MANAGEMENT

Paper – II
Note : This paper contains fifty (50) objective type questions, each question carrying two (2)
marks. Attempt all the questions.

1. The term Opportunity Cost refers to 5. Match List – I with List – II and
select the correct answer using the
(A) Variable Cost
codes given below the lists :
(B) Short-run cost List – I List – II
(C) The cost forgone in favour of a. Cost Function 1. Kinky
production of another product Demand
(D) Cost related to an optimum Curve
level of production b. Supply 2. Isoquants
Function
c. Production 3. Engineering
2. If two commodities are Function Method

ce
complementary, then a rise in the d. Oligopoly 4. Factor Prices
price of one commodity will induce
Codes :
(A) A rise in the price of the other a b c d
commodity
(B) An upward shift of demand
ra (A) 3 4 2 1
(B) 4 3 1 2
curve (C) 3 2 1 4
am
(C) No shift in demand for the (D) 1 2 3 4
other commodity
(D) A backward shift in demand 6. When analysing your business and its
for the other commodity environment, it is useful to carefully
inspect
Ex

(A) Threats
3. What is the characteristic of a purely (B) Opportunities
competitive market ? (C) Strengths and weaknesses
(A) Large number of buyers and (D) All of the above
sellers
7. Which of the following is an example
(B) A few sellers
of an external threat ?
(C) A few buyers (A) Decreased competition
(D) Abnormal profit (B) New Trade Regulations
(C) Global Sales Potential
(D) Economies of Scale
4. Willingness to pay minus actual
payment is called 8. Expectancy Theory of Motivation
(A) Consumer’s surplus was propounded by
(A) Porter and Lawler
(B) Producer’s surplus (B) McGregor
(C) Utility cost (C) Vroom
(D) Supplier’s surplus (D) J. Stacy Adams
Paper-II 2 D-17-12
9. Which one of the following is not a 15. Exit Policy primarily emphasises in
step in planning ? the broad sense, for policy makers as
(A) Establishing objectives (A) Removing employees
(B) Developing premises (B) Down sizing
(C) Determining alternative courses (C) Retiring people and
(D) Identifying needs of employees Rehabilitating them
(D) Bringing new blood to the
10. Planning is looking ahead and Corporate
control is
(A) Scanning environment 16. The goal of financial management is to
(B) Looking back (A) Maximise the wealth of
(C) Setting targets Preference Shareholders
(D) Defining objectives (B) Maximise the wealth of
Debentureholders
11. Human Resource Management (C) Maximise the wealth of Equity
(HRM) is a part of the broad Human shareholders
Resource Development (HRD)

ce
(D) All of the above
System, as this focus to
(A) Selection, Induction, Training
and Development 17. The Internal Rate of Return (IRR) is
(B) Operational and Organisational determined where
Options
ra (A) the Net Present Value is
(C) (A) and (B) above positive
(D) None of the above (B) the Net Present Value is
am
negative
12. Performance Appraisal is a double (C) the Net Present Value is zero
edged tool to (D) None of the above
(A) Create space for the employee
to organisationally survive. 18. The Tax shield would result in
Ex

‘ (B) Offering challenges for i. increase in tax liability

promotion. ii. increase in EPS
(C) Accompanying the course of iii. decrease in EPS
Demotion. iv. decrease in tax liability
(D) All of the above. Codes :
(A) (ii) and (iv)
13. Wage determination is mostly done
(B) (i) and (iii)
through tools which are
(A) Objective (C) (i) and (iv)
(B) Subjective (D) (iii) and (iv)
(C) Both of (A) & (B)
(D) None of these 19. Which of the following is a main
method of issue of stocks ?
14. Job Evaluation criterion comes from (A) Vendor placing
(A) Job manual (B) Public issue through
(B) Job description Prospectus
(C) Job specification (C) Private placements
(D) Job duration (D) None of the above
Paper-II 4 D-17-12
20. The Capital Asset Pricing Model 25. The scientific system of collecting
(CAPM) establishes the relationship and analysis of data pertaining to
between market is known as
(A) Risk and EPS (A) Production Research
(B) Risk and value of the firm (B) Advertising Research
(C) Risk and the required rate of (C) Marketing Research
return
(D) None of the above
(D) None of the above

21. ‘Marketing is a human activity 26. Which one of the following is not the
directed at satisfying needs and function of Production Management ?
wants through Exchange process’; is (A) Production, Planning and
the statement of Control
(A) Cundiff ad Still (B) Procurement of Raw Materials
(B) Kenneth Andrews (C) Market Intelligence and Survey
(C) Philip Kotler (D) Plant Location and Layout

ce
(D) Kishwar S. Kan
27. Time study refers to
22. Promotion mix includes
(A) Advertising, publicity, personal (A) Developing a standard time to
selling and sales promotion
ra do a particular task
(B) Physical attributes, brand, (B) Improving work methods
package and product life cycle (C) Value analysis
am

(C) Brand name, product benefits, (D) Value engineering

delivery and credit
(D) Transportation, material 28. Acceptance Quality level is
handling, packaging and
(A) Maximum number of
customer service
defectives that the consumers
Ex

will accept
23. Which of the following is not the
stage of product life cycle ? (B) Fraction defective(s) that the
consumer considers acceptable
(A) Introduction
(B) Growth (C) Fraction defective(s) that the
(C) Market segmentation producer considers acceptable
(D) Decline (D) Maximum number of
defectives that the producer
will allow
24. Which is the basic form of
Innovation ?
(A) Introduction of novel 29. In a transportation problem involving
production process 10 origins and 5 destinations, the
(B) Improvement and development number of constraints representing
of existing process origin capacity and destination
(C) Improvement and development requirements is equal to
of existing firm (A) 50 (B) 49
(D) All of the above (C) 15 (D) 14
Paper-II 6 D-17-12
30. The critical path of a network is 34. Which of the following statement on
(A) for which earliest start time and testing of hypothesis is always true ?
latest start time are same (A) When the null hypothesis is
(B) the shortest time path through a rejected at 5%, it is always
network rejected at 1% level of
(C) for which earliest finish time significance.
and latest finish time are same (B) When the null hypothesis is
rejected at 1%, it is also
(D) the longest time path through a
rejected at 5% level of
network
significance.
(C) When the null hypothesis is not
31. If a person buys one ticket of a State rejected at 1%, it is rejected at
lottery, then the probability that he 5% level of significance.
wins a price is 0.11. If a person buys (D) No definite assertion can be
one ticket each month for five made.
months, what is the probability that
he will win least one price ? 35. Which of the following devices

ce
(A) 0.55 would be considered a typical
(B) 0.50 sequential access medium ?
(C) 0.44 (A) Magnetic Hard Disk
(B) Magnetic Floppy Disk
(D) 0.56
ra (C) Magnetic Tape
(D) CD ROM
32. The standard error of the mean of a
am
random sample of size two or more.
36. What describes the market, product
(A) Always exceeds the population and technological areas of business ?
standard deviation. (A) BCG Matrix
(B) Either exceeds or equals the (B) GE Nine Cell Matrix
population standard deviation. (C) 7’s framework
Ex

(C) Is always lower than the (D) Company’s Mission

population standard deviation
(D) Is always equal to the 37. Name the factors taken into
population standard deviation. consideration in Internal Analysis
(A) Firm Resources
33. A store manager is trying to explore (B) Objective, plans and policies of
the relationship between percentage the firm
fat content (Y) and price (X) of (C) The type of business involved
various dairy products. He finds that (D) All of the above
the coefficient of determination is
0.4624 and the estimated regression 38. Diversification is to a new business
line is Y = 0.5 – 0.02 X. The area that has no obvious connection
coefficient of correlation would be with any of the company’s existing
(A) 0.68 areas refer to
(A) Forward integration
(B) – 0.68
(B) Backward integration
(C) – 0.02 (C) Conglomerate diversification
(D) 0.4624 (D) Concentric diversification
Paper-II 8 D-17-12
39. Which business unit generates 46. Anything dealing with Ethics in
substantial cash surplus due to low Business is
industry growth rate and high profit (A) good, bad or both, to the
share ? business gains
(A) Dog
(B) not related to religion
(B) Cash cow
(C) Question mark (C) not to focus obligation
(D) Star (D) killing all types of Unfair
Trade Practices
40. Who plays an important role in the
success of products and services and 47. Ethics provide
in increasing the marketing share of
the firm in business ? (A) Consumer Autonomy
(A) Functional level Managers (B) CSR
(B) Corporate level Managers (C) Justice
(C) Business level Managers (D) All of the above
(D) All of the above
48. Company seeking ethical standard

ce
41. Entrepreneurship as a theory of
business was propounded by must purport to
(A) Douglas McGregor (A) Good Employee Relation
(B) Thomas A. Coleman (B) Better Production Portfolio
(C) Joseph A. Schumpeter (C) Economy of Scale
(D) Adam Smith
ra (D) Public Disclosure and
42. Policies related to Revival of Sick Publishing
Units are framed by
am

(A) IIFT (B) CSIR 49. Which of the following is not the act
(C) SEBI (D) MSME of Corporate Governance ?
(A) Protecting the interest of
43. The book ‘Innovation and shareholders
Entrepreneurship’ is written by
(B) Protecting the interest of
Ex

(A) Harold Koontz

(B) Blake and Mouton employees
(C) Peter F. Drucker (C) Fudging of Accounts
(D) None of the above (D) Paying Taxes to the
Government
44. State Financial Corporation Act
encourages in
(A) Establishing Industrial Estates 50. Corporate Social Responsibility
(B) Establishing small and medium (CSR) is looked as the organised
size industries network of making long economic
(C) Establishing Agricultural and social relationship of the
Farms corporate with the society. But a
(D) All of the above business of which type, as mentioned
below, cannot afford for it, at the first
45. Name the Author of Equity Theory instance ?
of Motivation. (A) Large Business
(A) Blake & Mouton
(B) Strube & Garcia (B) Medium Business
(C) Stancy Adams (C) Small Business
(D) Albert Bandura (D) A Business Start-up
Paper-II 10 D-17-12
 !

