Business Management - Chapter 4 Test Questions with Correct Answers

Business Management - Chapter 4 Test
Questions with Correct Answers 2026-
2027
Business Plan - CORRECT ANSWER -
A written description of the nature of the business, its goals and objectives, and how they will be achieve
d.



Strategic Planning - CORRECT ANSWER -Long-
term and provides broad goals and direction for the entire business.



Operational Planning - CORRECT ANSWER -Short-
term and identifies specific goals and activities for each part of the business.



SWOT analysis - CORRECT ANSWER -
Examination of the organization's internal Strength and Weaknesses as well asEthe external Opportunitie
s and Threats.



Mission -ECORRECT ANSWER -A short, specific statement of the business'sEpurpose and direction.



Vision - CORRECT ANSWER -The company's reason for existing



Goal - CORRECT ANSWER -AEspecific statement of a result the business expects to achieve.



Budget - CORRECT ANSWER -
A written financial plan for business operations developed for a specific period of time.



Schedule -ECORRECT ANSWER -A time plan for reaching objectives



Standard - CORRECT ANSWER -A specific measure against which something is judged



Policies - CORRECT ANSWER -Guidelines used in makingEdecisions regarding specific, recurring situations.