1.3 Key Terms Quiz

What does CSR mean in a business context?

• Decisions and actions that impact society positively

• Only actions to increase profit

• Legal obligations to shareholders

• Short-term business tactics

What is an ethical code of practice?

• A guide outlining acceptable behaviors for stakeholders

• A marketing plan for the business

• A set of financial targets

• Company mission and vision statements

Ethical objectives refer to:

• Goals based on moral guidelines

• Targets to maximize profit

• Short-term tactical goals

• Government regulations

What are ethics in business?

• Moral guidelines for good behaviour

• Financial targets

• Legal documents only

• Marketing strategies

In business, what does growth refer to?

• Increase in size and operations

• Only increasing profit

• Employee satisfaction

• Reducing costs

What is a mission statement?

• Declaration of purpose and identity

• Long-term financial plan

• Short-term tactical plan

• A legal document

Business objectives are:

• Clearly defined targets to achieve business aims

• The company’s mission statement

• Only profit-related goals

• Random daily decisions

How is profit defined?

• Sales revenue minus total costs

• Total revenue only

• Total costs only

• Any surplus in assets

Shareholder value refers to:

• Protecting the financial interests of shareholders

• Customer satisfaction

• Employee training programs

• Marketing strategies

What does SMART stand for in business objectives?

• Specific, Measurable, Achievable, Realistic, Time-bound

• Simple, Motivated, Aligned, Relevant, Tactical

• Strategic, Managed, Accurate, Reliable, Timely

• Sustainable, Measurable, Ambitious, Responsible, Transparent