habits, and create entirely new industrial ecosystems.

1. Personal Computers — established decentralized personal computing, revolutionizing business and household workflows.

2. Frozen Yogurt — an incremental culinary variant within the established commercial frozen dessert industry.

3. Disposable diapers — introduced an entirely new consumer product category replacing traditional cloth diapers.

4. Overnight mail delivery — pioneered by FedEx, this created the modern guaranteed express logistics industry.

5. Microwave popcorn — an incremental packaging and convenience extension of an existing food staple.

Items 1, 3, and 4 represent radical innovations.
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Question 65
Technical feasibility analysis will include which of the following?
1. Crucial technical specifications with respect to the design and product safety
2. Engineering requirements
3. Engineering requirements
4. Product testing
5. Product testing
Choose the correct answer from the options given below:
1. A1, 2, 3 and 4 only
2. B2, 3, 4 and 5 only
3. C1, 2, 3, 4 and 5
4. D1, 3, 4 and 5 only
Answer: (C) 1, 2, 3, 4 and 5
Explanation
Technical feasibility analysis assesses whether a proposed venture or product can be engineered, manufactured, and tested to operational standards.

1. Design and product safety — evaluates technical design blueprints, material tolerances, and regulatory safety compliance.

2 and 3. Engineering requirements — details equipment specifications, fabrication technologies, and plant utilities.

4 and 5. Product testing — covers prototyping, stress testing, and performance validation before commercial scale-up.

All five elements listed in the source question belong to technical feasibility analysis.
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Question 66

Match List I with List II.

List I - Concept(s)	List II - Description(s)
a. Annuity	i. Process of application of interest over interest, period after period, on a given sum at specific rate for specified time
b. Time value of money	ii. A fixed and equal amount of money payable or receivable at periodic intervals of time equal to the amount of loan (Principal) and interest at a given rate
c. Compounding	iii. A fixed and equal amount of money payable or receivable at periodic intervals of time equal to the amount of loan (Principal) and interest at a given rate
d. EMI	iv. A fixed and equal amount of money payable or receivable at periodic intervals evenly spaced over time

Aa-iv, b-iii, c-i, d-ii
Ba-iv, b-i, c-ii, d-iii
Ca-ii, b-iii, c-i, d-iv
Da-iii, b-iv, c-ii, d-i

Answer: (A) a-iv, b-iii, c-i, d-ii

Explanation

The terms match financial valuation definitions through the sequence:

a-iv, b-iii, c-i, d-ii

a. Annuity (iv) — a series of fixed and equal payments received or paid at evenly spaced intervals over time.
b. Time value of money (iii) — reflects periodic cash flows accounting for principal and interest over holding periods.
c. Compounding (i) — the process of applying interest upon accumulated interest over successive time intervals.
d. EMI (ii) — an equated periodic payment repaying loan principal and interest at a designated rate.

Question 67

Match List I with List II.

List I	List II
a. Snob effect	i. If firms are disproportionately powerful, the market leader makes the first move and captures two‐third of the market
b. Snob effect	ii. When some people demand a smaller quantity of a commodity as more people consume it, in order to be different and exclusive
c. Stackelberg model	iii. Oligopolistic firms seek to maximize sales after an adequate rate of profit has been earned to satisfy stockholders
d. Sales maximization model	iv. Theory that a corporate giant can be made to operate as a small firm by linking well connected individuals from each level of the organisation to one another

Aa-iv, b-ii, c-i, d-iii
Ba-ii, b-iv, c-i, d-iii
Ca-iii, b-i, c-ii, d-iv
Da-ii, b-iii, c-iv, d-i

Accepted answers: (A) a-iv, b-ii, c-i, d-iii, (B) a-ii, b-iv, c-i, d-iii

Explanation

The economic and managerial models link concepts to descriptions through:

a-ii, b-iv, c-i, d-iii

Snob effect (ii) — describes demand falling when more consumers adopt a good because buyers seek exclusivity.
Stackelberg model (i) — oligopoly leadership where a dominant first mover establishes output and captures market share.
Sales maximization model (iii) — William Baumol's model where firms maximize sales revenue subject to a minimum profit constraint.

Because List I lists Snob effect in both row a and row b in the source text, both Option B and Option A contain the valid pairings for Stackelberg (c-i), Sales maximization (d-iii), and Snob effect (ii).

Question 68

Match List I with List II.

List I	List II
a. Simple structure	i. A structure that supports an organization's capacity to continuously adapt and change
b. Functional structure	ii. A structure in which the entire organization is made up of workgroups
c. Team structure	iii. It is an organizational design that groups similar occupational specialties together
d. Learning organization structure	iv. It is an organizational design with low departmentalization, wide span of control and little formalization

Aa-iv, b-iii, c-ii, d-i
Ba-iii, b-ii, c-iv, d-i
Ca-ii, b-iii, c-i, d-iv
Da-iv, b-i, c-iii, d-ii

Answer: (A) a-iv, b-iii, c-ii, d-i

Explanation

The structural archetypes correspond to their design properties through:

a-iv, b-iii, c-ii, d-i

a. Simple structure (iv) — centralized authority featuring wide span of control, low departmentalization, and minimal formalization.
b. Functional structure (iii) — groups similar occupational specialties and operational tasks together into specialized units.
c. Team structure (ii) — builds the entire organization out of empowered, self-managing work teams.
d. Learning organization structure (i) — designed with adaptive systems to support continuous knowledge creation, renewal, and change.

Question 69
Match List I with List II.
List I List II
a. Ind AS 11 i. Revenue Recognition
b. Ind AS 2 ii. Effect of change in exchange rate
c. Ind AS 3 iii. Valuation of Inventories
d. Ind AS 9 iv. Cash flow statement
1. Aa-i, b-ii, c-iii, d-iv
2. Ba-iv, b-ii, c-i, d-iii
3. Ca-iii, b-ii, c-iv, d-i
4. Da-ii, b-iii, c-iv, d-i
Answer: (D) a-ii, b-iii, c-iv, d-i
Explanation
The listed accounting standard codes map to their respective financial reporting topics through:

a-ii, b-iii, c-iv, d-i

a. Ind AS 11 / AS 11 (ii) — covers the effects of changes in foreign exchange rates and foreign operations translation.

b. Ind AS 2 / AS 2 (iii) — establishes valuation principles for inventories at cost or net realizable value.

c. Ind AS 3 / AS 3 (iv) — regulates the preparation and presentation of cash flow statements.

d. Ind AS 9 / AS 9 (i) — specifies criteria for recognizing revenue arising from sales and services.
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Question 70

Match List I with List II.

