Importance and Features of Business Environment

Q. Why it is important for business enterprises to understand their environment? Explain.

Q.

Which of these is a main feature of business environment?

1. Political stability

2. Specific and general forces

3. Economic planning

4. Dereservation

Q.

Which of the following is not a benefit of planning?

1. Planning reduces overlapping and wasteful activities.

2. Planning is a mental exercise.

3. Planning reduces the risks of uncertainty.

4. Planning provides directions.

Q.

Management should find 'One best way' to perform a task. Which technique of Scientific management is defined in this sentence?

(a) Time Study

(b) Motion Study

(c) Fatigue Study

(d) Method Study

Q.

Adjective form of opportunity

Q.

What is the ready state of a process?

Q.

What is a negative effect of a price floor?

Q.

Planning cannot foresee everything, and thus, there may be obstacles to effective planning. Identify the related limitation of planning.

Q.

What is meant by business environment? Explain 'dynamic nature' and uncertainty' as features of business environment.

Q.

___ environment is within the control of the business.

1. Internal

2. Macro

3. External

4. Micro

Q. How does understanding of business environment help in improving performance of a business?

Q. Give an example to show that a business firm operates within numerous inter related factors constituting the business environment. (Hint: example highlighting the inter relatedness of dimensions of business environment).

Q.

Planning requires logical and systematic thinking rather than guesswork or wishful thinking. Identify the related features of planning.

Q.

It is not always true that just because a plan has worked before, it will work again. Identify the related limitation of planning.

1. Planning reduces creativity.

2. Planning leads to rigidity.

3. Planning may not work in a dynamic environment.

4. Planning does not guarantee success

Q.

Which of the following statements highlights that management is a group activity?

1. Organisation is a collection of diverse individuals with different needs.

2. Achievement of a common goal requires teamwork and coordination of efforts in a common direction.

3. Each member of the organisation may have different individual goals but they must travel together towards common goals.

4. All of the above

Q.

Define Business Environment. State any of its features.

Q.

Each Pass Through a Loop Is Called A/An

1. Enumeration

2. Iteration

3. Pass through

4. None of these

Q.

What kind of strategic decisions are taken by business organisations?

Q.

Management contains a series of interrelated functions that include _________.

1. Planning

2. Organising

3. Directing

4. All of the above

Q.

Planning is a/an ___ process.

1. Goal Oriented

2. Time-bound

3. All of these

4. Flexible

Q.

"The understanding of business environment enables business firms to identify opportunities".

1. True

2. False

Q.

Two economic factors that influence the business environment.

1. 1. Money supply in the economy

   2. Statutiry warnings prescribed under law

2. 1. Money supply in the economy

   2. Closure of uncompetitive firms

3. 1. Money supply in the economy

   2. Planned outlay of government expenditure

4. 1. Money supply in the economy

   2. Acquistions and mergers are increasing

Q. “Increased health awareness has increased the demand for healthy food.”

This statement reflects the feature of the business environment.

1. External forces
2. Inter-relatedness
3. Dynamic nature
4. Uncertainity

Q.

It helps to save time, money, and effort and increases efficiency.

1. Rule

2. Procedure

3. Programme

4. Method

Q.

What are the main components of the business environment?

Q.

Demand for LED TV's are increasing day-by-day. Thus, TV manufacturers have started making LED TVs instead of LCD. Identify the significance of business environment being portrayed in the given case.

1. Political Structure

2. Several acts passed by the government

3. Coping with rapid technological changes

4. Constitutional framework

Q.

What does PERT stands for

Q.

How does entrepreneurship result in increasing the spectrum and scope of economic activities?

Q. External trends which hinder a firm’s performance are referred to as .

1. Opportunity
2. Strength
3. Weakness
4. Threat

Q.

Frequent changes in technology represent the feature of the business environment.

1. Dynamic Nature
2. Complexity
3. Uncertainity
4. Specific Force