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Saturday, February 24, 2018

Business Studies Objective Type Quesions

1. What are different types of plan?
Ans: Policy, Procedures, Method, Rule, Strategy, programme, Budget.

2. Planning is a time consuming process. Comment.
Ans: Planning is a time consuming process. It requires collection of information, its analysis and interpretation. These activities may take considerable time. This is also a limitation of planning.

3. Why is planning known as “Futuristic’?
Ans: Planning is futuristic. It is done for the future and not for the past. All the managers try to make assumptions for the future and act accordingly.

4. At which level of management is planning function of management conducted?
Ans: Top Level

5. How can the happening of ‘overlapping and wasteful activities’ be reduced?
Ans: Through Planning

6. Which type of plan determines what to do and how to do?
Ans: Objectives and Strategy

7. Name the techniques of control by which all operations are planned in advance in the form of budget.
Ans: Budgetary Control

8. Define derivative plans.
Ans. Plans that are prepared to support the main plan is called derivative plan.

9. Does planning eliminate risk?
Ans: No, Planning does not eliminate risk. It only reduces the risks.

10. Planning provides directions. Comment.
Ans: By stating in advance how work is to be done, planning provide direction for action. If goals are well defined, employees are aware of what the organization has to do and what they must do to achieve those goals. Departments and individuals in the organization are able to work in coordination.

11. Name the other name of directional plan.
Ans. Strategy.

12. ‘Planning strangulates the initiativeness of the employees and compels them to work in an inflexible manner’
Ans. Planning Hampers creativity

13. Give an example of goal.
Ans: To use new technology to increase brand recognition in the local markets

14. Planning is a continuous process. Comment.
Ans: Planning goes on continuously. It does not stop after a particular period. If plans are made for a month, after one month new plans are made. So Planning goes on without halt.

15. What is programming in planning?
Ans: Programmes: Programmes are the combination of goals, policies, procedures and rules. All these plans together form a program.

16. Which function of management is considered as the base of all other functions?
Ans: Planning

17. What is a budget?
Ans: Budget: Budget is the statement of expected result expressed in numerical terms. A company prepares both financial and operational budget.

18. What is meant by “policies” as a type of plans?                                        
Ans. Policies are general statements or understandings which guide thinking in decision-making. Example: Different business firms may follow different sales policies as stated below: “We don’t sell on credit”; “It is our policy to deal with wholesalers only.”

19. State the meaning of “Rules” as a type of plan.                                    
Ans. Rules are specific statements that tell what is to be done. Rules are to be enforced rigidly. They do not allow for any flexibility or discretion.

20. ‘No Smoking in the factory’ is which type of plan.                     
Ans. Rules

21. Define Planning Premises.                   
Ans: Planning is concerned with the future, which is uncertain. Therefore, the manager is required to make certain assumptions about the future. These assumptions are called premises.

22. Define Planning Process.

Ans: The development of goals, strategies, task lists and schedules required to achieve the objectives of a business is called planning process. This process is a fundamental function.

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