List I- Option strategies	List II- Description(s)
a. Protective put	i. Buying an asset along with a put on it
b. Covered call	ii. Buying a call as well as put options on an asset at the same exercise price
c. Long straddle	iii. Combining two or more options on the same asset with differing exercise prices or times to maturity
d. Spread	iv. Writing a call position on an asset along with buying the asset

Aa-ii, b-iv, c-i, d-iii
Ba-i, b-iv, c-ii, d-iii
Ca-iii, b-ii, c-iv, d-i
Da-i, b-iii, c-iv, d-ii

Answer: (B) a-i, b-iv, c-ii, d-iii

Explanation

Option strategies link to their structural definitions through the sequence:

a-i, b-iv, c-ii, d-iii

a. Protective put (i) — purchasing an underlying asset while simultaneously buying a put option on it for downside protection.
b. Covered call (iv) — purchasing an underlying asset while writing a call option on it to generate premium income.
c. Long straddle (ii) — purchasing both a call option and a put option on an asset with identical strike prices and expiration dates.
d. Spread (iii) — combining two or more options of the same type on the same asset with differing strike prices or maturities.

Question 71

Match List I with List II.

List I (Brand concept)	List II (Meaning)
a. Brand image	i. Customer's emotional response and reactions with respect to Brand
b. Brand feelings	ii. Image of the Brand in the customer's mind, meeting their social/psychological needs
c. Brand position	iii. How customers think of the Brand under various purchase situations
d. Brand salience	iv. Deliberate attempt on the part of marketer of the Brand to create a unique position in the mind of customer

Aa-i, b-ii, c-iii, d-iv
Ba-ii, b-i, c-iii, d-iv
Ca-iii, b-ii, c-i, d-iv
Da-ii, b-i, c-iv, d-iii

Answer: (D) a-ii, b-i, c-iv, d-iii

Explanation

In Kevin Lane Keller's Customer-Based Brand Equity framework, brand elements map to their meanings via:

a-ii, b-i, c-iv, d-iii

a. Brand image (ii) — the mental perception of a brand held by consumers, fulfilling social and psychological needs.
b. Brand feelings (i) — emotional customer responses and reactions evoked by brand associations.
c. Brand position (iv) — deliberate marketer efforts to establish a distinctive competitive identity in consumer minds.
d. Brand salience (iii) — how readily and frequently consumers recall or recognize the brand across various buying situations.

Question 72

Match List I with List II.

List I	List II
a. Erratic levels of customs service	i. Inventory is in the wrong place at the wrong time
b. No vision of future demand and its impact on production	ii. Lack of agreement between different departments i.e., Customer service, Distribution and Manufacturing
c. Too many changeovers in production	iii. Production lacks confidence in marketing department's forecast
d. Too many stockouts	iv. Inventory is either too high or too low

Aa-iv, b-i, c-iii, d-ii
Ba-iv, b-iii, c-ii, d-i
Ca-ii, b-iii, c-i, d-iv
Da-iii, b-i, c-iv, d-ii

Answer: (C) a-ii, b-iii, c-i, d-iv

Explanation

Supply chain operational dysfunctions link directly to internal coordination breakdowns through:

a-ii, b-iii, c-i, d-iv

a. Erratic customer service (ii) — caused by interdepartmental friction and conflicting operational priorities among customer service, distribution, and manufacturing.
b. No vision of future demand (iii) — occurs when manufacturing leaders lack confidence in sales forecasting data.
c. Too many changeovers in production (i) — caused by mismatched inventory allocation where stock sits in the wrong locations, forcing emergency production reruns.
d. Too many stockouts (iv) — directly symptomatic of uncalibrated inventory holding where aggregate stock is either critically low or improperly balanced.

Question 73

Match List I with List II.

List I	List II
a. Markovian property	i. Rule of determining the order in which members of the queue are selected to begin service
b. Waiting time in system	ii. The time of next arrival is completely uninfluenced by when the last arrival occurred
c. Steady state condition	iii. The queueing is in after operating for some time with a fixed utilisation factor less than one
d. Queue discipline	iv. Elapsed time that an individual customer spends in queue, both before service and during service

Aa-ii, b-i, c-iii, d-iv
Ba-ii, b-iv, c-iii, d-i
Ca-ii, b-i, c-iii, d-iv
Da-iii, b-iv, c-ii, d-i

Answer: (B) a-ii, b-iv, c-iii, d-i

Explanation

Queuing theory definitions match their system characteristics through:

a-ii, b-iv, c-iii, d-i

a. Markovian property (ii) — memoryless property where future arrival times remain independent of the elapsed time since the previous arrival.
b. Waiting time in system (iv) — total duration spent by a customer receiving service as well as waiting in line.
c. Steady state condition (iii) — long-term equilibrium state attained when the system utilization factor remains strictly less than one.
d. Queue discipline (i) — the structural rule determining the sequence in which waiting customers are selected for service.

Question 74

Match List I with List II.

List I - Terms relate to	List II - Organisation
a. Bali Package	i. UNCTAD
b. To assist developing countries in the area of trade and capital	ii. IMF
c. International monetary cooperation among member countries	iii. World Bank
d. Providing loans for building capital infrastructure of a country	iv. WTO

Aa-iv, b-ii, c-iii, d-i
Ba-iv, b-i, c-ii, d-iii
Ca-ii, b-iii, c-iv, d-i
Da-iii, b-iv, c-i, d-ii

Answer: (B) a-iv, b-i, c-ii, d-iii

Explanation

International institutions align with their core functional responsibilities through:

a-iv, b-i, c-ii, d-iii

a. Bali Package (iv) — landmark multilateral trade facilitation agreement negotiated under the World Trade Organization (WTO) in 2013.
b. Assisting developing nations in trade and capital (i) — foundational mandate of UNCTAD promoting integration of developing nations into global commerce.
c. International monetary cooperation (ii) — core statutory purpose of the International Monetary Fund (IMF) sustaining currency stability.
d. Capital infrastructure project loans (iii) — primary lending role of the World Bank (IBRD) financing long-term development assets.

Question 75

Match List I with List II.

