Aims of a Business

Which of the following is NOT listed as an aim of a business in the provided material?

• To make a profit

• To obtain finance

• To control costs

• To expand market share

What is a common requirement for all business aims according to the slide?

• They require legal advice.

• They require marketing strategies.

• They require finance (capital).

• They require customer feedback.

What is the purpose of bookkeeping in business?

• To create a marketing strategy

• To maintain accurate records of business income and expenditure

• To hire new employees

• To develop new products

What does budget-setting and monitoring involve?

• Predicting future market trends

• Setting out a plan of how much will be spent and earned by the business

• Calculating the company's tax obligations

• Organizing company events

What is the main focus of cash flow management?

• Forecasting and monitoring how much cash will come into and out of the business

• Deciding on employee salaries

• Investing in stocks

• Purchasing office supplies

What defines 'profit' in a business context?

• The total revenue before expenses

• The amount of products sold

• The surplus remaining after all costs have been paid

• The initial capital invested in the business

What is the purpose of a financial audit?

• To evaluate employee performance

• To assess the efficiency of business operations

• To determine if the financial records of a business are accurate

• To plan future business expansions

What does "EQUITY" refer to in accounting terminology?

• The debts a business owes

• The cash system used in accounting

• The owner's share or 'stake' in the business

• The total financial obligations of a business

Which term describes what a business owns?

• Liabilities

• Equity

• Assets

• Accounting Systems

What are liabilities in a business context?

• The resources owned by a business

• The owner's share in the business

• The accounting method used

• What the business owes