Ex
am
ra
ce
Ex
am
ra
ce
 ▼✬◆✬✯❊▼❊◆❚
P❛ ❡r ✓ ■■
◆✙t❡ ✫ ✥❤✆s ☞✄☞✝☎ ✠♦♥✞✄✆♥s ✰✐✰t✳ ✔✺✴✛ ♦❜✵✝✠✞✆✈✝ ✞②☞✝ q✉✝s✞✆♦♥s✱ ✝✄✠❤ q✉✝s✞✆♦♥ ✠✄☎☎②✆♥❣ t✼✙ ✔✷✛
♠✄☎❦s✏ ❆✞✞✝♠☞✞ ❛✢✢ ✞❤✝ q✉✝s✞✆♦♥s✏

✶✂ ❈✄☎❞✆♥✄❧ ♠✝✄s✉☎✝ ♦❢ ✉✞✆❧✆✞② ✆s ☎✝q✉✆☎✝❞ ✺✂ ✍✄✞✠❤ ▲✆s✞☛✟ ✇✆✞❤ ▲✆s✞☛✟✟ ✄♥❞ s✝❧✝✠✞ ✞❤✝
✆♥ ✠♦☎☎✝✠✞ ✄♥s✇✝☎ ✉s✆♥❣ ✞❤✝ ✠♦❞✝s ❣✆✈✝♥
❜✝❧♦✇ ✞❤✝ ❧✆s✞s✏
✭❆✮ ❯✞✆❧✆✞② ✥❤✝♦☎②
✑✐✒t ✓ ■ ✑✐✒t ✓ ■■
✭❇✮ ✟♥❞✆❢❢✝☎✝♥✠✝ ❈✉☎✈✝ ❆♥✄❧②s✆s
✔✕❡✖❛✗✘ ✔❙t❡ ✒ ✐✗✜✙✢✜❡✘✛
✭❈✮ ❘✝✈✝✄❧✝❞ ✡☎✝❢✝☎✝♥✠✝ ❊✒t✐✖❛t✐✙✗
✭❉✮ ✟♥❢✝☎✆♦☎ ●♦♦❞s ▼❡t✚✙✘✛
✭✄✮ ❈✉s✞♦♠✝☎ ✣✏ ❈♦♥s✉♠✝☎s
✟♥✞✝☎✈✆✝✇ ✟♥✞✝☎✈✆✝✇
✷✂ ❆ ❘✆❣❤✞☛✇✄☎❞ s❤✆❢✞ ✆♥ ❉✝♠✄♥❞ ❈✉☎✈✝ ✍✝✞❤♦❞
✆♥❞✆✠✄✞✝s
✭❜✮ ✍✄☎❦✝✞ ✦✏ ✥✆♠✝ s✝☎✆✝s

ce
✭❆✮ ❆ ❞✝✠☎✝✄s✝ ✆♥ s✉☞☞❧② ✤①☞✝☎✆♠✝♥✞ ♦☎ ❈☎♦ss
✭❇✮ ❆♥ ✆♥✠☎✝✄s✝ ✆♥ q✉✄♥✞✆✞② s✉☞☞❧✆✝❞ ✍✝✞❤♦❞ ✧✝✠✞✆♦♥ ❉✄✞✄

✭❈✮ ❆♥ ✆♥✠☎✝✄s✝ ✆♥ s✉☞☞❧② ♦✈✝☎ ✞❤✝ ✭✠✮ ❘✝❣☎✝ss✆♦♥ ★✏ ✍✄☎❦✝✞

☞☎✝✈✆♦✉s ②✝✄☎ ✍✝✞❤♦❞ ✧✞✆♠✉❧✄✞✆♦♥
ra ✭❞✮ ❉✝♠✄♥❞ ✩✏ ✍✄☎❦✝✞
✭❉✮ ▲✄✇ ♦❢ ✌✄☎✆✄❜❧✝ ✡☎♦☞♦☎✞✆♦♥s
❋♦☎✝✠✄s✞s ✤①☞✝☎✆♠✝♥✞s➆
✧✉☎✈✝②
am

✸✂ ❲❤✆✠❤ ♦❢ ✞❤✝ ❢♦❧❧♦✇✆♥❣ ✆s ✞❤✝ ✠♦♥❞✆✞✆♦♥ ✪✙✘❡✒ ✫

❢♦☎ ✝q✉✆❧✆❜☎✆✉♠ ❢♦☎ ✍♦♥♦☞♦❧✆s✞ ❄
✭✄✮ ✭❜✮ ✭✠✮ ✭❞✮
✭❆✮ ✍❘ ✎ ✍❈
✭❆✮ ✣ ★ ✩ ✦
✭❇✮ ✍❈ ✎ ❆❘
✭❇✮ ✣ ★ ✦ ✩
Ex

✭❈✮ ✍❘ ✎ ✍❈ ✎ ✡☎✆✠✝
✭❈✮ ✦ ✩ ★ ✣
✭❉✮ ❆❈ ✎ ❆❘
✭❉✮ ✩ ✦ ✣ ★

✹✂ ●✆❢❢✝♥ ❣♦♦❞s ✄☎✝ ✞❤♦s✝ ❣♦♦❞s ✻✂ ❲❤♦ ❞✆✈✆❞✝❞ ✄❧❧ ✄✠✞✆✈✆✞✆✝s ♦❢ ✞❤✝
✭❆✮ ❢♦☎ ✇❤✆✠❤ ❞✝♠✄♥❞ ✆♥✠☎✝✄s✝s ✄s ♦☎❣✄♥✆s✄✞✆♦♥s ✆♥✞♦ s✆① ❣☎♦✉☞s ❀
☞☎✆✠✝ ❞✝✠☎✝✄s✝s ✥✝✠❤♥✆✠✄❧✱ ❈♦♠♠✝☎✠✆✄❧✱ ❋✆♥✄♥✠✆✄❧✱
✧✝✠✉☎✆✞②✱ ❆✠✠♦✉♥✞✆♥❣ ✄♥❞ ✍✄♥✄❣✝☎✆✄❧ ❄
✭❇✮ ✇❤✆✠❤ ✄☎✝ ✆♥ s❤♦☎✞ s✉☞☞❧②
✭❆✮ ✡✝✞✝☎ ❉☎✉✠❦✝☎
✭❈✮ ✇❤✆✠❤ ❤✄✈✝ ❤✆❣❤ ✝❧✄s✞✆✠✆✞② ♦❢
❞✝♠✄♥❞ ✭❇✮ ❉✏ ✤✏ ✍✠ ❋♦☎❧✄♥❞
✭❉✮ ✇❤✆✠❤ ❣✆✈✝s ☎✆s✝ ✞♦ ✄ ❈♦❜☛❲✝❜ ✭❈✮ ❍✝♥☎② ❋✄②♦❧
s✆✞✉✄✞✆♦♥✏ ✭❉✮ ●✝♦☎❣✝ ❘✏ ✥✝☎☎②
P❛ ❡r✲■■ ✷ ❏✲✶✁✲✶✷
✁✂ ❲❤✄✞ ✄☎✝ ✞❤✝ ✝❧✝♠✝♥✞s ✞❤✄✞ ✄ ✍✆ss✆♦♥ ✶✴✂ ❉✉☎✆♥❣ ❤✆s ❞✄②s ✄✞ ✍✆❞✈✄❧✝ ✧✞✝✝❧
✧✞✄✞✝♠✝♥✞ ♦❢ ✄♥ ❖☎❣✄♥✆s✄✞✆♦♥ s❤♦✉❧❞ ❈♦♠☞✄♥② ❋✏❲✏ ✥✄②❧♦☎ s✄✇ ✞❤✄✞
✆♥✠❧✉❞✝ ❄ ✝♠☞❧♦②✝✝s s♦❧❞✆✝☎✆♥❣ ➊ ❞✝❧✆❜✝☎✄✞✝❧②
✭❆✮ ✧✝❧❢ ❣✉✆❞✝❧✆♥✝s ❢♦☎ ❇✉s✆♥✝ss ✇♦☎❦✆♥❣ ✄✞ ✄ ☞✄✠✝ s❧♦✇✝☎ ✞❤✄♥ ✞❤✝✆☎
❖ ☞✝☎✄✞✆♦♥s ✠✄☞✄❜✆❧✆✞✆✝s✏ ❍✝ ✆❞✝♥✞✆❢✆✝❞ ✞❤✄✞✱ ✇♦☎❦✝☎
✭❇✮ ✟❞✝♥✞✆❢✆✝s ✞❤✝ ☎✝✄s♦♥s ❢♦☎ ✆♥❞✉❧❣✝ ✆♥ s♦❧❞✆✝☎✆♥❣ ☞☎✆♠✄☎✆❧② ❢♦☎ ✞❤✝
✝①✆s✞✝♥✠✝ ♦❢ ✄ ✠♦♠☞✄♥② ✄♥❞ ✆✞s ❢♦❧❧♦✇✆♥❣ ☎✝✄s♦♥s ✿
☎✝s☞♦♥s✆❜✆❧✆✞✆✝s ✞♦ ✞❤✝ s✞✄❦✝☛
✭❆✮ ❋✝✄☎ ♦❢ ❧♦s✆♥❣ ✵♦❜s ✆❢ ✞❤✝②
❤♦❧❞✝☎s✏ ✆♥✠☎✝✄s✝ ✞❤✝✆☎ ♦✉✞☞✉✞✏
✭❈✮ ✟❞✝♥✞✆❢✆✝s ✞❤✝ ❢✆☎♠s➆ ✠✉s✞♦♠✝☎s ✭❇✮ ❋✄✉❧✞② ✇✄❣✝ s②s✞✝♠s✏
✄♥❞ ✞❤✝✆☎ ♥✝✝❞s ✄♥❞ ♠✄✞✠❤✝s
✞❤✝♠ ✞♦ ✞❤✝ ☞☎♦❞✉✠✞s ✄♥❞ ✭❈✮ ❖✉✞☛❞✄✞✝❞ ♠✝✞❤♦❞s ♦❢ ✇♦☎❦✆♥❣
s✝☎✈✆✠✝s✏ ✭❉✮ ❆❧❧ ♦❢ ✞❤✝ ✄❜♦✈✝
✭❉✮ ❆❧❧ ♦❢ ✞❤✝ ✄❜♦✈✝ ✭❆✮✱ ✭❇✮ ✄♥❞