List I - Entrepreneur type	List II - Features based on Entrepreneurial Competency
a. Passenger	i. Ability to do and no will to do
b. Star/Ideal	ii. No ability to do and no will to do
c. Deadwood	iii. Ability to do and will to do
d. May run	iv. No ability to do and will to do

Aa-i, b-ii, c-iii, d-iv
Ba-iv, b-iii, c-ii, d-i
Ca-iv, b-iii, c-i, d-ii
Da-iii, b-iv, c-i, d-ii

Answer: (B) a-iv, b-iii, c-ii, d-i

Explanation

The entrepreneurial competence-motivation matrix pairs types with their behavioral profiles through:

a-iv, b-iii, c-ii, d-i

Star / Ideal (b-iii) — possesses both the technical capability and the entrepreneurial drive (Ability to do and will to do).
Deadwood (c-ii) — lacks both technical competence and motivational drive (No ability to do and no will to do).
Passenger (a-iv) — possesses enthusiasm or willingness but lacks requisite skills (No ability to do and will to do).
May run (d-i) — possesses technical competence but lacks active entrepreneurial initiative (Ability to do and no will to do).

Question 76
Arrange the following economic identities in a sequential evolution to understand consumer demand.
1. Law of Demand
2. Utility analyses
3. Demand Elasticity analysis
4. Indifference curve analysis
5. Demand Forecasting
Choose the correct answer from the options given below:
1. A1, 2, 4, 3, 5
2. B2, 4, 1, 3, 5
3. C2, 3, 4, 5, 1
4. D3, 4, 2, 5, 1
Answer: (A) 1, 2, 4, 3, 5
Explanation
In economic theory, the systematic study of consumer demand evolved from basic empirical observation to axiomatic microeconomic models and empirical forecasting:

1, 2, 4, 3, 5

1. Law of Demand — early empirical observation establishing the inverse relationship between price and quantity demanded.

2. Utility analyses — Alfred Marshall's cardinal utility theory explaining downward-sloping demand via diminishing marginal utility.

4. Indifference curve analysis — Hicks and Allen's ordinal utility framework eliminating the need for measurable cardinal utility.

3. Demand Elasticity analysis — formalized mathematical measurement of consumer demand responsiveness to price and income shifts.

5. Demand Forecasting — modern applied econometric forecasting estimating future product demand in business management.
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Question 77
Arrange the team member’s behaviour in the group building process in the proper sequence.
1. Lot of competition and hostilities
2. Upset and depressed
3. Eager, anxious, gather impressions and data about the similarities and differences among members
4. Interdependence in personal relations
5. Less dissatisfied and a feeling of belongingness to the group
Choose the correct answer from the options given below:
1. A2, 3, 1, 4, 5
2. B1, 2, 4, 3, 5
3. C3, 1, 4, 2, 5
4. D3, 1, 5, 4, 2
Answer: (D) 3, 1, 5, 4, 2
Explanation
Bruce Tuckman's classic stages of team development track group member emotions and relationships chronologically through:

3, 1, 5, 4, 2

Forming (3) — members are eager and anxious, observing social cues and gathering initial impressions of one another.

Storming (1) — interpersonal friction, competition for status, and direct hostilities arise as boundaries are contested.

Norming (5) — conflict declines, members feel less dissatisfied, and a clear sense of group belongingness develops.

Performing (4) — autonomous collaboration emerges with deep interdependence in interpersonal and task execution.

Adjourning (2) — team dissolution leaves members feeling upset and depressed as close group bonds dissolve.
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Question 78
Arrange the following key roles in the inverse order of their involvement in the process of organizational change.
1. Chief implementer
2. Task forces
3. Corporate management
4. Implementation team
5. Consultant
Choose the correct answer from the options given below:
1. A1, 5, 3, 2, 4
2. B3, 5, 1, 4, 2
3. C3, 1, 5, 4, 2
4. D5, 1, 3, 2, 4
Answer: (B) 3, 5, 1, 4, 2
Explanation
In organizational change literature, direct hands-on involvement increases from executive governance down to frontline execution teams.

Inverse order of involvement proceeds from strategic corporate governance down to dedicated operational working units:

3, 5, 1, 4, 2

3. Corporate management — provides top-level strategic vision, governance, and overall resource sponsorship.

5. Consultant — provides external diagnosis, expert benchmarking, and structural process guidance.

1. Chief implementer — designated executive champion coordinating milestone delivery across functional units.

4. Implementation team — core project management unit driving operational change activities.

2. Task forces — frontline specialized working groups directly executing specific organizational transformations.
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Question 79
Sequence the following to draw a logical timeline for dividend payment.
1. Payment date
2. Declaration date
3. Ex‐dividend date
4. Record date
5. Notice to stock exchanges
Choose the correct answer from the options given below:
1. A5, 1, 2, 4, 3
2. B2, 4, 1, 3, 5
3. C2, 4, 1, 5, 3
4. D5, 2, 3, 4, 1
Answer: (D) 5, 2, 3, 4, 1
Explanation
Corporate dividend distribution follows a strict regulatory and corporate governance timeline:

5, 2, 3, 4, 1

5. Notice to stock exchanges — preliminary statutory intimation sent to stock exchanges regarding the upcoming board meeting.

2. Declaration date — the board of directors convenes, approves the dividend rate, and announces it to shareholders.

3. Ex‐dividend date — the trading cutoff date on or after which new buyers are not entitled to receive the declared dividend.

4. Record date — the official corporate date determining eligible registered shareholders listed on company books.

1. Payment date — electronic disbursement of funds or dividend warrants dispatched to registered shareholders.
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Question 80
Arrange the following to describe the sequence involved in Cost Volume Profit Analysis (CVP)
1. Establishing the fixed and variable costs related to the product
2. Drawing up break even charts which establish the point at which sales start to produce profit
3. Working out P/V ratio by calculating contribution as a proportion of sales revenue
4. Determining the cumulative effect of each product on profitability to assess the effects of change in product mix
5. Calculating the relationship between sales volume and sales revenue by actual or assumed unit prices
Choose the correct answer from the options given below:
1. A1, 5, 3, 2, 4
2. B1, 2, 5, 3, 4
3. C1, 3, 2, 5, 4
4. D1, 5, 2, 3, 4
Answer: (A) 1, 5, 3, 2, 4
Explanation
Cost-Volume-Profit analysis systematically calculates cost structures, revenue profiles, and multi-product profitability:

1, 5, 3, 2, 4

1. Establishing costs — segregating manufacturing and operating expenses into fixed and variable components.

5. Calculating revenue — establishing total sales revenue curves across sales volumes using unit price assumptions.

3. Working out P/V ratio — determining contribution margin as a proportion of sales revenue.

2. Drawing break-even charts — locating the break-even point where aggregate contribution equals fixed costs.

4. Determining multi-product mix — assessing portfolio profitability and margin changes under shifting product sales mixes.
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Question 81
The product hierarchy stretches from basic needs to particular items in some sequence. Identify the CORRECT sequence or levels of the product hierarchy.
1. Product type
2. Product family
3. Product class
4. Need family
5. Product line
Choose the correct answer from the options given below:
1. A1, 2, 3, 4, 5
2. B5, 4, 3, 2, 1
3. C4, 2, 3, 5, 1
4. D4, 5, 3, 1, 2
Answer: (C) 4, 2, 3, 5, 1
Explanation
Philip Kotler outlines the seven levels of the product hierarchy from core consumer needs down to specific items:

4, 2, 3, 5, 1

4. Need family — the core human need underlying the existence of a product category (such as personal security).

2. Product family — broad product classes that can satisfy the core need with reasonable effectiveness (such as financial savings).

