1.2 Business Objectives Quiz L2

Why are objectives important for businesses?

• They help businesses drift in performance.

• They provide motivation and direction.

• They increase competition.

• They reduce employee satisfaction.

What is a common financial objective for small businesses?

• Business expansion

• Business survival

• Employee satisfaction

• Market innovation

What does 'profit' refer to in a business context?

• Total revenue before costs

• Revenue after all costs are paid

• Total sales volume

• Market share percentage

What is meant by 'market share'?

• The total sales of a business

• The percentage of the market a business occupies

• The profit margin of a business

• The number of employees in a business

What is a non-financial objective related to ethical ways of working in a business?

• Financial security

• Social objectives

• Market share

• Profit maximization

What does 'personal satisfaction' refer to in non-financial objectives?

• Achieving high sales

• Creating a successful business

• Increasing market share

• Reducing costs

What might cause a business to change its objectives?

• Employees getting parking tickets when parking in the car park

• Market conditions and technology

• Employee absence rates

• Stable legislation

What is an example of a change in technology affecting business objectives?

• Increased employee benefits

• New payment systems like contactless

• Higher profit margins

• Reduced market competition

What is a reason for setting 'control' as a non-financial objective?

• To increase sales volume

• To manage business decisions and operations

• To reduce employee numbers

• To expand internationally

What does 'independence' mean for an entrepreneur?

• Working for a large corporation

• Running their own business in their own way

• Following industry trends

• Increasing market share