GCSE Business 1.3 pt1

What is the difference between an aim and an objective?

• An aim is the overall goal and objectives are the steps to achieve it

• An objective is the overall goal and aims are the steps to achieve it

• A aim is where the business wants to be in 10 years and the objectives are where the business wants to be in five years

What are the two main types of objective?

• Short-term and long-term objectives

• Big objectives and small objectives

• Financial and non-financial objectives

Which of the following is one of the two main reasons that each business has different aims and objectives?

• The owners want different amounts of profit

• Different businesses operate in different sectors

• Different businesses sell different amounts of products

What is the difference between financial and non-financial objectives?

• Financial objectives mostly relate to money, whereas non-financial objectives relate to things other than money

• Financial objectives relate to profit, whereas non-financial objectives relate to the types of products a business sells

• Non-financial objectives relate to money, whereas financial objectives relate to things other than money

Which of these is a financial objective?

• To make a profit of £6,000 in the first 12 months

• To use 100% renewable energy within the first two years

• To use 100% organic coffee beans in all coffee sold in the first 12 months

What does ‘business survival’ mean?

• Making a profit after 12 months

• Breaking even within 12 months

• Keeping operating

What does ‘profit’ mean?

• Profit is the money raised from selling products

• Profits is the amount of money a business brings in

• Profit is any money left after all costs have been taken away from revenue

How might a business respond to a competitor reducing its prices?

• Increase prices

• Keep prices the same

• Reduce prices

What are the four customer needs?

• Price, quality, choice and convenience

• Price, product, place and promotion

• Price, quality, promotion and convenience

What are the two main methods of market research?

• Initial and secondary

• Primary and tertiary

• Primary and secondary