Business Aims and Objectives, Revenue Cost Profits Quiz

Charlie is planning a community event. What is the difference between an aim and an objective in his planning process?

• An aim is a general statement of what is to be achieved, while an objective is a specific, measurable step to achieve the aim.

• An aim is a specific, measurable step to achieve the objective, while an objective is a general statement of what is to be achieved.

• An aim and an objective are the same and can be used interchangeably.

• An aim is a short-term goal, while an objective is a long-term goal.

Anaya is starting a new business and is considering why she should set aims and objectives for her company. Justify why businesses have aims and objectives.

• To provide direction and focus for the business

• To comply with legal requirements

• To increase employee salaries

• To reduce competition

Mira is setting goals for her new business. Which of the following is an example of a financial aim?

• Increasing customer satisfaction

• Reducing production costs

• Improving employee skills

• Enhancing brand reputation

Isla is planning her future and wants to set a financial aim. What is a financial aim?

• A short-term financial goal

• A long-term financial goal

• A specific financial target

• A general financial objective

Arjun is starting a new business and wants to focus on a key financial aim. What is one of the financial aims we have discussed?

• Profit maximization

• Cost reduction

• Market expansion

• Employee satisfaction

Elsie's bakery aims to have enough disposable income or cash reserves to comfortably pay all its costs. What is this financial aim called?

• Sales

• Profit

• Financial security

• Market share

Aarav runs a small bakery. Which two actions would decrease the profits of his business?

• Decreasing the selling price per unit by 5% and selling 10% more units

• Increasing the production costs by 7%

• Increasing the selling price per unit by 9% and selling 12% less units

• Decreasing the production costs by 10%

Amelia is starting a new business and is setting her financial aims and objectives. Which one isn’t a financial aim and objective?

• Survival

• Money

• Financial security

• Market share

Match the following goals with their types:

• Financial aim

• A goal related to profit and revenue

• Market expansion aim

• A goal focused on social, environmental, or personal objectives

• Cost reduction aim

• A strategy for reducing costs

• Non-financial aim

• A target for increasing market share

Arthur is reviewing a table of non-financial aims and objectives for his business project. Which of the following is a non-financial aim discussed in the table?

• Customer satisfaction

• Profit maximization

• Cost reduction

• Market share increase