1.3.1 Business aims and objectives

Which of the following statements explains the difference between aims and objectives

• Aims are specific and objectives are general

• Aims and objectives are both general

• Aims are general and objectives are specific

• Aims and objectives are both specific

Which of the following stakeholders is most likely to have profit as an objective?

• Owners

• Employees

• Suppliers

• Customers

Which of the following statements best defines the term, market share?

• The increase in total sales made by a business

• The percentage increase in sales made by a business

• The increase in total market sales

• The percentage of total market sales sold by one business

Which of the following best describes the term, social objective?

• To maximise the amount of sales generated by the business

• To ensure the entrepreneur can keep full control over decision making

• To improve the financial performance of the business

• To help society as a whole and make a positive effect on others

Which of the following type of objective would an entrepreneur set who is aiming to ensure revenue is greater than total costs?

• Personal objective

• Profit objective

• Social objective

• Market share objective

A small British based cosmetics firm makes products, such as soaps and shampoos. As a new business, its owners were determined not to buy ingredients tested on animals. This is classed as:

• A sales objective

• A market share objective

• A profit objective

• A social objective

A national sofa business aims to increase the number of sofas it sells in the UK compared to the number sold by all other UK sofa manufacturers.  Which of the following best describes this aim/objective?

• Increasing market share

• Maximising chances of survival

• Increasing profit

• Keeping full control over business decision-making

The purpose of a business setting objectives is

• To maximise profits

• To reduce market share

• To provide targets

• To increase sales

Which of the following is a non-financial aim and objective

• Market share

• Survival

• Sales

• Social Objectives

Which of the following objectives is a start up business, operating in a competitive market, most likely to set in its first year of trading

• minimise sales

• National expansion

• Survival

• Maximise profit