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TN 12th Commerce Solutions Chapter 19 Environmental Factors

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Tamilnadu 12th Commerce Solutions Chapter 19 Environmental Factors. 12th standard students who want to get full marks in public examinations conducted by the Tamilnadu government must go through this guide. This is a book back answers all in one page. This guide is separated by chapter wise. One mark two mark and all brief questions are answered on this page

TN 12th Commerce Solutions Chapter 19 Environmental Factors Textbook Exercise Questions and Answers

I. Choose the Correct Answer

  1. VUCA stands for ________, ________, ________, ________.
  2. GST stands for ________, ________, ________.
  3. Factors within an organisation constitutes ________ environment.
  4. Macro Environment of business is an ________ factor.
  5. The two major types of business environment are ________ and ________.
  6. ________ environment includes weather and climatic conditions.
  7. The size and composition of the population is part of ________ environment.

Answer:

  1. volatility, uncertainty, complexity, ambiguity
  2. Goods and Service Tax
  3. Internal
  4. Economical
  5. Internal, External
  6. Geo-Physical
  7. Socio-Cultural

II. Very Short Answer Questions

Question 1.
Define Business environment.
Answer:
“Business environment is the total of all things external to firms and industries which affects their organization and operations”. – BAYARD O’ WHEELER.

Question 2.
What is the internal environment?
Answer:
Internal environment refers to those factors within an organisation e.g. Policies and programmes, organisational structure, employees, financial and physical resources.

Question 3.
Give the meaning of corporate governance.
Answer:

Question 4.
What is GST?
Answer:
GST is the indirect tax levied on goods and services across the country. It is a comprehensive, multi-stage, destination-based tax that is levied on every value addition.

Question 5.
Expand VUCA.
Answer:
VUCA-volatility, uncertainty, complexity, and ambiguity.

Question 6.
What is a mixed economy?
Answer:
A mixed economy is a combination of both state-owned and private sector ownership.

III. Short Answer Questions

Question 1.
Explain the natural environment of business.
Answer:
Geo-physical environment – The natural, geographical and ecological factors have a bearing on the business. These are as follows:

  1. The availability of natural resources like minerals oil .etc, since setting up of industries requires availability of raw materials.
  2. The weather and climatic conditions and availability of water and other natural resources is essential for the agricultural sector.
  3. Topographical factors like the terrain impacts type of business since the demand and consumption pattern may vary in these regions.
  4. The location of certain industries is influenced by geographical conditions.
  5. Availability of natural harbors and port facilities for transporting goods

Question 2.
What are the political environment factors?
Answer:
Political and Legal environment – The framework for running a business is given by the political and legal environment.

  1. Political stability is reflected by the following parameters like the election system, the law and order situation.
  2. The image of the leader and the country in the international arena.
  3. The constitution of the nation.

Question 3.
Write about any three internal environmental factors of the business.
Answer:
The major internal factors affecting business decisions are:

  1. Values system: The values of the founder/owner of the business, percolates down to the entire organisation and has a profound effect on the organisation.
  2. Vision and objectives: The vision and objectives of a business guide its operations and strategic decisions.
  3. Management structure: The structure of management/board and their style of functioning, the level of professionalism of management, the composition of the board are the various factors which affect the decision making.

Question 4.
State the framework of Corporate Governance in India.
Answer:

Question 5.
What are the functions of the GST council?
Answer:
The functions of GST Council:

  1. The GST Council can recommend to the Central and State Government oh issues relating to GST.
  2. The Goods and Services that may be subjected to or exempted from the Goods and Services Tax.
  3. Model GST laws, principles of the levy are framed by the GST council.
  4. The rates including floor rates with bands of Goods and Services Tax.

Question 6.
Write a note on the future environment of business.
Answer:
The future environment of business in this age of rapid technological advancement has been captured aptly. It is now important for every business to meet the challenges posed by the environment in order to remain competitive. The presence of complex variables impacting business should be understood and alternative measures for solving the issues should be developed.

Question 7.
What do you know about the Technological environment?
Answer:

IV. Long Answer Questions

Question 1.
Discuss the role of the macro environment of business.
Answer:
Economic Environment:

Socio-cultural environment:

Political and legal environment:

Geo- physical (Natural) Environment:

Technological Environment:

Global Environment:
With the rapid growth of technology, the physical boundaries are fast disappearing and the new global market is emerging.

Question 2.
Describe the economic and social-cultural environment of business.
Answer:
Economic Environment: The multiple variables in the macro-environment system which has a bearing on business include:

  1. The nature of the economy is based on the stage of development. The countries across the globe can be categorized on the basis of growth and per capita income as developed nations, developing nations, and underdeveloped nations.
  2. The economic systems can be classified as Capitalistic, Socialistic, and Mixed economy.
  3. The economic policies of a nation are Monetary policy, Fiscal policy, Industrial policy, Foreign exchange policy, and Export-import policy. Social -Cultural environment: Social environment refers to the sum total of factors of the society in which the business is located. It is dynamic and includes the behaviour of individuals, the role and importance of family, customs, religion and languages, the ethical values.

Question 3.
Explain the microenvironmental factors of the business.
Answer:
Suppliers:

Customers:

Competitors:

Financiers:
Financial institutions play a significant role in the running of a business [banks – debenture holders]

Marketing channel members:

Public:

Question 4.
Discuss the significance of understanding the business environment and the internal factors affecting business.
Answer:
A business in order to remain successful and competitive has to adapt to the constantly changing environment. The significance of understanding the business environment is as follows:

  1. Helps in formulating strategy and future planning.
  2. The analysis of the business environment helps a business to identify new opportunities.
  3. Environment scanning helps firms to identify threats which affect the business.

Internal factors of the environment:

  1. Value system: The success of an organisation depends upon the sharing of value systems by all members.
  2. Vision and objectives: The vision and objectives of a business guide its operations and strategic decisions.
  3. Management structure: The structure of management/board and their style of functioning, the composition of the board.
  4. Internal power relations: This refers to the internal power relations that exist in an organisation. The relations among board members, and the CEO and employees, shareholders are the factors affecting taking decisions.

TN 12th Commerce Solutions Chapter 19 Environmental Factors Additional Questions and Answers

I. Choose the Correct Answer

Fill in the blanks.

  1. Internal factors can be changed or altered and are known as______ factors.
  2. ______ lays down the rules and responsibilities of stakeholders of a company.

Answers:

  1. controllable
  2. corporate governance

II. Very Short Answer Questions

Question 1.
What is the external environment?
Answer:

III. Short Answer Questions

Question 2.
Explain the natural environment of business.
Answer:

TN 12th Commerce Guide Book Back Answers
TN 12th Commerce Book Back Answers

Unit 1 Management Process


Unit 2 Financial Markets – I

Unit 3 Financial Markets – II

Unit 4 Human Resource Management

Unit 5 Elements of Marketing

Unit 6 Consumer Protection

Unit 7 Business Environment

Unit 8 The Sale of Goods Act, 1930 and The Negotiable Instruments Act, 1881

Unit 9 Entrepreneurship Development

Unit 10 Company Law and Secretarial Practice

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