PlanningIn any planning system, from the simplest budgeting to the most complex corporate planning, there is an annual process. This is partly due to the fact that firms _____________ their accounting on a yearly______ ____ but also because similar ______ ___ often occur in the market.Usually, the larger the firm, the longer the planning takes. But typically, planning for next year may start nine months or more in advance, with various stages of evaluation leading to ______ (______. of the complete plan three months before the start of the year.Planning continues, however, throughout the year, since managers ______ ___ progress against targets, while looking forward to the next year. What is happening now will ______ (____ the objectives and plans for the future.In today's business climate, as markets constantly change and become more difficult to ______ (___. , some analysts believe that long-term planning is pointless. In some markets they may be right, as long as companies can build the sort of flexibility into their ______ (_____which allows them to ______ (______to any sudden changes.Most firms, however, need to plan more than one year ahead in order to ______ (_____their long-term goals. This may reflect the time it takes to commission and build a new production plant, or, in marketing ______ (______ , it may be a question of how long it takes to research and launch a range of new products, and reach a certain ______ (_____ in the market. If, for example, it is going to take five years for a particular airline to become the ______ (_____ choice amongst business travellers on certain routes, the airline must plan for the various ______ (______ involved.Every one-year plan, therefore, must be ______ (______ in relation to longer-term plans,and it should contain die stages that are necessary to achieve the final goals.1 A make up B carry out C bring about D put down2 A basis B grounds C foundation D structure3 A distributions B guides C designs D patterns4 A approval B permission C consent D decision5 A value B inspect C review D survey6 A command B prompt C influence D persuade7 A guess B speculate C reckon D predict8 A operations B techniques C measures D exercises9 A answer B respond C counter D reply10 A move B lead C develop D benefit11 A expressions B descriptions C words D terms12 A reputation B position C situation D influence13 A desired B selected C preferred D supposed14 A acts B steps C means D points15 A handed over B drawn up C made out D written off