2.1.3 Changes in Aims and Objectives

An aim is

• A short term target

• A long term goal

Which of the following is not an example of a financial aim?

• To increase sales

• To increase profits

• To be more ethical

• To cut costs

Objectives should be SMART. What does this stand for?

• Specific, Measurable, Actual, Revenue, Timed

• Specific, Measurable, Achievable, Realistic Timed

• Sausage, Mash, Avocado, Raddish, Tomatoes

A new business is likely to have the following aim in its first year:

• survival

• maximise profit

• growth

The percentage of sales a single business has in relation to the whole market is...

• market size

• profit

• revenue

• market share

Restrictions imposed on businesses due to social distancing mean many businesses may have changed their objectives from growth to

• being more ethical

• making more profit

• survival

The increasing popularity of online banking means banks are likely to change their objectives from hiring more workers to

• making more profit

• survival

• reducing their workforce

Increasing sales of cosmetics in China means that UK cosmetics brands will be looking to

• manufacture in China

• enter the Chinese market

• sell more cosmetics in the UK

The panic buying of toilet roll and pasta in March 2020 lead Tesco to

• Increase their product range

• Increase the number of stores

• Reduce their product range (to make more room for pasta and toilet roll)