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Target Exam

CUET

Subject

Business Studies

Chapter

Planning

Question:

Match the following list I with list II.

LIST I LIST II
1. A course of action developed for a one-time event or project, not likely to be repeated in the future A. Duration of plan
2. Budgets, programs, and projects B. Meaning of Single use plan
3. A statement of expenses, revenue, and income for a specified period C. Example of Single use plan
4. The time span of the plan may depend on the type of project D. Budget
Options:

1-A, 2-B, 3-D, 4-C

1-B, 2-C, 3-D, 4-A

1-A, 2-B, 3-C, 4-D

1-B, 2-A, 3-D, 4-C

Correct Answer:

1-B, 2-C, 3-D, 4-A

Explanation:

The correct answer is option 2- 1-B, 2-C, 3-D, 4-A.

 1. A course of action developed for a one-time event or project, not likely to be repeated in the future- Meaning of Single use plan. A single-use plan is developed for a one-time event or project. Such a course of action is not likely to be repeated in future, i.e., they are for non-recurring situations.

2. Budgets, programs, and projects- Example of Single use plan. These plans include budgets, programmes and projects. They consist of details, including the names of employees who are responsible for doing the work and contributing to the single-use plan. For example, a programme may consist of identifying steps, procedures required for opening a new department to deal with other minor work. Projects are similar to programmes but differ in scope and complexity. A budget is a statement of expenses, revenue and income for a specified period. 

3. A statement of expenses, revenue, and income for a specified period- Budget. A budget is a statement of expected results expressed in numerical terms. It is a plan that quantifies future facts and figures. For example, a sales budget may forecast the sales of different products in each area for a particular month. A budget may also be prepared to show the number of workers required in the factory at peak production times. Since budget represents all items in numbers, it becomes easier to compare actual figures with expected figures and take corrective action subsequently. Thus, a budget is also a control device from which deviations can be taken care of. But making a budget involves forecasting, therefore, it clearly comes under planning. It is a fundamental planning instrument in many organisations.

4. The time span of the plan may depend on the type of project- Duration of plan. The duration of the plan may depend upon the type of the project. It may span a week or a month. A project may sometimes be of only one day, such as, organising an event or a seminar or conference.

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