Business studies Objectives and stakeholders

Business studies Objectives and stakeholders

Open Ended

Abdula manages a business partnership that makes sports clothing. The business is working at full capacity. It employs 12 people who are paid on a piece rate basis. The partners have an objective to increase profits by 10 % each year for the next 5 years. They are thinking about a joint venture with another manufacturer of sports clothing as one way of achieving this objective.

Identify and explain two advantages to this business of setting objectives.

Advantage :

Explanation :

Advantage 2 :

Explanation :

(4 marks)

Open Ended

Multiple Choice

Businesses borrow money form them.

• managers

• employees

• local communities

• lenders

Multiple Choice

Businesses can have a positive effect on them. For example, businesses create jobs or support local charities.

• communities

• managers

• lenders

• employees

Multiple Choice

They try to make sure that the business achieves all of its objectives.

• lenders

• managers

• local communities

• suppliers

Multiple Choice

They often want to receive a promotion or a pay rise.

• customers

• local community

• employees

• suppliers

Multiple Choice

They want to make a profit on the money they have invested in the business.

• customers

• managers

• government

• owners / shareholders

Multiple Choice

They want to buy quality goods from a business for a fair price.

• employees

• lenders

• customers

• managers

Multiple Choice

Which of the following is not a business activity?

• Production of goods

• Work in a factory for wages

• Exchange of goods

• Transportation

Multiple Choice

The business objective related to market share of a company.

• Earning of Profits

• Market Standing

• Survival

• Productivity

Multiple Choice

The owner is rewarded for conducting business and bearing the risk. What is the form of reward the owner receives?

• Remuneration

• Commission

• Bonus

• Profit

Multiple Choice

What is the first and most important objective of any business organisation?

• Profit Maximisation

• Growth

• Survival

• Social Responsibility

Multiple Choice

Which of the following is not a business objective?

• Corporate social responsibility

• Market share

• Growth

• Employment

Multiple Select

Which of the following answers are business objectives?

• Survival

• Profit

• Specific

• Market share

Multiple Choice

Which  of the following stakeholder groups is most likely to be against a new shopping center?

• Central government
•  Suppliers of goods to the retail industry
•  Shoppers
• A local primary school with a 500 student population

Multiple Choice

How can a  conflict between stakeholder groups about a new shopping center be reduced?

• New shops pay taxes to pay for building a new leisure park
• The owners of new shops employ workers from other towns
• The shoppers are allowed free parking in the new centre

Multiple Choice

What is the most likely objective of a newly formed business enterprise?

• Survival
• Maximum profit
•  Rapid growth
• Providing a service to the community.

Multiple Choice

Organizations of like-minded people who put pressure on businesses and government to change their policies to reach a predetermined objective.

• Pressure groups

• United nations

• Peer groups

• Social groups

Multiple Choice

A business with social objectives that reinvests most of its profits back into the business or into benefiting society at large.

• Social network

• Social enterprise

• Corporation

• Multinational company

Multiple Choice

Which of the following is not a business objective?

• Corporate social responsibility

• Market share

• Growth

• Realistic

Multiple Select

Which of the following answers are business objectives?

• Survival

• Profit

• Specific

• Market share

Multiple Choice

M in SMART stands for:

• Modest

• Meaningful

• Money

• Measurable

Multiple Choice

A statement of specific target to be achieved. They should be SMART.

• Objective

• Profit

• Revenue

• Delegation