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Class 12 Business Studies Chapter 4 Planning Quiz 1 (60 MCQs)

Quiz Instructions

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1. A firm faces the following unit costs:* purchases of raw materials $ 2.00* direct labour costs $ 3.00* indirect costs $ 1.50.The selling price of the product is $ 10.00. Therefore, the added value made by the firm is:
2. What is included in an Organizational Plan besides the form of ownership?
3. Statement I:Planning will be a futile exercise if it is not acted upon or implemented. Statement II:Planning is closely connected with creativity and innovation.
4. Assertion (A):Developing Premises means making assumptions regarding the future. Reason (R):It is the second step in the process of planning.
5. Studies indicate that doing a good job planning and implementing those plans play a bigger part in high performance than does how much planning is done.
6. A ..... provides more than the ability to "slice and dice" .
7. All of the following are examples of process innovation except:
8. What is the recommended approach to firing in project management?
9. How can you calculate your amount of profit?
10. Which of the following is NOT a component of the SMART goal format?
11. A company ran by one person
12. What is a schedule?
13. Renaissance Period was known for Movement of .....
14. An objective is a ..... goal
15. The amount of money you make.
16. Assertion (A) Planning is closely connected with creativity and innovation.Reason (R):Before doing something, the manager must formulate an idea of how to work on a particular
17. California Gold Rush was identified by .....
18. Planning is the ..... function of Management.
19. Assertion(A):Planning is an intellectual task. Reason(R):Planning involves brainstorming and highly qualified professionals are appointed for it.
20. In a company's SWOT analysis, which of the following is an example of a threat?
21. Which component of a Business Plan provides a high-level overview of the business?
22. An existing business may use a business plan to:
23. Statement I:Premises are the base material upon which plans are to be drawn. Statement II:To see whether plans are being implemented and activities are performed according to schedule is a part of the planning process.
24. ..... is one of the benefits of supply chain management.
25. Which of the following is a functional area of a business?
26. Which of the following is a synonym for 'feasibility' in the context of business planning?
27. The I in the DECIDE acronym stands for
28. A toy store recruits temporary workers for the holiday season.
29. The use of scenario planning by business originated by ..... the early 1970s.
30. Assertion-Planning establishes standards for controlling Reason-Helps the manager to look into the future and make a choice from various alternative courses of action
31. Which of the following is NOT an element of a business plan
32. What out of the following is the focus of planning?
33. The amount of money you need to launch your business.
34. What is the definition of a business plan?
35. Which project management skill involves sharing responsibilities?
36. Assertion (A):Planning essentially involves looking ahead and preparing for future through forecasting. Reason (R):Forecasting helps to anticipate future events and drawing up of plans.
37. What is the term for a detailed analysis of the potential risks and rewards of a business decision?
38. Which step in the planning process involves selecting the most viable alternative based on evaluation?
39. Which of the following terms refers to a company's target market or audience?
40. The fixed costs of a business are £300, 000 per year and variable costs are £2.00 per unit.The business sells 200, 000 units per year at a selling price of £5.00. The profit made per year is:
41. The primary concept of ..... is that storing huge amount of data.
42. A plan is framed, it is implemented and is followed by another plan on the basis of new requirements and future conditions. Which of the following best describes the above statement?
43. Assertion (A):Planning is a primary function of management. Reason (R):Planning is required at all levels of management as well as in all departments of the organisation.
44. Which of these are NOT a type of data source?
45. What is meant by 'market segmentation'?
46. In business vocabulary, what is a 'stakeholder'?
47. Which word describes a company's unique position in the market that sets it apart from competitors?
48. Which of the following is a true statement about feasibility studies:
49. As managers plan, they develop both goals and plans.
50. Rewards employees with monetary incentives when they do a job well done.
51. What is a mission statement?
52. Creating a new menu to meet increasing demand for healthy food.
53. Benjamin is trying to choose the best vacation destination that meets his needs for relaxation and adventure.
54. What does SWOT stand for in business planning?
55. ..... involves defining the organization's goals, establishing strategies for achieving those goals, and developing plans to integrate and coordinate work activities.
56. Which of the following is the formula for total costs?
57. Who will run the show, how you will make a profit, what you will produce and how you will get customers are all part of a Business Plan
58. Assertion (A):Planning is a futuristic function. Reason (R):Planning is never done in the past.
59. What is the first thing you need to do before starting a business?
60. These are the "good things" in your business environment.
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