3. Product class — a group of products within the product family recognized as sharing functional coherence (such as insurance).

5. Product line — a group of closely related products within a product class fulfilling similar functions (such as life insurance).

1. Product type — a group of items within a product line that share one of several possible forms of the product (such as term life insurance).
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Question 82
As per the Anglo‐Saxon Model of Corporate Governance, the authority lies with the following. Arrange these in decreasing order of authority.
1. Board of Directors
2. Managers
3. Shareholders
4. Employees (Company)
5. Trade unions
Choose the correct answer from the options given below:
1. A1, 3, 2, 5, 4
2. B1, 2, 3, 4, 5
3. C3, 2, 5, 1, 4
4. D3, 1, 2, 4, 5
Answer: (D) 3, 1, 2, 4, 5
Explanation
The Anglo-Saxon corporate governance model is grounded in shareholder primacy and market capitalism, organizing corporate authority strictly hierarchically:

3, 1, 2, 4, 5

3. Shareholders — the beneficial equity owners holding ultimate governance voting power in general meetings.

1. Board of Directors — elected shareholder fiduciaries setting strategic oversight and supervising management.

2. Managers — appointed professional executives exercising delegated operational control over company activities.

4. Employees — internal organizational staff executing daily enterprise tasks under managerial direction.

5. Trade unions — external collective bargaining organizations holding no direct corporate board representation in Anglo-Saxon governance.
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Question 83
Sequence the innovation adoption process that consists of 5 stages which potential consumers pass through while attempting to arrive at a decision to try or not to try an innovative product.
1. Consumer tries the innovation
2. Consumer undertakes a "mental trial" of the innovation
3. Consumer decides to use the innovation repeatedly
4. Consumer becomes interested in the innovative product
5. Consumer gets aware about the existence of the innovation
Choose the correct answer from the options given below:
1. A3, 1, 2, 5, 4
2. B4, 2, 1, 3, 5
3. C2, 4, 1, 5, 3
4. D5, 4, 2, 1, 3
Answer: (D) 5, 4, 2, 1, 3
Explanation
Everett Rogers' classic innovation-decision model traces consumer adoption through five sequential psychological stages:

5, 4, 2, 1, 3

Awareness (5) — consumer is first exposed to the innovation but lacks complete product information.

Interest (4) — consumer is stimulated to seek information about the new product's features.

Evaluation (2) — consumer undertakes a mental trial assessing whether the innovation will satisfy personal needs.

Trial (1) — consumer experiments with the innovation on a limited basis to assess actual utility.

Adoption (3) — consumer decides to make full, regular, and repeated use of the innovative product.
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Question 84
In theory, several levels of economic integration are possible. Arrange the following from the least to the most integrated:
1. Common Market
2. Free Trade Area
3. Economic Union
4. Political Union
5. Customs Union
Choose the correct answer from the options given below:
1. A1, 2, 3, 4, 5
2. B2, 5, 1, 3, 4
3. C1, 3, 4, 5, 2
4. D3, 2, 1, 5, 4
Answer: (B) 2, 5, 1, 3, 4
Explanation
Bela Balassa's theory of economic integration arranges international trade blocs from shallow treaty cooperation to complete political unification:

2, 5, 1, 3, 4

2. Free Trade Area — eliminates internal tariffs and quotas on trade among member states while keeping separate national external tariffs.

5. Customs Union — establishes a shared common external tariff on goods imported from non-member nations.

1. Common Market — permits the unrestricted mobility of factors of production (capital and labor) across member borders.

3. Economic Union — harmonizes economic, monetary, and fiscal policies, often introducing a single shared currency.

4. Political Union — unifies sovereign governance structures, creating common foreign, defense, and judicial institutions.
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Question 85
Creativity is the process of generating a novel idea. The 5 steps of the creative process in sequence are:
1. Elaboration
2. Preparation
3. Evaluation
4. Insight
5. Incubation
Choose the correct answer from the options given below:
1. A2, 5, 4, 3, 1
2. B4, 5, 1, 2, 3
3. C2, 4, 5, 1, 3
4. D5, 4, 3, 2, 1
Answer: (A) 2, 5, 4, 3, 1
Explanation
Graham Wallas and Mihaly Csikszentmihalyi define the five sequential stages of creative problem solving as:

2, 5, 4, 3, 1

2. Preparation — conscious data collection, background research, and immersion in the problem domain.

5. Incubation — subconscious idea processing where thoughts interact freely beneath active consciousness.

4. Insight — the intuitive breakthrough flash of illumination connecting divergent concepts.

3. Evaluation — critical testing and objective appraisal determining whether the novel idea is viable and valuable.

1. Elaboration — translating the validated concept into a concrete, executable operational design.
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Question 86
Given below are two statements, one is labeled as Assertion A and the other is labeled as Reason R

Assertion (A): An oligopolist firm cannot decide the price it wishes to charge as well as the quantity it wishes to sell, both at the same time.
Reason (R): An oligopolist firm takes into consideration the competitors' actions and counteractions because of a strong interdependence among the competitive firms

In light of the above statements, choose the most appropriate answer from the options given below:
1. ABoth A and R are correct and R is the correct explanation of A
2. BBoth A and R are correct but R is NOT the correct explanation of A
3. CA is correct but R is not correct
4. DA is not correct but R is correct
Answer: (A) Both A and R are correct and R is the correct explanation of A
Explanation
In an oligopolistic market structure, a handful of dominant firms sell either standardized or differentiated goods under conditions of intense mutual interdependence.

Assertion (A) is correct because an oligopolist cannot simultaneously fix both price and volume independently. If it sets price, market demand and rival responses dictate volume — if it sets volume, the market determines price.

Reason (R) is correct because oligopoly is defined by strategic interdependence, where any unilateral move prompts retaliatory countermoves by rival producers.