ce
✭❈✮✏ ✶✶✂ ❆♠♦♥❣ ✞❤✝ ❜✝s✞ ❦♥♦✇♥ ✞☎✄✆✞
✄☞☞☎♦✄✠❤✝s ✞♦ ☞✝☎s♦♥✄❧✆✞② ♠✝✄s✉☎✝♠✝♥✞
➊ ✠♦❧✉♠♥ ❆ ❣✆✈✝s ✥☎✄✆✞s ✄♥❞ ✠♦❧✉♠♥ ❇
✽✂ ❈❤✄♥❣✝s ✆♥ ☞♦☞✉❧✄✞✆♦♥ ✠❤✄☎✄✠✞✝☎✆s✞✆✠s
s✉✠❤ ✄s ✄❣✝✱ ❣✝♥❞✝☎✱ ☎✄✠✝✱ ♠✄☎✆✞✄❧
ra s✞✄✞✝s ✞❤✝ ♥✄♠✝ ♦❢ ✄✉✞❤♦☎✆✞② ❞✝❢✆♥✆♥❣
s✞✄✞✉s✱ ✆♥✠♦♠✝ ✄♥❞ ✝❞✉✠✄✞✆♦♥ ✄☎✝ ✞❤✝♠✏ ✍✄✞✠❤ ✞❤✝ ✠♦☎☎✝✠✞ ✠♦♠❜✆♥✄✞✆♦♥
✝①✄♠☞❧✝s ♦❢ ✠❤✄♥❣✝ ✿ ❚r❛✐t✒ ✬✉t✚✙r
am

✭❆✮ ❉✝♠♦❣☎✄☞❤✆✠ ✭❆✮ ✦✷ ♥✝✝❞s ✍✉☎☎✄②

✭❇✮ ❈✉❧✞✉☎✄❧ ✭❇✮ ✣✶ ✞☎✄✆✞s ✤②s✝♥✠❦
✭❈✮ ●✝♦❣☎✄☞❤✆✠ ✭❈✮ ★ ✞☎✄✆✞s ❈✄✞✞✝❧❧
Ex

✭❉✮ ❉✆✈✝☎s✆✞② ✭❉✮ ✺ ✞☎✄✆✞s ❈♦s✞✄ ✥ ✍✝☎☎✝✝

✾✂ ❲❤✆✠❤ ♦❢ ✞❤✝ ❢♦❧❧♦✇✆♥❣ ✆s ♥♦✞ ✆♥✠❧✉❞✝❞ ✶✷✂ ➇✥❤✆☎❞ ✡✄☎✞② ✆♥✞✝☎✈✝♥✞✆♦♥♦ ✄s ➇❈♦♥❢❧✆✠✞
✄s ✍✆✠☎♦☛✤♥✈✆☎♦♥♠✝♥✞✄❧ ✌✄☎✆✄❜❧✝s ❄ ❘✝s♦❧✉✞✆♦♥ ♦ ✆s
✭❆✮ ✡☎✝✈✄✆❧✆♥❣ ✝✠♦♥♦♠✆✠ ✄♥❞ ✭❆✮ ♦❢✞✝♥ ☎✝q✉✆☎✝❞
☞♦❧✆✞✆✠✄❧ ✠♦♥❞✆✞✆♦♥s✏
✭❇✮ s✝❧❞♦♠ ☎✝q✉✆☎✝❞
✭❇✮ ✤♠✝☎❣✆♥❣ ♥✝✇ ✞✝✠❤♥♦❧♦❣✆✝s
✭❈✮ ☎✝q✉✆☎✝❞ ✄s ✄ ♠✄♥❞✄✞✝✱ ✇❤✝♥
✭❈✮ ❋✆♥✄♥✠✆✄❧ ✠♦♥❞✆✞✆♦♥s ✄♥❞ ✠✉❧✞✉☎✝
✠♦♥❢❧✆✠✞ ☎✝♠✄✆♥s ✉♥☎✝s♦❧✈✝❞
✭❉✮ ◆♦♥✝ ♦❢ ✞❤✝ ✄❜♦✈✝
✭❉✮ ♥♦✞ ✄✞ ✄❧❧ ✠♦♥s✆❞✝☎✝❞ ✄s ✄♥ ♦☞✞✆♦♥

P❛ ❡r✲■■ ✹ ❏✲✶✁✲✶✷
✶✸✂ ✥❤✝ ☞♦❧✆✠② ♦❢ ✆♥✞☎♦❞✉✠✆♥❣ ➇◆✝✇ ✶✁✂ ❲❤✆✠❤ ♦❢ ✞❤✝ ❢♦❧❧♦✇✆♥❣ ✆s ✞❤✝ ♠✄✆♥
❇❧♦♦❞♦ ✆s ✄ss✉♠☞✞✆♦♥ ♦❢ ❲✄❧✞✄☎ ✌✄❧✉✄✞✆♦♥ ✍♦❞✝❧ ❄
✭❆✮ ❆❧❧ ❢✆♥✄♥✠✆♥❣ ✆s ❞♦♥✝ ✞❤☎♦✉❣❤
✭❆✮ ✧✞✝☎✆♦✞②☞✆✠ ❘✝✞✄✆♥✝❞ ✝✄☎♥✆♥❣s ✄♥❞ ✝①✞✝☎♥✄❧
✭❇✮ ❇✉☎✝✄✠☎✄✞✆✠ ✄s ✇✝❧❧ ✄s ☎✝❞✞✄☞✆✠ s♦✉☎✠✝s ♦❢ ❢✉♥❞s✏
✭❈✮ ✟♥♥♦✈✄✞✆✈✝ ✄♥❞ ✠❤✄❧❧✝♥❣✆♥❣✱ ✭❇✮ ❲✆✞❤ ✄❞❞✆✞✆♦♥✄❧ ✆♥✈✝s✞♠✝♥✞ ✞❤✝
❢✆☎♠s ❜✉s✆♥✝ss ☎✆s❦ ✇✆❧❧ ✠❤✄♥❣✝✏
♠✄❦✆♥❣ ✞❤✝ ✠♦☎☞♦☎✄✞✝ ❞②♥✄♠✆✠
✭❈✮ ✥❤✝☎✝ ✆s ✄ ✠❤✄♥❣✝ ✆♥ ✞❤✝ ❦✝②
✭❉✮ ✟♥♥♦✈✄✞✆✈✝✱ ✠❤✄❧❧✝♥❣✆♥❣✱ ❜✉✞ ✈✄☎✆✄❜❧✝s s✉✠❤ ✄s ✤✡✧ ✄♥❞ ❉✡✧
♦❢✞✝♥ ☎✝s✆s✞✝❞ ✭❉✮ ◆♦♥✝ ♦❢ ✞❤✝ ✄❜♦✈✝

