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Business Policy Introduction Quiz

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Questions and Answers

What does 'Business Policy' refer to?

The decisions made by top-level management
The exchange of goods and services for increasing utilities
The mode of thought and principles underlying the activities of an organization
Guidelines formulated by an organization to govern its actions (correct)

What is the primary purpose of Business Policy?

To provide guidelines for decision-making within an organization (correct)
To limit the scope of decision-making to top-level management
To increase the exchange of goods and services
To establish the mode of thought and principles within an organization

How is 'Business Policy' related to the activities of an organization?

It defines the scope within which decisions can be made by the subordinates (correct)
It has no impact on the decision-making process
It restricts the decision-making to top-level management only
It focuses on increasing the exchange of goods and services

What is the role of lower-level management in relation to Business Policy?

To address issues and challenges without constant consultation with top-level management (C) Signup and view all the answers

What is the definition of 'Policy' in the context of Business Policy?

The mode of thought and principles underlying the activities of an organization (A) Signup and view all the answers

What is the primary function of Business Policy within an organization?

To define the scope within which decisions can be made by subordinates (B) Signup and view all the answers

How is 'Business Policy' related to decision-making in an organization?

It allows lower-level management to make decisions within defined limits (D) Signup and view all the answers

How is 'Policy' defined in the context of Business Policy?

The mode of thought and principles underlying the activities of an organization (A) Signup and view all the answers

What is the significance of Business Policy for lower-level management?

It empowers them to handle issues and challenges without constant consultation with top-level management (A) Signup and view all the answers

What does 'Business Policy' allow lower-level management to do?

Deal with problems and issues without consulting top-level management every time (D) Signup and view all the answers