Because competitors' reactions shift the firm's residual demand curve unpredictably, the firm cannot unilaterally fix both price and quantity together. Therefore, R is the correct explanation of A.
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Question 87
Given below are 2 statements.

Statement I: The Transactional Analysis Model is an effective tool to understand why people behave in certain ways.
Statement II: The Transactional Analysis Model cannot be used to improve communication.

In light of the above statements, choose the correct answer from the options given below.
1. ABoth Statement I and Statement II are true
2. BBoth Statement I and Statement II are false
3. CStatement I is true but Statement II is false
4. DStatement I is false but Statement II is true
Answer: (C) Statement I is true but Statement II is false
Explanation
Eric Berne developed Transactional Analysis (TA) to analyze personality structures and interpersonal transactions.

Statement I is true because TA's ego-state model (Parent, Adult, Child) provides an effective diagnostic framework to understand human behavioural motivations.

Statement II is false because TA is explicitly utilized in organizational development and interpersonal training to diagnose crossed transactions and foster constructive Adult-to-Adult communication.

Therefore, Statement I is true but Statement II is false.
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Question 88
Given below are 2 statements.

Statement I: A satisfied employee may be highly disengaged.
Statement II: It is possible to feel engaged by the organisation and not the job.

In light of the above statements, choose the most appropriate answer from the options given below.
1. ABoth Statement I and Statement II are correct
2. BBoth Statement I and Statement II are incorrect
3. CStatement I is correct but Statement II is incorrect
4. DStatement I is incorrect but Statement II is correct
Answer: (A) Both Statement I and Statement II are correct
Explanation
Contemporary organizational behaviour differentiates passive job satisfaction from active psychological engagement.

Statement I is correct because satisfaction reflects passive contentment with extrinsic compensation and working conditions. An employee may be happy with pay while exerting minimal discretionary effort and remaining completely disengaged.

Statement II is correct because engagement operates across distinct foci. An individual can strongly identify with the company's mission and culture (organization engagement) while finding their daily repetitive duties uninspiring (low job engagement).

Both statements are correct.
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Question 89
Given below are two statements, one is labelled as Assertion A and the other is labelled as Reason R

Assertion (A): Acquiring firms often are willing to pay a price higher than the status quo value of assets for the right to control management of target firms.
Reason (R): The value of control stems from the changes that can be made to improve performance by debottlenecking capacity, streamlining and strengthening operations, managerial systems and processes.

In light of the above statements, choose the correct answer from the options given below
1. ABoth A and R are true and R is the correct explanation of A
2. BBoth A and R are true but R is NOT the correct explanation of A
3. CA is true but R is false
4. DA is false but R is true
Answer: (A) Both A and R are true and R is the correct explanation of A
Explanation
In mergers and corporate valuation, acquirers frequently offer a premium above the target company's prevailing market price.

Assertion (A) is true because acquiring firms routinely pay a control premium over status quo asset valuation to gain voting control.

Reason (R) is true because obtaining corporate control allows new management to replace ineffective practices, eliminate operational bottlenecks, and optimize capital structure.

Because the anticipated cash flow gains from managerial restructuring create the economic justification for paying the control premium, R is the correct explanation of A.
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Question 90
Given below are two statements, one is labelled as Assertion A and the other is labelled as Reason R

Assertion (A): The main reason for companies to move to global markets is to take advantages of the economies of scope.
Reason (R): Economies of production arise due to the Competitiveness Index of the country in which the companies produce.

In light of the above statements, choose the correct answer from the options given below
1. ABoth A and R are true and R is the correct explanation of A
2. BBoth A and R are true but R is NOT the correct explanation of A
3. CA is true but R is false
4. DA is false but R is true
Answer: (C) A is true but R is false
Explanation
In international business strategy frameworks such as Sumantra Ghoshal's global strategy model, multinational presence creates competitive advantage by sharing knowledge, brands, and distribution assets across multiple country markets, generating economies of scope.

Assertion (A) is true in strategic frameworks highlighting the exploitation of global scope economies across distinct regional product markets.

Reason (R) is false because production economies arise from plant-scale efficiencies, technological specialization, and factor productivity, not from a country's external Competitiveness Index score.

Therefore, A is true but R is false.
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Question 91
Which option best describes the title of the passage?
Well before the pandemic, some companies had already adopted the work from anywhere system. But the large‐scale implementation happened in 2012 when the US federal government across departments including Agriculture, NASA, and the US patent office allowed remote work for employees. The pandemic however has accelerated this phenomenon by 10 years. The acceptance of remote work by several companies globally is one of the few blessings of an otherwise incredibly hard time. The companies pioneering its adoption will be the 'magnets for talent' as it enables them to attract the best as it grows.

The employees are expected to greatly benefit from remote work as their control over their own time increases. They do not have to commute and are able to work either in the day or at night, depending on their personal style, while enjoying geographical flexibility to live wherever they want. People could save more if they move to smaller towns. They could choose to move to a better climate or to a culturally preferred location.

Companies with a remote work system can hire talent globally with ease and increase productivity. In the US patent office, productivity went up by 4.4% when it moved to work from anywhere. Employees felt more loyal to the organization for giving them such flexibility and put more effort into their work. Work from anywhere has the power to reshape our old understanding of work. Employees and companies connecting now in meetings of the mind have more fusion of creativity rather than continuing with the previous approach of physical attendance and hierarchical communication with all the hours spent inside office buildings.

Managers will, however, need to be sensitive to bias against remote working. Even loneliness could be addressed by augmented reality. It is of significance that the pandemic does not represent normal times when schools, daycares, and help will be available.

Remote work actually suits women employees as many women forego career opportunities if these involve relocation which is their family life constraint.

Work from anywhere system though adopted in stress has in fact worked out so well that post‐pandemic too, the world Economic Forum finds employers are ready to give at least 44% of employees work from anywhere option.
1. AManifestations of productivity
2. BRemote working challenges
3. CWork from anywhere
4. DRemote working for women employees
Answer: (C) Work from anywhere
Explanation
The passage explores the history, employee advantages, corporate productivity gains, and future outlook of remote employment.

It repeatedly uses the phrase Work from anywhere, opening with its federal adoption and concluding with global employer survey statistics on its permanent role.