✶✹✂ ❆♥ ➇❆ss✝ss♠✝♥✞ ❈✝♥✞☎✝♦ ✆s ✶✽✂ ❲❤✆✠❤ ♦❢ ✞❤✝ ❢♦❧❧♦✇✆♥❣ ✆s ✄♥ ✆♠☞♦☎✞✄♥✞

♠♦♥✝② ♠✄☎❦✝✞ ✆♥s✞☎✉♠✝♥✞ ❄
✭❆✮ ❆ ☞❧✄✠✝ ✭❆✮ ❉✝❜✝♥✞✉☎✝s
✭❇✮ ❆ ✞✝✠❤♥✆q✉✝ ✭❇✮ ❈♦♠♠✝☎✠✆✄❧ ✡✄☞✝☎
✭❈✮ ❇♦✞❤ ✭❆✮ ✄♥❞ ✭❇✮ ✭❈✮ ✡✉❜❧✆✠ ❉✝☞♦s✆✞s

ce
✭❉✮ ◆♦♥✝ ♦❢ ✞❤✝ ✄❜♦✈✝
✭❉✮ ◆♦♥✝ ♦❢ ✞❤✝ ✄❜♦✈✝
✶✾✂ ✥❤✝ ♠✝✞❤♦❞ ♦❢ ☞✄②♠✝♥✞ ✆♥ ✍✝☎❣✝☎s
✶✺✂ ➇❖☎❣✄♥✆③✄✞✆♦♥✄❧ ❧✝✄☎♥✆♥❣♦ ✄♥❞
ra ✄♥❞ ❆✠q✉✆s✆✞✆♦♥s ♠✄② ✆♥✠❧✉❞✝
➇▲✝✄☎♥✆♥❣ ♦☎❣✄♥✆③✄✞✆♦♥♦ ✄☎✝ ✭✆✮ ❈✄s❤
✭❆✮ ✧✄♠✝ ✭✆✆✮ ▲♦✄♥ s✞♦✠❦
am

✭✆✆✆✮ ❖☎❞✆♥✄☎② s❤✄☎✝s

✭❇✮ ❉✆❢❢✝☎✝♥✞
✭✆✈✮ ❈♦♥✈✝☎✞✆❜❧✝ ❧♦✄♥ s✞♦✠❦
✭❈✮ ❘✝✈✝☎s✝ ✞♦ ✝✄✠❤ ♦✞❤✝☎ ✭❆✮ ✭✆✮ ✥ ✭✆✆✆✮ ♦♥❧②
✭❉✮ ❈♦♠☞❧✝♠✝♥✞✄☎② ✞♦ ✝✄✠❤ ♦✞❤✝☎ ✭❇✮ ✭✆✮ ✥ ✭✆✆✮ ♦♥❧②
Ex

✭❈✮ ✭✆✮✱ ✭✆✆✮✱ ✭✆✆✆✮ ✄♥❞ ✭✆✈✮

✭❉✮ ✭✆✆✮ ✥ ✭✆✈✮ ♦♥❧②
✶✻✂ ✥❤✝ ✈✄❧✉✝ ♦❢ ✞❤✝ ❢✆☎♠ ✆s ♠✄①✆♠✆③ ✝❞
✇❤✝♥ ✞❤✝
✷✴✂ ❲♦☎❦✆♥❣ ✠✄☞✆✞✄❧ ☎✝❢✝☎s ✞♦ ✞❤✝ ✠✄☞✆✞✄❧
✭❆✮ ✍✄☎❦✝✞ ☞☎✆✠✝ ♦❢ ✝q✉✆✞② s❤✄☎✝ ✆s ♠♦❜✆❧✆s✝❞ ❢♦☎ ♠✝✝✞✆♥❣
♠✄①✆♠✉♠ ✭❆✮ ▲♦♥❣☛✞✝☎♠ ❢✆♥✄♥✠✆✄❧ ♥✝✝❞s ♦❢ ✞❤✝
✭❇✮ ✍✄☎❦✝✞ ☞☎✆✠✝ ♦❢ ✝q✉✆✞② s❤✄☎✝ ✆s ✠♦♠☞✄♥②
♠✆♥✆♠✉♠ ✭❇✮ ✥♦ ♠✝✝✞ ❞✄②☛✞♦☛❞✄② ❢✆♥✄♥✠✆✄❧
♦❜❧✆❣✄✞✆♦♥s ♦❢ ✞❤✝ ✠♦♠☞✄♥②
✭❈✮ ✍✄☎❦✝✞ ✈✄❧✉✝ ♦❢ ❞✝❜✞ ✆s
✭❈✮ ✥♦ ♠✝✝✞ ✞❤✝ ❢✉✞✉☎✝ ❢✆♥✄♥✠✆✄❧
♠✄①✆♠✉♠ ☎✝q✉✆☎✝♠✝♥✞s ♦❢ ✞❤✝ ✠♦♠☞✄♥②
✭❉✮ ◆♦♥✝ ♦❢ ✞❤✝ ✄❜♦✈✝ ✭❉✮ ◆♦♥✝ ♦❢ ✞❤✝ ✄❜♦✈✝

P❛ ❡r✲■■ ✻ ❏✲✶✁✲✶✷
✷✶✂ ❲❤✆✠❤ ♦❢ ✞❤✝ ❢♦❧❧♦✇✆♥❣ s✞✄✞✝♠✝♥✞ ✆s ✷✹✂ ✍✄☎❦✝✞✆♥❣ ☎✝s✝✄☎✠❤ ❞♦✝s ♥♦✞ ♥♦☎♠✄❧❧②
✞☎✉✝ ❄ ●✄✞❤✝☎ ✝♥✈✆☎♦♥♠✝♥✞✄❧ ✆♥❢♦☎♠✄✞✆♦♥
✭❆✮
✭❆✮ ✥❤✝ ✝ss✝♥✠✝ ♦❢ ♠✄☎❦✝✞✆♥❣ ✆s ✄
✭❇✮ ✡☎♦✈✆❞✝ ✄ ✠♦♥✞✆♥✉♦✉s s♦✉☎✠✝ ♦❢
✞☎✄♥s✄✠✞✆♦♥ ♦❢ ✄♥ ✝①✠❤✄♥❣✝✏
✆♥❢♦☎♠✄✞✆♦♥
✭❇✮ ✍✄☎❦✝✞✆♥❣➊ ♦☎✆✝♥✞✄✞✆♦♥ ✆s
✭❈✮ ❘✝❧✄✞✝ ✞♦ ✄❧❧ ✄s☞✝✠✞s ♦❢
☞❤✆❧♦s♦☞❤②✱ ✇❤✆✠❤ ❤✄s ✞♦
♠✄☎❦✝✞✆♥❣ ♦☞✝☎✄✞✆♦♥s
☞✝☎✈✄❞✝ ✞❤✝ ♦☎❣✄♥✆s✄✞✆♦♥
s✞☎✉✠✞✉☎✝ ✭❉✮ ❉✝s✠☎✆❜✝ ✞❤✝ ✠✉☎☎✝♥✞ s✆✞✉✄✞✆♦♥
✭❈✮ ✍✄☎❦✝✞✆♥❣ ✆s ✄❧s♦ ✄ ♠✄♥✄❣✝☎✆✄❧
❢✉♥✠✞✆♦♥ ✆♥✈♦❧✈✆♥❣ ✄♥✄❧②s✆s✱
✷✺✂ ❲❤✆✠❤ ♦❢ ✞❤✝ ❢♦❧❧♦✇✆♥❣ ✆s ♥♦✞ ✆♥✠❧✉❞✝❞
☞❧✄♥♥✆♥❣ ✄♥❞ ✠♦♥✞☎♦❧ ♠✄☎❦✝✞✆♥❣
✆♥ ✼ ✡➆s ♦❢ s✝☎✈✆✠✝s ♠✄☎❦✝✞✆♥❣ ❄
✄✠✞✆✈✆✞✆✝s ✆♥ ✄♥ ♦☎❣✄♥✆s✄✞✆♦♥
✭❆✮ ✡❤②s✆✠✄❧ ✝✈✆❞✝♥✠✝
✭❉✮ ❆❧❧ ♦❢ ✞❤✝ ✄❜♦✈✝
✭❇✮ ✡✝♦☞❧✝

ce
✷✷✂ ❆ ♠✄☎❦✝✞✆♥❣ ☞❧✄♥ ✆s ✠♦♠☞♦s✝❞ ♦❢ ✞❤☎✝✝ ✭❈✮ ✡☎♦✠✝ss
❜✄s✆✠ ✠♦♠☞♦♥✝♥✞s✱ ♥✄♠✝❧② ✭❉✮ ✍✄☎❦✝✞✆♥❣ ☞❧✄♥
✣✏ ❖ ❜✵✝✠✞✆✈✝s ✦✏ ✡♦❧✆✠✆✝s
★✏ ✡☎♦❣☎✄♠ ✩✏ ✡☎♦✠✝❞✉☎✝
ra
✷✻✂ ❲❤✆✠❤ ♦❢ ✞❤✝ ❢♦❧❧♦✇✆♥❣ ✆s ♥♦✞ ✞❤✝ ✞②☞✝
✺✏ ❍✆♥✞s ✶✏ ❉✝✠✆s✆♦♥ ♦❢ ✡❧✄♥✞ ▲✄②♦✉✞ ❄
am

✼✏ ❈♦♠♠✄♥❞ ✽✏ ✡✝☎✆♦❞✆✠ ✭❆✮ ✡☎♦❞✉✠✞ ▲✄②♦✉✞

✾✏ ❉✆✈✝☎s✆✞②
✭❇✮ ✡☎♦✠✝ss ▲✄②♦✉✞
✭❆✮ ✣✱ ✦ ✄♥❞ ★ ♦♥❧②
✭❈✮ ❋✆①✝❞ ✡♦s✆✞✆♦♥ ▲✄②♦✉✞
✭❇✮ ✶✱ ✼ ✄♥❞ ✽ ♦♥❧②
Ex

