Unit 1 Business Management - Goal setting in business

Goals need to be set so that the owner

• can give orders to their staff

• so the owner can make a profit

• so the owner knows what the purpose of the business is

• so the owner can retire rich early in their life

Setting goals can foster conditions

• for the employees to work over time

• for new business ideas to emerge

• where employees get time to rest at work

A business goal describes

• what the business achieved in the past

• the owner's personal goals

• the purpose of the business

• what a business epects to accomplish over a set period of time

A vision statement is best described as

• what the business achieved last year

• what the owner wants to achieve in their personal life

• where the business wants to be in the future

• predictions of future business activities

A mission statement describes

• the future mission of the business

• what the business does and how it will achive the vision

• the previous mission of the business

Which is not one of the three broad types of goals

• financial goals

• social goals

• family goals

• personal goals

Community service, provision of employment, social justice and ecological sustainability are all

• personal goals

• social goals

• financial goals

Increase market share, expand the business and maximise return on investment are all

• social goals

• personal goals

• financial goals

Personal goals for business owners are not normally made public

• false

• true

Productivity, efficiency and effectiveness are all part of what goal

• personal goals

• social goals

• financial goals