A. Manifestations of productivity — focuses only on one narrow operational metric mentioned in the third paragraph.

B. Remote working challenges — addresses only managerial bias mentioned briefly in paragraph four.

C. Work from anywhere — correct. Captures the complete central theme and core terminology unifying the entire passage.

D. Remote working for women employees — focuses on a single demographic group mentioned in the fifth paragraph.
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Question 92
Faced with double shift of official and domestic work, in which perspective working women benefited from remote working?
Well before the pandemic, some companies had already adopted the work from anywhere system. But the large‐scale implementation happened in 2012 when the US federal government across departments including Agriculture, NASA, and the US patent office allowed remote work for employees. The pandemic however has accelerated this phenomenon by 10 years. The acceptance of remote work by several companies globally is one of the few blessings of an otherwise incredibly hard time. The companies pioneering its adoption will be the 'magnets for talent' as it enables them to attract the best as it grows.

The employees are expected to greatly benefit from remote work as their control over their own time increases. They do not have to commute and are able to work either in the day or at night, depending on their personal style, while enjoying geographical flexibility to live wherever they want. People could save more if they move to smaller towns. They could choose to move to a better climate or to a culturally preferred location.

Companies with a remote work system can hire talent globally with ease and increase productivity. In the US patent office, productivity went up by 4.4% when it moved to work from anywhere. Employees felt more loyal to the organization for giving them such flexibility and put more effort into their work. Work from anywhere has the power to reshape our old understanding of work. Employees and companies connecting now in meetings of the mind have more fusion of creativity rather than continuing with the previous approach of physical attendance and hierarchical communication with all the hours spent inside office buildings.

Managers will, however, need to be sensitive to bias against remote working. Even loneliness could be addressed by augmented reality. It is of significance that the pandemic does not represent normal times when schools, daycares, and help will be available.

Remote work actually suits women employees as many women forego career opportunities if these involve relocation which is their family life constraint.

Work from anywhere system though adopted in stress has in fact worked out so well that post‐pandemic too, the world Economic Forum finds employers are ready to give at least 44% of employees work from anywhere option.
1. ABridges gender diversity
2. BOffers equal opportunity
3. COffers work‐life balance
4. DFavors their soft‐skill disposition
Answer: (C) Offers work‐life balance
Explanation
The passage highlights that remote work removes commuting requirements and geographic relocation pressures that frequently constrain women balancing domestic and professional commitments.

By enabling individuals to manage both household roles and professional careers without forced relocation, the arrangement directly delivers work-life balance.

A. Bridges gender diversity — an institutional organizational outcome rather than the personal daily benefit experienced by female employees.

B. Offers equal opportunity — a broad legal policy principle rather than the operational lifestyle relief described.

C. Offers work‐life balance — correct. Directly addresses managing the dual shift of household responsibilities and paid employment.

D. Favors their soft‐skill disposition — unmentioned in the text and unrelated to managing domestic workloads.
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Question 93
Which option best describes the benefits of remote working for employees?
Well before the pandemic, some companies had already adopted the work from anywhere system. But the large‐scale implementation happened in 2012 when the US federal government across departments including Agriculture, NASA, and the US patent office allowed remote work for employees. The pandemic however has accelerated this phenomenon by 10 years. The acceptance of remote work by several companies globally is one of the few blessings of an otherwise incredibly hard time. The companies pioneering its adoption will be the 'magnets for talent' as it enables them to attract the best as it grows.

The employees are expected to greatly benefit from remote work as their control over their own time increases. They do not have to commute and are able to work either in the day or at night, depending on their personal style, while enjoying geographical flexibility to live wherever they want. People could save more if they move to smaller towns. They could choose to move to a better climate or to a culturally preferred location.

Companies with a remote work system can hire talent globally with ease and increase productivity. In the US patent office, productivity went up by 4.4% when it moved to work from anywhere. Employees felt more loyal to the organization for giving them such flexibility and put more effort into their work. Work from anywhere has the power to reshape our old understanding of work. Employees and companies connecting now in meetings of the mind have more fusion of creativity rather than continuing with the previous approach of physical attendance and hierarchical communication with all the hours spent inside office buildings.

Managers will, however, need to be sensitive to bias against remote working. Even loneliness could be addressed by augmented reality. It is of significance that the pandemic does not represent normal times when schools, daycares, and help will be available.

Remote work actually suits women employees as many women forego career opportunities if these involve relocation which is their family life constraint.

Work from anywhere system though adopted in stress has in fact worked out so well that post‐pandemic too, the world Economic Forum finds employers are ready to give at least 44% of employees work from anywhere option.
1. ATemporal flexibility
2. BCultural cohesiveness
3. CClimate conditioning
4. DFamily bonding
Answer: (A) Temporal flexibility
Explanation
The passage explicitly states that employees benefit because their control over their own time increases, enabling them to work either during the day or at night based on personal style.

A. Temporal flexibility — correct. Captures the freedom to allocate and schedule working hours across day or night shifts.

B. Cultural cohesiveness — not highlighted as an employee advantage in the text.

C. Climate conditioning — misinterprets the text, which mentions relocating to a better climate rather than climate conditioning.

D. Family bonding — while relocation flexibility is noted, time autonomy is explicitly detailed as the central operational benefit.
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Question 94
According to the passage, which option is the most significant challenge to employees working from remote places?
Well before the pandemic, some companies had already adopted the work from anywhere system. But the large‐scale implementation happened in 2012 when the US federal government across departments including Agriculture, NASA, and the US patent office allowed remote work for employees. The pandemic however has accelerated this phenomenon by 10 years. The acceptance of remote work by several companies globally is one of the few blessings of an otherwise incredibly hard time. The companies pioneering its adoption will be the 'magnets for talent' as it enables them to attract the best as it grows.

The employees are expected to greatly benefit from remote work as their control over their own time increases. They do not have to commute and are able to work either in the day or at night, depending on their personal style, while enjoying geographical flexibility to live wherever they want. People could save more if they move to smaller towns. They could choose to move to a better climate or to a culturally preferred location.

Companies with a remote work system can hire talent globally with ease and increase productivity. In the US patent office, productivity went up by 4.4% when it moved to work from anywhere. Employees felt more loyal to the organization for giving them such flexibility and put more effort into their work. Work from anywhere has the power to reshape our old understanding of work. Employees and companies connecting now in meetings of the mind have more fusion of creativity rather than continuing with the previous approach of physical attendance and hierarchical communication with all the hours spent inside office buildings.

Managers will, however, need to be sensitive to bias against remote working. Even loneliness could be addressed by augmented reality. It is of significance that the pandemic does not represent normal times when schools, daycares, and help will be available.

Remote work actually suits women employees as many women forego career opportunities if these involve relocation which is their family life constraint.

