This quiz works best with JavaScript enabled. Home > Class 12 > Class 12 Business Studies Chapter 4 Planning – Quiz 5 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Class 12 Business Studies Chapter 4 Planning Quiz 5 (25 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Which term refers to the potential customers for a product or service? A) Target Market. B) Market Share. C) Customer Base. D) Consumer Segment. Show Answer Correct Answer: A) Target Market. 2. In which of the following situations is a business plan considered to be unessessary A) Establishing a business. B) Planning for the next 5 years. C) Organising business expansion. D) Managing the cash flow for a business. Show Answer Correct Answer: D) Managing the cash flow for a business. 3. Which of the following is NOT a form of ownership mentioned in the Organizational Plan? A) Sole proprietorship. B) Partnership. C) Corporation. D) Franchise. Show Answer Correct Answer: D) Franchise. 4. A CEO sets a goal of increasing sales by 10 percent in the next year by developing a new software program. A) Planning. B) Organizing. C) Leading. D) Controlling. E) Staffing. Show Answer Correct Answer: A) Planning. 5. Which of the following is NOT generally a component of a Business Plan? A) Executive Summary. B) Business Description. C) Marketing Plan. D) Product Inventory. Show Answer Correct Answer: D) Product Inventory. 6. What is accountability? A) The obligation to accept responsibility for the outcomes of assigned tasks. B) The right to make decisions about work assignments and to require other employees to perform assigned tasks. C) The examination of the organization's internal strengths and weaknesses. D) The authority given to individual employees to make decisions and solve problems they encounter on their jobs. Show Answer Correct Answer: A) The obligation to accept responsibility for the outcomes of assigned tasks. 7. Effectiveness is best described as: A) A firm's ability to minimize costs. B) A firm's ability to turn inputs into outputs. C) The ability of a firm to meet its objectives by using inputs productively to meet the needs of customers. D) A firm's ability to reduce its labour needs. Show Answer Correct Answer: C) The ability of a firm to meet its objectives by using inputs productively to meet the needs of customers. 8. A companies core beliefs is its A) Values. B) Mission. C) Vision. D) Ethic. Show Answer Correct Answer: A) Values. 9. Which of the following is a disadvantage of a corporation? A) Long business life. B) Stockholders not liable. C) Ownership easily transferred. D) Tax liability. Show Answer Correct Answer: D) Tax liability. 10. Which of the following goals is the most specific? A) Get healthy. B) Lose weight. C) Lose 10 pounds. D) Exercise regularly. Show Answer Correct Answer: C) Lose 10 pounds. 11. How should you set the price of your product or service? A) Set your price above the cost per unit. B) Set your price below the cost per unit. C) Set your price to cover the cost per unit. D) None of the above. Show Answer Correct Answer: A) Set your price above the cost per unit. 12. At what managerial level planning is needed? A) Top level. B) Middle level. C) Lower level. D) All the levels. Show Answer Correct Answer: D) All the levels. 13. Which of the following is considered when creating a financial plan according to the document? A) Anticipated revenues. B) Employee satisfaction. C) Customer feedback. D) Market trends. Show Answer Correct Answer: A) Anticipated revenues. 14. The use of technology lowers the cost of production A) True. B) False. C) All the above. D) None of the above. Show Answer Correct Answer: A) True. 15. Assertion-Planning is pervasiveReason-Planning is not required at all levels of management as well as in all departments of organization A) Both A and R are correct and R is the correct explanation for A. B) Both A and R are correct but R is not the correct explanation of A. C) A is correct But R is wrong. D) A is wrong But R is correct. Show Answer Correct Answer: C) A is correct But R is wrong. 16. Which of the following sections of a business plan comes first but should be written last? A) Funding request. B) Executive Summary. C) All the above. D) None of the above. Show Answer Correct Answer: B) Executive Summary. 17. ERP system is for ..... A) Major departments only. B) Entire organization. C) Marketing and sales. D) Production department. Show Answer Correct Answer: B) Entire organization. 18. Assertion(A):After deciding the objectives, making a list of alternatives through which an organisation can achieve its goals is also important. Reason(R):There can be various ways to achieve the same objectives and managers must know all of them. A) Both A and R are true and R is the correct explanation of A. B) Both A and R are true but R is not the correct explanation of A. C) A is true but R is false. D) A is false but R is true. Show Answer Correct Answer: A) Both A and R are true and R is the correct explanation of A. 19. In which step of planning process pros and cons of each Alternative is examined . A) Selecting an alternate premises. B) Developing premises. C) Evaluating Alternative course of action. D) Setting up objective. Show Answer Correct Answer: C) Evaluating Alternative course of action. 20. What is the term for a company's long-term plan for how it will balance its internal strengths and weaknesses with external opportunities and threats? A) Strategic Plan. B) Operational Plan. C) Tactical Plan. D) Contingency Plan. Show Answer Correct Answer: A) Strategic Plan. 21. Assertion (A):Planning requires wishful thinking. Reason (R):Planning is basically an intellectual activity of thinking rather than doing, because planning determines the action to be taken. A) Both A and R are true and R is the correct explanation of A. B) Both A and R are true but R is not the correct explanation of A. C) A is true but R is false. D) A is false but R is true. Show Answer Correct Answer: A) Both A and R are true and R is the correct explanation of A. 22. What aspect of a marketing plan involves understanding the cost of your offerings? A) Price of products or services. B) Distribution channels. C) Marketing strategies. D) Customer feedback. Show Answer Correct Answer: A) Price of products or services. 23. What is one of the tax-related advantages of a partnership compared to corporations? A) More taxes than corporations. B) Less taxes than corporations. C) No taxes at all. D) Same taxes as corporations. Show Answer Correct Answer: B) Less taxes than corporations. 24. Advances in technology has increased the number of people needed to A) Develop computer software. B) Teach school. C) Work in factories. D) Serve in the military. Show Answer Correct Answer: A) Develop computer software. 25. Assertion (A):Planning is done solely by the top-level management. Reason (R):Lower Level Management helps in the implementation of plans. A) Both A and R are true and R is the correct explanation of A. B) Both A and R are true but R is not the correct explanation of A. C) A is true but R is false. D) A is false but R is true. Show Answer Correct Answer: A) Both A and R are true and R is the correct explanation of A. ← PreviousNext →Related QuizzesClass 12 Business Studies Chapter 4 Planning Quiz 1Class 12 Business Studies Chapter 4 Planning Quiz 2Class 12 Business Studies Chapter 4 Planning Quiz 3Class 12 Business Studies Chapter 4 Planning Quiz 4Class 12 Business Studies Chapter 4 Planning Quiz 6Class 12 Business Studies Chapter 4 Planning Quiz 7Class 12 Business Studies Chapter 4 Planning Quiz 8Class 12 Business Studies Chapter 4 Planning Quiz 9Class 12 Business Studies Chapter 4 Planning Quiz 10Class 12 Business Studies Chapter 4 Planning Quiz 11 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books