✭❉✮ ❘✝s✆❞✝♥✞✆✄❧ ▲✄②♦✉✞

✭❈✮ ✺ ✱ ✼ ✄♥❞ ✾ ♦♥❧②
✭❉✮ ✦✱ ★ ✄♥❞ ✾ ♦♥❧②
✷✁✂ ❲❤✆✠❤ ♦❢ ✞❤✝ ❢♦❧❧♦✇✆♥❣ ❢✄✠✞♦☎ ✆s
✠♦♥s✆❞✝☎✝❞ ✆♥ ✞❤✝ s✝❧✝✠✞✆♦♥ ♦❢ ✄ ☞❧✄♥✞
✷✸✂ ❲❤✆✠❤ ♦❢ ✞❤✝ ❢♦❧❧♦✇✆♥❣ ✆s ♥♦✞ ✞❤✝ s✞✄❣✝
❧♦✠✄✞✆♦♥ ❄
♦❢ ♥✝✇ ☞☎♦❞✉✠✞ ❞✝✈✝❧♦☞♠✝♥✞ ❄
✭❆✮ ✟❞✝✄ ●✝♥✝☎✄✞✆♦♥ ✭❆✮ ✧♦✉☎✠✝ ♦❢ ❘✄✇☛♠✄✞✝☎✆✄❧s

✭❇✮ ❇✉s✆♥✝ss ❆♥✄❧②s✆s ✭❇✮ ❆✈✄✆❧✄❜✆❧✆✞② ♦❢ ✇✄✞✝☎

✭❈✮ ✥✝s✞ ✍✄☎❦✝✞✆♥❣ ✭❈✮ ✍✄☎❦✝✞✆♥❣ ❢✄✠✆❧✆✞✆✝s
✭❉✮ ✍✄☎❦✝✞ ✧✝❣♠✝♥✞✄✞✆♦♥ ✭❉✮ ❆❧❧ ✞❤✝ ✄❜♦✈✝
P❛ ❡r✲■■ ✽ ❏✲✶✁✲✶✷
✷✽✂ ❲♦☎❦ ♠✝✄s✉☎✝♠✝♥✞ ☎✝❢✝☎s ✞♦ ✸✷✂ ✥✇♦ ✈✄☎✆✄❜❧✝s ✄☎✝ s✄✆❞ ✞♦ ❜✝ ☞✝☎❢✝✠✞❧②
✭❆✮ ✞❤✝ ❧✝♥❣✞❤ ♦❢ ✞✆♠✝ ✆✞ ✞✄❦✝s ✞♦ ♥✝❣✄✞✆✈✝❧② ✠♦☎☎✝❧✄✞✝❞ ✆❢
✠♦♠☞❧✝✞✝ ✄ ✇♦☎❦ ✞✄s❦ ✄ss✆❣♥✝❞ ✞♦
✄ s☞✝✠✆❢✆✠ ✵♦❜ ✭❆✮ ❈♦✈✄☎✆✄♥✠✝ ❜✝✞✇✝✝♥ ✞❤✝♠ ✆s
✭❇✮ ✆♠☞☎♦✈✆♥❣ ✇♦☎❦ ♠✝✞❤♦❞s ☞♦s✆✞✆✈✝
✭❈✮ ✄☎☎✄♥❣✝♠✝♥✞ ♦❢ ♠✄✠❤✆♥✝s
✄✠✠♦☎❞✆♥❣ ✞♦ s✝q✉✝♥✠✝ ♦❢ ✭❇✮ ❈♦✝❢❢✆✠✆✝♥✞ ♦❢ ✠♦☎☎✝❧✄✞✆♦♥
♦☞✝☎✄✞✆♦♥s ❜✝✞✇✝✝♥ ✞❤✝♠ ✆s ➊✣
✭❉✮ ☞❧✄♥♥✆♥❣ ✞❤✝ ✇♦☎❦ ✄♥❞ ✇♦☎❦✆♥❣
✞❤✝ ☞❧✄♥s ✭❈✮ ❈♦✈✄☎✆✄♥✠✝ ❜✝✞✇✝✝♥ ✞❤✝♠ ✆s
♥✝❣✄✞✆✈✝
✷✾✂ ✥❤✝ ●☎✄☞❤✆✠✄❧ ♠✝✞❤♦❞ ✠✄♥ ❜✝ ✉s✝❞ ✞♦
✭❉✮ ◆♦♥✝ ♦❢ ✞❤✝ ✄❜♦✈✝
s♦❧✈✝
✭❆✮ ❆ ❧✆♥✝✄☎ ☞☎♦❣☎✄♠♠✆♥❣ ☞☎♦❜❧✝♠
✇✆✞❤ ✄❧❧ ✆♥✞✝❣✝☎ ❞✄✞✄ ❜✄s✝✏
✭❇✮ ❆ ❧✆♥✝✄☎ ☞☎♦❣☎✄♠♠✆♥❣ ☞☎♦❜❧✝♠ ✸✸✂ ❲❤✆✠❤ ✞②☞✝ ♦❢ s✄♠☞❧✆♥❣ ✆s ✄☞☞☎♦☞☎✆✄✞✝

ce
✇✆✞❤ ✞✇♦ ❞✝✠✆s✆♦♥ ✈✄☎✆✄❜❧✝s✏ ✇❤✝♥ ✞❤✝ ☞♦☞✉❧✄✞✆♦♥ ✠♦♥s✆s✞s ♦❢ ✇✝❧❧
✭❈✮ ❆♥② ❧✆♥✝✄☎ ☞☎♦❣☎✄♠♠✆♥❣ ❞✝❢✆♥✝❞ ❣☎♦✉☞s s✉✠❤ ✞❤✄✞ ✞❤✝ ✝❧✝♠✝♥✞s
☞☎♦❜❧✝♠✏ ✇✆✞❤✆♥ ✝✄✠❤ ❣☎♦✉☞ ✄☎✝ ❤♦♠♦❣✝♥✝♦✉s
✭❉✮ ❆ ✞☎✄♥s☞♦☎✞✄✞✆♦♥ ☞☎♦❜❧✝♠ ✇✆✞❤ ✄♥❞ ❜✝✞✇✝✝♥ ✝✄✠❤ ❣☎♦✉☞ ✞❤✝② ✄☎✝
✞✇♦ ♦☎✆❣✆♥s ✄♥❞ ✞✇♦ ❞✝s✞✆♥✄✞✆♦♥s✏
ra
❤✝✞✝☎♦❣✝♥✝♦✉s ❄

✸✴✂ ✟❢ ✞✇♦ ❞✆✠✝ ✄☎✝ ✞❤☎♦✇♥✱ ✞❤✝ ☞☎♦❜✄❜✆❧✆✞② ✭❆✮ ❈❧✉s✞✝☎ ✧✄♠☞❧✆♥❣
am

✞❤✄✞ ✞❤✝ s✉♠ ♦❢ ✞❤✝✆☎ ☞♦✆♥✞s ✆s ❣☎✝✄✞✝☎

✞❤✄♥ ✣✷ ✆s ✭❇✮ ✧✆♠☞❧✝ ❘✄♥❞♦♠ ✧✄♠☞❧✆♥❣
✭❆✮ ✣✶✾
✭❈✮ ✧✞☎✄✞✆❢✆✝❞ ✧✄♠☞❧✆♥❣
✭❇✮ ✣✶✣✦
✭❈✮ ✣✶★
Ex

✭❉✮ ❏✉❞❣✝♠✝♥✞ ✧✄♠☞❧✆♥❣

✭❉✮ ✣✶✣✽

✸✶✂ ❆ ❇✆♥♦♠✆✄❧ ❞✆s✞☎✆❜✉✞✆♦♥ ✆s ✸✹✂ ❲❤✆✠❤ ♦❢ ✞❤✝ ❢♦❧❧♦✇✆♥❣ ✆s ♥♦✞ ✄ ✞②☞✝ ♦❢

✠❤✄☎✄✠✞✝☎✆③ ✝❞ ✄s ❜ ✭✣✶✱✷✏✺✮ ✆✏✝✏ s✄♠☞❧✝ ✆♥✞✝☎♥✝✞ ✠♦♥♥✝✠✞✆♦♥ ❄
s✆③ ✝ ✆s ✣✶ ✄♥❞ ✞❤✝ ☞☎♦❜✄❜✆❧✆✞② ♦❢
s✉✠✠✝ss ✆s ✷✏✺ ✏ ✥❤✝ ♠✝✄♥ ✄♥❞ ✈✄☎✆✄♥✠✝ ✭❆✮ ✟✧❉◆
♦❢ ✞❤✆s ❞✆s✞☎✆❜✉✞✆♦♥ ✇✆❧❧ ❜✝ ☎✝s☞✝✠✞✆✈✝❧②
✭❆✮ ✽✱ ✩ ✭❇✮ ❉✆✄❧☛✉☞
✭❇✮ ✽✱ ✽
✭❈✮ ▲✝✄s✝❞☛▲✆♥✝
✭❈✮ ✩✱ ✽
✭❉✮ ✩✱ ✩ ✭❉✮ ✟✧✡

