Edexcel GCSE Business 1.3 Putting a business idea into practice

What is a business aim?

• A detailed strategy for product development

• A long-term goal that a business wants to achieve

• A financial record for tax purposes

• A short-term activity plan

Which of the following is an example of a financial business objective?

• Personal satisfaction

• Market share

• Independence

• Challenge

What is a common financial objective for a new business?

• Environmental sustainability

• Gaining personal satisfaction

• Survival

• Reducing competition

Which of the following is NOT a financial aim?

• Profit

• Sales

• Social objectives

• Financial security

Which of the following is a non-financial business objective?

• Profit

• Sales

• Personal satisfaction

• Market share

Why might a business set social objectives?

• To maximize profits

• To contribute to society or the environment

• To reduce operating costs

• To increase competition

Independence as a business objective means:

• Increasing profit

• Gaining control over decision-making

• Reducing the workforce

• Expanding internationally

Why might business objectives differ between businesses?

• Because all businesses have the same goals

• Because of differences in size, industry, and owner preferences

• Because all businesses must prioritize sales

• Because government regulations require them to

What is a challenge as a business objective?

• Seeking new opportunities for growth

• Competing with smaller businesses

• Maximizing employee turnover

• Achieving low product quality

Which of the following is a financial aim of a business?

• Personal satisfaction

• Social objectives

• Profit

• Control