Work from anywhere system though adopted in stress has in fact worked out so well that post‐pandemic too, the world Economic Forum finds employers are ready to give at least 44% of employees work from anywhere option.
1. ACloud data security
2. BAugmented reality
3. CWork life constraints
4. DPromotional bias
Answer: (D) Promotional bias
Explanation
The passage notes that managers need to be sensitive to bias against remote working, and references addressing loneliness.

In organizational management contexts, bias against remote workers regarding career advancement and evaluation represents promotional bias.

A. Cloud data security — unmentioned in the text.

B. Augmented reality — presented as a potential technological remedy for workplace loneliness rather than a challenge.

C. Work life constraints — the passage notes that remote working relieves rather than creates domestic constraints.

D. Promotional bias — correct. Directly matches the passage warning that management must overcome bias against remote staff.
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Question 95
Which option is the most incipient benefit of adoption of work anywhere system?
Well before the pandemic, some companies had already adopted the work from anywhere system. But the large‐scale implementation happened in 2012 when the US federal government across departments including Agriculture, NASA, and the US patent office allowed remote work for employees. The pandemic however has accelerated this phenomenon by 10 years. The acceptance of remote work by several companies globally is one of the few blessings of an otherwise incredibly hard time. The companies pioneering its adoption will be the 'magnets for talent' as it enables them to attract the best as it grows.

The employees are expected to greatly benefit from remote work as their control over their own time increases. They do not have to commute and are able to work either in the day or at night, depending on their personal style, while enjoying geographical flexibility to live wherever they want. People could save more if they move to smaller towns. They could choose to move to a better climate or to a culturally preferred location.

Companies with a remote work system can hire talent globally with ease and increase productivity. In the US patent office, productivity went up by 4.4% when it moved to work from anywhere. Employees felt more loyal to the organization for giving them such flexibility and put more effort into their work. Work from anywhere has the power to reshape our old understanding of work. Employees and companies connecting now in meetings of the mind have more fusion of creativity rather than continuing with the previous approach of physical attendance and hierarchical communication with all the hours spent inside office buildings.

Managers will, however, need to be sensitive to bias against remote working. Even loneliness could be addressed by augmented reality. It is of significance that the pandemic does not represent normal times when schools, daycares, and help will be available.

Remote work actually suits women employees as many women forego career opportunities if these involve relocation which is their family life constraint.

Work from anywhere system though adopted in stress has in fact worked out so well that post‐pandemic too, the world Economic Forum finds employers are ready to give at least 44% of employees work from anywhere option.
1. AProductivity improvement
2. BBetter gender diversity
3. CIncreased employee loyalty
4. DLesser employee engagement cost
Answer: (A) Productivity improvement
Explanation
The passage highlights early institutional implementations such as the US patent office, where moving to work from anywhere produced an immediate 4.4 percent increase in worker output.

A. Productivity improvement — correct. The primary initial measurable benefit documented upon early adoption.

B. Better gender diversity — a downstream societal and recruitment benefit rather than the immediate measurable operational return.

C. Increased employee loyalty — observed alongside productivity, but output gains represented the core performance justification.

D. Lesser employee engagement cost — not cited in the passage.
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Question 96
As the Marketing Manager of XYZ company, what type of pricing strategy would you recommend?
XYZ company is in the business of FMCG products focusing on items like Atta, Besan, Maida etc. They are presently operating outside Delhi, in the state of Haryana. Looking at demand in Delhi, they want to market their products in Delhi, covering the entire Delhi. After going through various market reports and market surveys, they found that competition is very high in Delhi. They want to focus on the quality of their products and still want to fight the competition. They want to create a marketing strategy for their business at the time of entering the Delhi market. For doing so, they have appointed you as Manager Marketing (In-charge Delhi) to design a marketing strategy for them.
1. AImage pricing
2. BComplementary pricing
3. CCaptive pricing strategy
4. DLoss leader strategy
Accepted answers: (A) Image pricing, (D) Loss leader strategy
Explanation
The passage specifies that XYZ company wants to enter the highly competitive Delhi market by emphasizing superior product quality while fighting established rivals.

Image pricing (A) — aligns directly with the firm's strategic mandate to focus on premium product quality, using price to signal purity and superior grade in packaged staples.

Loss leader strategy (D) — represents a standard competitive retail entry tactic in grocery staples, pricing high-turnover staples like Atta aggressively to drive immediate trial against entrenched competition.

Both Image pricing and Loss leader strategy are recognized strategic responses under these competitive entry conditions.
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Question 97
What basis can be used for segmenting the market for FMCG products like Atta, Besan, Maida etc.?
XYZ company is in the business of FMCG products focusing on items like Atta, Besan, Maida etc. They are presently operating outside Delhi, in the state of Haryana. Looking at demand in Delhi, they want to market their products in Delhi, covering the entire Delhi. After going through various market reports and market surveys, they found that competition is very high in Delhi. They want to focus on the quality of their products and still want to fight the competition. They want to create a marketing strategy for their business at the time of entering the Delhi market. For doing so, they have appointed you as Manager Marketing (In-charge Delhi) to design a marketing strategy for them.
1. ADemographic bases segmentation
2. BGeographic segmentation
3. CPsychographic segmentation
4. DBehavioural segmentation
Accepted answers: (A) Demographic bases segmentation, (B) Geographic segmentation
Explanation
The case describes a firm expanding from Haryana into Delhi with plans to cover the entire Delhi market territory.

Geographic segmentation (B) — directly mirrors the geographic expansion described in the text, structuring distribution across North, South, East, and West regional zones within Delhi.

Demographic bases segmentation (A) — represents the foundational consumer segmentation method for staple food items based on household size and income brackets.

Both options are valid segmentation approaches for rolling out packaged flour products.
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Question 98
Once the market for FMCG products like Atta, Besan, Maida etc has been segmented, what targeting approach will you advocate?
XYZ company is in the business of FMCG products focusing on items like Atta, Besan, Maida etc. They are presently operating outside Delhi, in the state of Haryana. Looking at demand in Delhi, they want to market their products in Delhi, covering the entire Delhi. After going through various market reports and market surveys, they found that competition is very high in Delhi. They want to focus on the quality of their products and still want to fight the competition. They want to create a marketing strategy for their business at the time of entering the Delhi market. For doing so, they have appointed you as Manager Marketing (In-charge Delhi) to design a marketing strategy for them.
1. ASingle segment concentration
2. BSelective specialization
3. CMarket specialization
4. DProduct specialization
Answer: (D) Product specialization
Explanation
In Philip Kotler's market coverage strategies, product specialization occurs when a firm concentrates on producing a specific product line and sells it across multiple diverse customer segments.

