When Planning Involves Specific Objectives (Covering a Period of Years)that

question 147

Multiple Choice

When planning involves specific objectives (covering a period of years) that are then written down and made available to organization members with specific action programs for achieving the goal, which of the following types of planning was used?

• A)informal planning
• B)formal planning
• C)environmental planning
• D)economic planning

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Definitions:

Balance Sheet

A financial statement that summarizes a company's assets, liabilities, and stockholders' equity at a specific point in time.

Net Sales

The revenue from goods or services sold after deducting returns, allowances for damaged or missing goods, and any discounts allowed.

Cost of Goods Sold

The specific expenses borne for the production of products a company sells, covering materials and workforce.

Income Tax Expense

The cost associated with taxes on earnings, calculated based on the applicable tax rates and laws.