P❛ ❡r✲■■ ✶✴ ❏✲✶✁✲✶✷
✸✺✂ ✍✄✞✠❤ ✞❤✝ ❢♦❧❧♦✇✆♥❣ ✿ ✸✽✂ ●❧♦❜✄❧✆③ ✄✞✆♦♥ ✆♥✈♦❧✈✝s
✑✐✒t ✓ ■ ✑✐✒t ✓ ■■ ✭❆✮ ❋☎✝✝ ❢❧♦✇ ♦❢ ✞✝✠❤♥♦❧♦❣② ❢☎♦♠
✭✟✮ ✡♦✆ss♦♥ ✣✏ ✟✞s ♠✝✄♥ ✆s ♦♥✝ ✠♦✉♥✞☎② ✞♦ ✄♥♦✞❤✝☎
❞✆s✞☎✆❜✉✞✆♦♥ ❤✄s ❣☎✝✄✞✝☎
✞❤✝ ☞☎♦☞✝☎✞② ✞❤✄✞ ✞❤✄♥ ✭❇✮ ❋☎✝✝ ❢❧♦✇ ♦❢ ✆♥✈✝s✞♠✝♥✞ ❢☎♦♠
✌✄☎✆✄♥✠✝ ♦♥✝ ✠♦✉♥✞☎② ✞♦ ✞❤✝ ♦✞❤✝☎
✭✟✟✮ ◆♦☎♠✄❧ ✦✏ ✧②♠♠✝✞☎✆✠ ✭❈✮ ❋☎✝✝ ❢❧♦✇ ♦❢ ☞✝♦☞❧✝ ❢☎♦♠ ♦♥✝
❞✆s✞☎✆❜✉✞✆♦♥ ✆s ✄ ❞✆s✞☎✆❜✉✞✆♦♥ ✠♦✉♥✞☎② ✞♦ ✞❤✝ ♦✞❤✝☎
✭✟✟✟✮ ❈❤✆☛sq✉✄☎✝ ★✏ ✡♦s✆✞✆✈✝❧②
❞✆s✞☎✆❜✉✞✆♦♥ ✆s ✭❉✮ ❆❧❧ ✞❤✝ ✄❜♦✈✝
s❦✝✇✝❞
❞✆s✞☎✆❜✉✞✆♦♥
✭✟✌✮ ❇✆♥♦♠✆✄❧ ✩✏ ✟✞s ♠✝✄♥ ✸✾✂ ❲❤✆✠❤ ✆s ✄ s❤♦☎✞☛✞✝☎♠ s✞☎✄✞✝❣② ❢♦☎ ✄
❞✆s✞☎✆❜✉✞✆♦♥ ❤✄s ✄♥❞ ❢✆☎♠ ❄
✞❤✝ ☞☎♦☞✝☎✞② ✞❤✄✞ ✈✄☎✆✄♥✠✝
✄☎✝ ✝q✉✄❧✏ ✭❆✮ ❈♦☎☞♦☎✄✞✝ s✞☎✄✞✝❣②

ce
✪✙✘❡✒ ✫ ✭❇✮ ❇✉s✆♥✝ss s✞☎✄✞✝❣②

✭✟✮ ✭✟✟✮ ✭✟✟✟✮ ✭✟✌✮ ✭❈✮ ❈♦♠☞✄♥② ♠✆ss✆♦♥

✭❆✮ ✩ ✦ ✣ ★ ✭❉✮ ❋✉♥✠✞✆♦♥✄❧ s✞☎✄✞✝❣②
✭❇✮ ✩ ✦ ★ ✣
ra
✭❈✮ ✣ ✦ ★ ✩
✹✴✂ ❲❤✆✠❤ ✆s ♥♦✞ ✄ ❣❧♦❜✄❧ ✝♥✞☎② s✞☎✄✞✝❣② ❄
am

✭❉✮ ✦ ✩ ★ ✣
✭❆✮ ✤①☞♦☎✞✆♥❣

✸✻✂ ❲✥❖ ✠♦♠✝ ✆♥✞♦ ❜✝✆♥❣ ✆♥ ✞❤✝ ②✝✄☎ ✭❇✮ ❏ ♦✆♥✞ ✈✝♥✞✉☎✝

✭❆✮ ✣✾✼✺ ✭❈✮ ✍✝☎❣✝☎ ✄♥❞ ❆✠q✉✆s✆✞✆♦♥

Ex

✭❇✮ ✣✾✽✺ ✭❉✮ ❇❧✉✝ ♦✠✝✄♥ s✞☎✄✞✝❣②

✭❈✮ ✣✾✾✺
✭❉✮ ✦✷✷✣
✹✶✂ ❲❤✆✠❤ ♦♥✝ ✆s ♥♦✞ ✞❤✝ ✠❤✄☎✄✠✞✝☎✆s✞✆✠
❢✝✄✞✉☎✝ ♦❢ ✤♥✞☎✝☞☎✝♥✝✉☎s❤✆☞ ❄
✸✁✂ ❲❤✆✠❤ ♦❢ ✞❤✝ ❢♦❧❧♦✇✆♥❣ ✆s ♥♦✞ ✡♦☎✞✝☎➆s
❣✝♥✝☎✆✠ s✞☎✄✞✝❣② ❄ ✭❆✮ ✌✆s✆♦♥
✭❆✮ ❋♦✠✉s ✭❇✮ ❘✆s❦ ❇✝✄☎✆♥❣
✭❇✮ ❈♦s✞ ▲✝✄❞✝☎s❤✆☞
✭❈✮ ✟♥✆✞✆✄✞✆✈✝ ✄♥❞ ❉☎✆✈✝
✭❈✮ ❉✆❢❢✝☎✝♥✞✆✄✞✆♦♥
✭❉✮ ❉✆s❧♦②✄❧✞②
✭❉✮ ✍✄☎❦✝✞ s✝❣♠✝♥✞✄✞✆♦♥
P❛ ❡r✲■■ ✶✷ ❏✲✶✁✲✶✷
✹✷✂ ❲❤✆✠❤ ♦❢ ✞❤✝ ❢♦❧❧♦✇✆♥❣ ♦☎❣✄♥✆s✄✞✆♦♥s ✹✁✂ ❲❤✆s✞❧✝☛❇❧♦✇✝☎s ✄☎✝
✆s ♠✝✄♥✞ ❢♦☎ ☞☎♦♠♦✞✆♥❣ s♠✄❧❧ s✠✄❧✝
✆♥❞✉s✞☎✆✝s ✄✞ ❞✆s✞☎✆✠✞ ❧✝✈✝❧ ❄ ✭❆✮ ✞♦ ❜✝ ☎✝♠♦✈✝❞ ❢☎♦♠ ✞❤✝ ✵♦❜s
✭❆✮ ✧✟❉❇✟ ✭❇✮ ✞♦ ❜✝ ☞☎♦♠♦✞✝❞
✭❇✮ ❉✟❈ ✭❈✮ ✞♦ ❜✝ ☎✝✇✄☎❞✝❞ ❢♦☎ ✞❤✝
✭❈✮ ✧❋❈s ♦☎❣✄♥✆s✄✞✆♦♥✄❧ ✝♥☎✆✠❤♠✝♥✞
✭❉✮ ◆❆❇❆❘❉ ✭❉✮ ✞♦ ❜✝ ☞☎♦✞✝✠✞✝❞ s✆♥✠✝ ✞❤✝② ✆♥✞✝♥❞
✞♦ ❜☎✆♥❣ ♦✉✞ ✞☎✉✞❤
✹✸✂ ✥❤✝ ☎✝✄s♦♥ ❢♦☎ s✆✠❦♥✝ss ♦❢ s♠✄❧❧ s✠✄❧✝
✆♥❞✉s✞☎② ✆s
✭❆✮ ▲✄✠❦ ♦❢ ✠✄☞✆✞✄❧ ✹✽✂ ❋✉♥❞✆♥❣ ✞❤☎♦✉❣❤ ✍✆✠☎♦ ❢✆♥✄♥✠✝ ✞♦
✧♠✄❧❧ ✄♥❞ ✍✆✠☎♦ ✤♥✞✝☎☞☎✆s✝s ✆s ♥♦✞
✭❇✮ ▲✄✠❦ ♦❢ ♠✄☎❦✝✞ s✉✠✠✝ss❢✉❧ ❞✉✝ ✞♦
✭❈✮ ✧✝✈✝☎✝ ✠♦♠☞✝✞✆✞✆♦♥
✭❆✮ ❍✆❣❤ ☎✄✞✝ ♦❢ ✆♥✞✝☎✝s✞
✭❉✮ ❆❧❧ ✞❤✝ ✄❜♦✈✝
✭❇✮ ❖✉✞ s♦✉☎✠✆♥❣ ♦❢ ♠✝✞❤♦❞ ♦❢
☞☎♦✈✆❞✆♥❣ ✍✆✠☎♦ ❋✆♥✄♥✠✝

