Madhya Pradesh Board Class 12 Business Studies — Flashcards for Quick Revision

A: Management is the process of designing and maintaining an environment in which individuals, working together in groups, efficiently accomplish selected aims. It involves getting things done through pe

A: Effectiveness means doing the right task and achieving goals (concerned with end results). Efficiency means doing the task correctly with minimum cost and resources (concerned with means). Example: A

A: 1. Goal-oriented process 2. All pervasive 3. Multidimensional 4. Continuous process 5. Group activity 6. Dynamic function 7. Intangible force. Each characteristic highlights how management operates ac

A: Business finance refers to the money required for carrying out business activities. It is needed to establish a business, run it, modernise it, expand, or diversify operations. Finance is required for

A: Financial Management is concerned with optimal procurement and usage of finance. It involves identifying and comparing different sources of finance in terms of costs and risks, and investing funds to

A: The primary objective of financial management is wealth maximisation - maximising shareholders' wealth by increasing the market value of equity shares. This is achieved when benefits from financial de

A: Principles of management are broad and general guidelines for decision-making and behavior. They are basic truths that serve as guidelines for managerial actions and help managers take decisions while

A: 1. Universal applicability - apply to all types of organizations 2. General guidelines - not readymade solutions 3. Formed by practice and experimentation 4. Flexible - can be modified as per situatio

A: 1. Provide useful insights into reality and increase managerial efficiency 2. Optimum utilization of resources and effective administration 3. Enable scientific decision-making based on facts 4. Help