Transactional Leadership includes all EXCEPT:-
a. An exchange process between leaders and followers.
b. A focus on the present.
c. The ability to lead change in an organization's visions.
d. Traditional management functions such as planning and budgeting.

The ability to lead change in an organization's visions.

Explanation:

Transactional leader follows structure and norms of organization. There is a relationship of exchange and transaction between the leader and its team member. Such leader understands the need and objective of any task or activities and then he directs the steps to be followed to his team members. Team member are supposed to do the task in prescribed manner without deviation. Such leaders are meant to keep the day to day to operations of organization run smoothly. They are responsible for present. They are not visionary and not focuses on long term future objective.  

These leaders are effective where their prime motive is to make team member follow the norms and rules of organization.  Transactional leader can ineffective in organization where creativity and changes are parts of general activities. Transactional leaders need self-motivated people in their team who can work under direction.

Based on above discussion, it is clearly evident that transactional leaders cannot bring about the change . While other points are core qualities of such leaders. Hence option C is incorrect answer.