ce
✹✹✂ ✥❤✝ ♠✝✄s✉☎✝ ✞✄❦✝♥ ❜② ●♦✈✝☎♥♠✝♥✞ ✞♦
☞☎♦♠♦✞✝ s♠✄❧❧ s✠✄❧✝ ✆♥❞✉s✞☎②✏ ✭❈✮ ✭❆✮ ✥ ✭❇✮
✭❆✮ ✡☎♦✈✆s✆♦♥ ♦❢ ❧✄♥❞
✭❉✮ ◆♦♥✝ ♦❢ ✞❤✝ ✄❜♦✈✝
✭❇✮ ✡☎♦✈✆s✆♦♥ ♦❢ ♠✄☎❦✝✞✆♥❣ ❢✄✠✆❧✆✞✆✝s
✭❈✮ ❆☎☎✄♥❣✝♠✝♥✞ ♦❢ ✠☎✝❞✆✞ ✄♥❞ ☎✄✇
ra
♠✄✞✝☎✆✄❧s ✹✾✂ ➇❲♦☎❦☛❉✆✈✝☎s✆✞②♦ ❜② ♥✄✞✉☎✝✱ ❞♦✝s ♥♦✞
✭❉✮ ❆❧❧ ✞❤✝ ✄❜♦✈✝ ❣♦ ✄❣✄✆♥s✞ ✤✞❤✆✠s✏ ❇✉✞ ✄♥ ✝①✝✠✉✞✆✈✝
am
✄ss✆s✞✄♥✞ ✇❤✆❧✝ ❣✝✞✞✆♥❣ ✞☎✄♥s❢✝☎☎✝❞ ❢☎♦♠
✹✺✂ ✧♠✄❧❧ ✄♥❞ ♠✝❞✆✉♠ ✝♥✞✝☎☞☎✆s✝s ✄☎✝
➇s✞♦☎✝s♦ ✞♦ ➇❞✝s☞✄✞✠❤♦ s✝✠✞✆♦♥ ✠☎✝✄✞✝❞
✞✉☎♠♦✆❧ ✆♥ ✞❤✝ ♦❢❢✆✠✝✏ ❍✝ ✆s
✭❆✮ ▲✄❜♦✉☎ ✆♥✞✝♥s✆✈✝
✭❆✮ ✍♦s✞ ✝✞❤✆✠✄❧ ✆♥ ❤✆s ❞✝✄❧
✭❇✮ ❈✄☞✆✞✄❧ ✆♥✞✝♥s✆✈✝
✭❈✮ ✍✄☎❦✝✞ ❧✝✄❞✝☎ ✭❇✮ ❋✉❧❧② ✄❣✄✆♥s✞ ✇♦☎❦ ✝✞❤✆✠s
Ex

✭❉✮ ✟♥❞✉s✞☎② ☞☎✆✠✝ ❞✝✞✝☎♠✆♥✝☎ ✭❈✮ ❍✝ ✆s ✇♦☎❦♦❤♦❧✆✠

✭❉✮ ❆ ❘✆❣✆❞ ✝♠☞❧♦②✝☎✱ ❤✄☎❞ ♥✉✞ ✞♦
✹✻✂ ❇✉s✆♥✝ss ☞☎♦☞♦s✆✞✆♦♥s ✄☎✝ ✞♦ ❜✝ ✠☎✄✠❦
s✝❧✝✠✞✝❞ ❜② ♠✄❦✆♥❣ ✄♥ ✄♥✄❧②s✆s ✞❤✄✞✱
❤♦✇ ♠✉✠❤ ✞❤✝ ❧♦✠✄❧ ☎✝s♦✉☎✠✝s ✇✆❧❧ ❜✝
❞✝☞❧✝✞✝❞ ✆♥ ✞❤✝ ✠♦♠♠✝♥✠✝♠✝♥✞ ✄♥❞ ✞❤✝ ✺✴✂ ✤✞❤✆✠✄❧ ✍✄♥✄❣✝♠✝♥✞ ✆s
✠♦✉☎s✝ ♦❢ ❇✉s✆♥✝ss✏ ✥❤✆s ✆s ❦♥♦✇♥ ✄s
✭❆✮ ✧✝♥s✆✞✆✈✆✞② ❆♥✄❧②s✆s ✭❆✮ ❆ ❈♦♠☞☎♦♠✆s✝
✭❇✮ ❈♦♠♠♦♥ ✡☎♦☞✝☎✞② ❘✝s♦✉☎✠✝ ✉s✝ ✭❇✮ ❆ ❈♦♠☞✉❧s✆♦♥
✭❈✮ ✤♥✈✆☎♦♥♠✝♥✞✄❧ ✟♠☞✄✠✞ ❆ss✝ss♠✝♥✞ ✭❈✮ ❆ ❏✉❞❣✝♠✝♥✞
✭❉✮ ◆♦♥✝ ♦❢ ✞❤✝ ✄❜♦✈✝
✭❉✮ ✭❆✮ ✄♥❞ ✭❇✮
P❛ ❡r✲■■ ✶✹ ❏✲✶✁✲✶✷
 MANAGEMENT
PAPER – III
Note : This paper contains seventy five (75) objective type questions of two (2) marks each.
All questions are compulsory.

1. Which of the following is not one of 6. Selection is the process in which

the important objectives of Financial candidates for employment are divided
Management ? into two classes – those who are to be
(A) Profit maximisation offered employment and those who are
not.” This is stated by
(B) Wealth maximisation
(A) Dale Yoder
(C) Value maximisation (B) Milton M. Mandell
(D) Social responsibility (C) R.D. Agarwal
(D) Edwin Flippo
2. For ‘make or buy decision’, which 7. Who defines advertising as “any paid
cost is to be considered ? form of non-personal presentation and
(A) Marginal cost promotion of ideas, goods and services
(B) Total cost by an identified sponsor ?

ce
(A) Philip Kotler
(C) Fixed cost
(B) C.K. Prahlad
(D) None of the above (C) Chartered Institute of Marketing
ra (D) American Marketing Association
3. Which is the method applied for
measuring GNP ? 8. The exchange rate between the
currencies of two countries will be
(A) Income method equal to the ratio of the price indices in
am
(B) Expenditure method these countries is explained by
(C) Value Added method (A) Inflation adjustment
(B) Purchase power parity
(D) All of the above
(C) Interest rate parity
(D) Transaction exposure
4. Which of the following project
Ex

appraisal method is not based on time 9. The ultimate mission or purpose is to

value of money ? relate human resources to future
(A) Payback method enterprise needs, so as to maximize the
future return on investment in human
(B) Net present value method resources. It is referred as
(C) Internal rate of return method (A) Demand and Supply
(D) Discounted payback method (B) Forecasting
(C) Human Resource Planning
(D) Human Resource Development
5. Micro, Small and Medium Enterprises
Development Act, 2006 is related to 10. Other things being equal an increase in
(A) Industrial Policy income leads to a decrease in demand for
(B) Investment Limit (A) Superior Goods
(B) Inferior Goods
(C) Business Opportunities (C) Both (A) and (B)
(D) None of these (D) None of the above
Paper-III 2 D-17-12
11. “Hind Mazdoor Sabha” established in 17. An entrepreneurial person employed
which year ? by a corporation and encouraged to be
(A) 1940 innovative and creative is referred to as
(B) 1942 (A) Competitor (B) Supplier
(C) 1948 (C) Entrepreneur (D) Intrapreneur
(D) 1952
18. Which of the following provides
direction, serves as standards for
12. The evaluation of Business activities
evaluating performance and motivates
and behaviour as right or wrong is
members of the organization ?
called
(A) Mission (B) Values
(A) Corporate Governance
(C) Objectives (D) Goals
(B) Business Ethics
(C) Social Responsibility 19. The four systems of Management in
(D) None of the above terms of Leadership styles are related to
(A) Blake and Mouton
13. A market structure which consists of (B) Philip Kotler
one buyer and one seller is referred as (C) Peter F. Drucker
(A) Monopsony (D) Rensis Likert

ce
(B) Bilateral monopoly
(C) Monopoly 20. In investment decision, is associated
(D) Duopoly with
(A) Return
(B) Risk
14. At which stage of new product
development process, the launching of
ra (C) Return and Risk
(D) None of the above
New Product will take place ?
(A) Business Analysis 21. In production control, scheduling
am
(B) Commercialization includes
(C) Test Marketing (A) Deciding about the time when
(D) Marketing Strategy Development the production will reach various
departments.
15. The cost of equity can be measured as (B) Estimating the time to be
(A) Rate of interest (1 – t). consumed in these departments.
Ex

(B) Rate of dividend (1– t). (C) How much time will be taken in
(C) Rate of dividend × transferring production from one
(Face value – Issue Price) department to another.
n (D) All of the above.
D1
(D) P + g 22. Making profit by taking advantage of
0 different prices prevailing in different
markets is referred as
16. If the regression coefficient B in (A) Hedging (B) Speculation
Y = A + B X is equal to zero, then the (C) Arbitrage (D) Gambling
regression line will
23. Gegabyte refers to
(A) pass through the origin
(A) 1024 Bytes
(B) be parallel to the x-axis
(B) 1024 Kilobytes
(C) be parallel to the y-axis
(C) 1024 Megabytes
(D) Neither intersect x-axis nor y-axis
(D) 102400 Bytes
Paper-III 4 D-17-12
24. Environmental issues can be managed by 30. Statistical Quality Control requires
(A) Investing in environment friendly determination of
process or products. (A) Quality tolerance limit
(B) Managing environmental (B) Quantity measurement
regulations. (C) Production lead time
(C) Investing in environmental (D) Inventory carrying cost
performance improvement.
(D) All of the above. 31. With reference to Working Capital
Management, the term ‘float’ relates to
25. A formal document of what the (A) Inventory Management
entrepreneur intends to do to sell (B) Receivables Management
enough of the firm’s product or service (C) Cash Management
to make a satisfactory profit is called (D) Marketable Securities
(A) Long range plan
(B) Strategic plan 32. Which communication component is
(C) Business plan not a paid form of communication ?
(D) None of the above (A) Advertising
(B) Sales promotion
26. Among the following financial (C) Personal selling

ce
derivatives, which involves the least (D) Publicity
risk for the holder ?
(A) Forward (B) Option 33. The Government of India established
(C) Futures (D) Swap the Small Industries Development

