Tag: meaning and factors of business environment

Questions Related to meaning and factors of business environment

A ________ statement defines the company's business, its objectives and its approach to reach those objectives.

business organisation and correspondence meaning and factors of business environment dimensions of business environment business environment and its dimensions business environment

  1. Planning

  2. Mission

  3. Forecasting

  4. Policy

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Correct Option: B
Explanation:

Mission is a company's statement that defines the company's business and why the company was started. The statements includes the objectives of the company which usually refers to long tern objectives and the company's plans and strategies in order to achieve those objectives. 

Which two work environments should be good for spawning the new enterprises?

business organisation and correspondence meaning and factors of business environment dimensions of business environment business environment and its dimensions business environment

  1. Finance and marketing

  2. Finance and R&D

  3. Marketing and R&D

  4. Marketing and IT

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Correct Option: B
Explanation:

The two work environment which will be good for spawning the new enterprises are finance and research and development as they aim at developing the conduct of business in all dimensions which includes all sectors of the business environment as well. 

Which of the following represent example of general, application and user controls activities, respectively,in the computer environment?

business organisation and correspondence meaning and factors of business environment dimensions of business environment business environment and its dimensions business environment

  1. Control over access to programs, computer exception reports, and manual checks of computer output

  2. Manual checks of computer output, control over access to programs and computer exception reports,

  3. computer exception reports, control over access to programs, and manual checks of computer output

  4. Manual checks of computer output, computer exception reports and control over access to programs

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Correct Option: A
Explanation:

Control over access to programs, computer exception reports, and manual checks of computer output represent example of general, application and user controls activities, respectively in the computer environment. All the computer-based activities are related with the computer environment.

Which of the following can be treated as ultimate goal?

business organisation and correspondence meaning and factors of business environment dimensions of business environment business environment and its dimensions business environment

  1. Vision

  2. Mission

  3. Corporate Strategy

  4. Corporate Objectives

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Correct Option: A
Explanation:

Vision of a business refers to the state where the management wants to take the business. It is that period when the business flourish. Therefore, it is the ultimate goal for an organisation as it can be achieved only by achieving the objectives and mission of the business.

Mission & Vision Statements are NOT commonly used to: ____________.

business organisation and correspondence meaning and factors of business environment dimensions of business environment business environment and its dimensions business environment

  1. Guide management's thinking on strategic issues, especially during times of significant change

  2. Create wider linkages with customers, suppliers and alliance partners

  3. Help establish a framework for ethical behaviour

  4. Inspire employees to work more productively by providing focus and common goals

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Correct Option: A
Explanation:

Strategy formulation refers to the process of building the mission and vision of the business where the main mission of the business with the major objectives for which the business was started is set up along with the strategies and policies to achieve those objectives and mission.

Therefore, mission and vision does not guide the managements thinking on strategic issues but as to solve these issues the mission and vision of a business are developed.

Which of the following is an economic factor -

business organisation and correspondence meaning and factors of business environment dimensions of business environment business environment and its dimensions business environment

  1. Exchange rates

  2. Licensing regulations

  3. Labour courts

  4. Employment needs

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Correct Option: B
Explanation:

Licensing regulations is an economic factor as it includes with providing sufficient business license to the corporate units in order to survive in competition that prevails in the market. After, liberalization, many of such license where removed so that many business can flourish in the country. 

Which dimension of an organization's environment refers to the degree to which it can support growth?

business organisation and correspondence meaning and factors of business environment dimensions of business environment business environment and its dimensions business environment

  1. Capacity

  2. Technology

  3. Structure

  4. Volatility

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Correct Option: A
Explanation:

The capacity of an organisation defines whether the organisation is able to initiate growth or not. This capacity is build over the years by increasing the retained earnings from the business and using them as growth generating agents later on.

Which are the $6$Ms of internal environment?

business organisation and correspondence meaning and factors of business environment dimensions of business environment business environment and its dimensions business environment

  1. Media, management, money, monitory policy, mission man

  2. Monitory policy, man, marketing, resources, money, machinery, miscellaneous factors.

  3. Man, marketing resources, machinery, management, money, miscellaneous

  4. None of the above

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Correct Option: C
Explanation:

The six M's of internal enviornment are Man, Marketing, Machinery, Management, Money, Miscellaneous, Money.