XYZ company focuses exclusively on a specialized line of milling staples (Atta, Besan, Maida) while distributing them broadly across the entire metropolitan population.

A. Single segment concentration — focuses on one niche segment rather than serving the broad market.

B. Selective specialization — targets several unrelated attractive segments with different products.

C. Market specialization — serves many varied product needs of a single customer group.

D. Product specialization — correct. Specializes in a single product category distributed across diverse customer segments.
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Question 99
For distribution of FMCG products like Atta, Baisan, Maida etc, what type of distribution strategy will you recommend?
XYZ company is in the business of FMCG products focusing on items like Atta, Besan, Maida etc. They are presently operating outside Delhi, in the state of Haryana. Looking at demand in Delhi, they want to market their products in Delhi, covering the entire Delhi. After going through various market reports and market surveys, they found that competition is very high in Delhi. They want to focus on the quality of their products and still want to fight the competition. They want to create a marketing strategy for their business at the time of entering the Delhi market. For doing so, they have appointed you as Manager Marketing (In-charge Delhi) to design a marketing strategy for them.
1. AIntensive distribution
2. BSelective distribution
3. CExclusive distribution
4. DDual level of distribution
Answer: (A) Intensive distribution
Explanation
Packaged food staples such as flour and pulses are everyday high-velocity convenience goods bought frequently with minimal shopping effort.

Consumers expect immediate availability at nearby local grocers, modern retail supermarkets, and neighborhood kirana stores, making intensive distribution essential.

A. Intensive distribution — correct. Places products in as many retail outlets as possible to maximize availability and market reach.

B. Selective distribution — relies on a limited number of vetted intermediaries, typical of consumer electronics or appliances.

C. Exclusive distribution — grants sole distribution rights within a territory, reserved for luxury or prestige goods.

D. Dual level of distribution — describes structural channel layers rather than the market coverage intensity required.
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Question 100
As a manufacture of FMCG range of products such as Atta, Suzi, Maida, Baisan etc, what type of trade promotion will you recommend for Dealer/Distributors of your products?
XYZ company is in the business of FMCG products focusing on items like Atta, Besan, Maida etc. They are presently operating outside Delhi, in the state of Haryana. Looking at demand in Delhi, they want to market their products in Delhi, covering the entire Delhi. After going through various market reports and market surveys, they found that competition is very high in Delhi. They want to focus on the quality of their products and still want to fight the competition. They want to create a marketing strategy for their business at the time of entering the Delhi market. For doing so, they have appointed you as Manager Marketing (In-charge Delhi) to design a marketing strategy for them.
1. ATrade discounts
2. BBundle pricing
3. COn pack coupons
4. DFree samples
Answer: (A) Trade discounts
Explanation
Trade promotions are business-to-business marketing incentives designed to encourage channel intermediaries to stock, display, and push the manufacturer's products.

A. Trade discounts — correct. Off-invoice allowances, bulk price breaks, and cash discounts directly incentivize dealers to purchase large inventory volumes.

B. Bundle pricing — a consumer pricing tactic bundling related goods together rather than a channel trade incentive.

C. On pack coupons — a consumer sales promotion tool designed to stimulate end-user pull at retail shelves.

D. Free samples — a consumer sampling technique encouraging end-user trial, not an intermediary trade incentive.
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Frequently asked questions

How many questions were in the UGC NET Management November 2021 exam?

Paper 1 had 50 questions and Paper 2 (Management) had 100 questions, for 150 in total across 3 hours.

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No. Each correct answer earns 2 marks and there is no penalty for a wrong answer, so leaving a question blank is never better than attempting it.

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Answers follow the official NTA answer key for this session. If you spot a discrepancy, use the report option inside the practice test and we will review it.

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More Management practice

All 2021 sessions All Management PYQs Management topic-wise practice Paper 1 topic-wise practice

Practice Paper 1 from other subjects

Every subject's exam sitting has its own Paper 1 (General Aptitude) set — more real PYQs to solve.

Paper 1 · English Literature sittings Paper 1 · Economics sittings Paper 1 · Computer Science & Applications sittings Paper 1 · Commerce sittings

Year	B.Tech (120)	M.Tech (30)	M.Phil (20)	MBA (60)
2016	96	24	12	52
2017	110	26	14	57
2018	108	25	13	54
2019	112	28	15	56
2020	104	27	16	48

List-I	List-II
A. Hacking	I. Clogs inbox with unwanted emails
B. Phishing	II. Gives access to data entered via keyboard
C. Spyware	III. Identity fraud
D. Spam	IV. Illegal use of personal data

List-I	List-II
A. Ignitable	I. Very unstable
B. Corrosive	II. Causes serious health issues
C. Reactive	III. Destroys containers
D. Toxic	IV. Able to sustain combustion

List-I	List-II
A. Goal 1	I. Promote gender equality and empower women
B. Goal 2	II. Reduce child mortality
C. Goal 3	III. Eradicate extreme poverty and hunger
D. Goal 4	IV. Achieve universal primary education

Year	2018	2019
Sales	Rs. 32,00,000	Rs 57,00,000
Profit/(Loss)	(Rs 3,00,000)	Rs 7,00,000

List I	List II
a. Ind AS 11	i. Revenue Recognition
b. Ind AS 2	ii. Effect of change in exchange rate
c. Ind AS 3	iii. Valuation of Inventories
d. Ind AS 9	iv. Cash flow statement

UGC NET Management November 2021 Question PaperPaper 1 & Paper 2 with Answer Key

UGC NET November 2021 at a glance

General Aptitude

Management

Paper 1 — General Aptitude

Question 1

Question 2

Question 3

Question 4

Question 5

Question 6

Question 7

Question 8

Question 9

Question 10

Question 11

Question 12

Question 13

Question 14

Question 15

Question 16

Question 17

Question 18

Question 19

Question 20

Question 21

Question 22

Question 23

Question 24

Question 25

Question 26

Question 27

Question 28

Question 29

Question 30

Question 31

Question 32

Question 33

Question 34

Question 35

Question 36

Question 37

Question 38

Question 39

Question 40

Question 41

Question 42

Question 43

Question 44

Question 45

Question 46

Question 47

Question 48

Question 49

Question 50

Paper 2 — Management

Question 1

Question 2

Question 3

Question 4

Question 5

Question 6

Question 7

Question 8

Question 9

Question 10

Question 11

Question 12

Question 13

Question 14

Question 15

Question 16

Question 17

Question 18

Question 19

Question 20

Question 21

Question 22

Question 23

Question 24