27. Which level of Managers translate the

ra Organisation (SIDO) in the year :
(A) 1951 (B) 1972
corporate strategy into concrete (C) 1954 (D) 1982
objectives for their individual
am

business ? 34. Match the following :

(A) Business level List – I List – II
(B) Corporate level a. Functional 1. F.W. Taylor
(C) Multi-Business level Organisation
(D) Functional level b. Transactional 2. Mc Clelland
Ex

Analysis
28. The number of subordinates a superior c. Managerial 3. Eric Berne
can effectively handle is called Grid
(A) Organising people d. Need Theory 4. Blake and Mouton
(B) Span of control Codes :
(C) Direction a b c d
(D) Coordination (A) 1 3 4 2
29. Selection of specific media in which (B) 1 2 3 4
advertisements will be run and when (C) 4 3 2 1
they will be run to reach the target (D) 2 1 4 3
market is called
(A) Advertising 35. Which of the following is not a
(B) Public Relations Trading block ?
(C) Media Planning (A) NAFTA (B) ASEAN
(D) Publicity (C) SAARC (D) IMF
Paper-III 6 D-17-12
36. Takeover generally involves 39. Who is father of Administrative
(A) the acquisition of part of an Management Theory ?
undertaking to enable the (A) Max Weber
acquirer to increase the market (B) Frank Gilbraith
share of the product concerned. (C) Henry Fayol
(B) the acquisition of certain block of (D) Henry Gantt
equity capital of a company
which enables the acquirer to 40. The process of determining the tasks
exercise control over the affairs that make-up a job and the skills,
of the company. abilities and responsibilities needed to
(C) taking over the responsibility to perform the job is called
have trade agreement for finished (A) Job Analysis
product. (B) Job Description
(D) taking over certain long-term (C) Job Enrichment
liabilities of another group (D) All of the above
company to help it financially.
41. GATT stands for
37. Which of the following is not a (A) General Accord on Tariff and
function of distribution agency ? Trade

ce
(A) Transportation (B) Generous Agreement on Trade
(B) Servicing and Tariff
(C) Inventorying (C) General Agreement on Tariff and
(D) Manufacturing ra Trade
38. Cars are parked in a very big parking (D) Generalist Agreement on Trade
lot. A researcher is required to estimate and Tariff
the proportion of cars that are red or 42. People who take the risks necessary to
the proportion of cars that are from a organize, manage and receive the
am

Japanese manufacturer. Which of the financial profits and non-monetary

following statement is not correct ? rewards are called
(A) A convenience sample of cars (A) Suppliers
parked near the gate may give a (B) Employees
biased estimate of the proportion (C) Competitors
Ex

of cars which are from a (D) Entrepreneurs

Japanese Manufacturer.
43. A Marketing database is built as an aid to
(B) Different investigators may get
(A) Market research
different estimates for the
(B) Product-mix expansion
proportion of cars that are red.
(C) Reducing cost of production
(C) The sample proportion of cars (D) Price hike
that are red is an unbiased
estimate of the population 44. The model that applies to Economic
proportion if the sampling Order Quantity for Inventory
method is simple random. Management, was proposed to be
(D) A sample of 100 cars in a applied to Cash Management by
convenience sample is always (A) Miller and Orr
better than a sample of 20 cars (B) William J. Baumol
from a proper random sampling (C) William Sharpe
method. (D) David Durand

Paper-III 8 D-17-12
45. If a hypothesis is statistically significant, 50. Which Business unit generates substantial
then it is concluded that cash surpluses due to low industrial
(A) the observed result is probably growth rate and high market share ?
not due to chance. (A) Dog
(B) the observed result is probably a (B) Cash Cow
chance result. (C) Question Mark
(C) the observed result cannot
(D) Star
possibly be due to chance.
(D) the null hypothesis of no
relationship is probably true. 51. In which stage of New product
development process, the product and
marketing programs are tested in
46. In which stage of product life cycle,
realistic market settings ?
the company takes decision whether to
maintain, harvest or drop the product ? (A) Concept Development and
(A) Introduction Testing
(B) Growth (B) Idea Screening
(C) Maturity (C) Test Marketing

ce
(D) Decline (D) Commercialization

47. Recruitment is concerned with 52. The problem of industrial discipline

(A) Selecting the right candidate was debated by the Indian Labour
(B) Developing a pool of job
ra Conference (ILC) held in India in
candidates (A) 1948
(C) Getting applications (B) 1952
am

(D) None of the above (C) 1957

(D) 1960
48. In production management,
dispatching includes :
53. The Branding strategy which uses a
(A) Giving work to machines and different brand name for each product
Ex

places. is known as
(B) Providing materials, tools, etc. to
(A) Overall Family Branding
works.
(C) Issuing appropriate orders for (B) Line Family Branding
production process. (C) Individual Branding
(D) All of the above. (D) Brand Extension

49. Which of the following is the internal 54. The two factor theory was propounded
sources of recruitment ? by
(A) Advertisement (A) Frederick Herzberg
(B) Selection (B) A.H. Maslow
(C) Both (A) and (B) (C) Mc Gregor
(D) None of the above
(D) Elton Mayo
Paper-III 10 D-17-12
55. Match the following 58. Benefits provided for temporary and
a. Percentage change in 1. Perfect permanent disability disfigurement,
quantity demanded to compe- medical expenses and medical
percentage change in tition rehabilitation is referred to as
price. (A) Fringe benefits
b. Percentage change in 2. Market (B) Financial incentives
demand to percentage demand (C) Workers’ compensation
change in the price of (D) None of the above
some other 59. Today’s organizations are working on
commodity. the principle of
c. Homogeneous 3. Price (A) Production-orientation
products elasticity (B) Product-orientation
d. Relationship between 4. Cross (C) Selling-orientation
quantity of the elasticity (D) consumer-orientation
product demanded 60. Identify the correct sequence of control
and factors that cycle :
affect the quantity. (A) Feedback Evaluation
Codes : Adjustment Action.

ce
a b c d (B) Action Evaluation
(A) 3 4 1 2 Feedback Adjustment.
(B) 4 3 1 2 (C) Action Feedback
Evaluation Adjustment.
(C) 3
(D) 4
2
2
1
1
4
3
ra (D) Adjustment Action
Feedback Evaluation.
61. Negotiation of labour contract by
56. F.W. Taylor has done the following
am
Union and Management is referred to
studies for improving the production
as
process :
(A) Industrial Relations
(A) Time Study, Fatigue Study and (B) Trade Union
Fatal Study. (C) Consumerism
(B) Time Study, Motion Study and (D) Collective Bargaining
Ex

Fatal Study. 62. Goods used by an organization in

(C) Time Study, Motion Study and producing other goods is called
Fatigue Study. (A) Consumer goods
(D) Time Study, Motivation Study (B) Industrial goods
and Fatigue Study. (C) Speciality goods
(D) None of the above
57. Which one is not the overseas market 63. The outside third party who is brought
entry strategy followed by into settle a dispute, and he or she has
Multinational Corporations ? the authority to make a decision is
(A) Franchise called
(A) Government
(B) Collaborations
(B) An Arbitrator
(C) Joint venture (C) Union
(D) Strategic planning (D) Legal Expert
Paper-III 12 D-17-12
64. Marketing information system gathers 69. Which one of the following is not a
information from internal sources like basic element in the Strategic
marketing intelligence and marketing Management ?
research to help the manager in (A) Environmental scanning
(A) Assessing the information needs. (B) Strategy formulation
(B) Developing the needed (C) Strategy implementation
information. (D) Functional strategy
(C) Distributing the information. 70. A written statement of the human
(D) All of the above. qualification, education and experience
needed to perform a job is referred to
65. In which year WTO came into being ? as
(A) 1980 (A) Job enrichment
(B) 2000 (B) Job specification
(C) 2006 (C) Job design
(D) 1995 (D) Job description
71. Changes in the population
66. One-level channel consists of characteristics such as age, gender,
(A) Producer-consumer

ce
marital status, income and education
(B) Producer-dealer-consumer are the examples of
(C) Producer-dealer-retailer- (A) Demographic characteristics
consumer (B) Cultural characteristics
(D) Producer-dealer-wholesaler- (C) Geographic characteristics
retailer-consumer
ra (D) None of the above
72. ESI Act applies to
67. Batch production is appropriately
(A) Railways and Mines Industries
am
applicable to
(B) Seasonal Factory Workers
(A) Medicine production (C) Cement Industries
(B) Sugar production (D) None of the above
(C) Petroleum products
(D) Agriculture produce 73. Porter and Lawler model is related to
(A) Perception (B) Attitudes
Ex

(C) Motivation (D) Leadership

68. Match the following :
a. Harry Markowitz 1. Dividend 74. Which of the following is the best
Theory technique to manage the existing
b. David Durand 2. CAPM products ?
c. Dow 3. Capital (A) Ansoff matrix
structure (B) BCG matrix
d. M.J. Gordon 4. Technical (C) Mc Kinsey 7s Framework
Analysis (D) Five forces of competition
Code : 75. One of the acceptable methods for
a b c d obtaining feedback of training is called
(A) 4 3 2 1 (A) Structured Interview
(B) 2 3 4 1 (B) Performance After Training
(C) 2 1 3 4 (C) Improvement After Training
(D) 3 2 4 1 (D) Employee Turnover Rate
Paper-III 14 D-17-12
 !
"
# "

Ex
am
ra
ce
Ex
am
ra
ce