Business Goals and Staff Involvement Prelim Quiz

Which of the following is NOT a business goal from the syllabus?

• Profits

• Market share

• Employee satisfaction

• Growth

Why is market share usually a goal for large businesses?

• Large businesses have more employees

• Small market gains often translate into large profits

• Large businesses have higher production costs

• Small businesses cannot calculate market share

What is left after the costs of producing and supplying the product (expenses) have been deducted from money earned from sales (revenue).

• Sales revenue

• Profit

• Share price

What does profit maximisation aim to achieve?

• A balance between revenue and costs

• The maximum difference between total revenue and total costs

• A reduction in production costs

• An increase in employee salaries

What is the consequence of focusing solely on profit maximisation?

• Increased market share

• Negative public perception

• Higher employee satisfaction

• Reduced production costs

What does the term "expenses" refer to in a business context?

• The total revenue earned from sales

• The costs of producing and supplying the product

• The percentage of market share

• The number of employees hired

What is the purpose of setting business goals?

• To increase the number of employees

• To provide direction and measure results

• To reduce production costs

• To dominate the market

What does an increase in market share indicate about a business's performance?

• The business is losing profits

• The business is performing successfully

• The business is reducing costs

• The business is hiring more employees

What is one of the most successful strategies used to increase market share?

• Reducing costs

• Promotion

• Limiting customer base

• Avoiding mergers

What does internal growth in a business typically involve?

• Merging with other businesses

• Employing more people and increasing sales

• Reducing the number of outlets

• Avoiding innovative products