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WorksheetsWJEC Retail Business
Total questions: 15
Worksheet time: 8mins
What are the main business objectives for a retail business?
• Business
• Financial
• Growth
• Retail specific
• Business
• Financial
• Social
• Retail specific
• Increased profit
• Financial
• Social
• Retail specific
• Business
• Volunteering
• Social
• Retail specific
Many retail businesses fail within 2 years of being set up . (True or False)
False
True
To survive a business has to at least .......................
Make a profit
Break even
Make a loss
Survive
During times of economic recession (when sales can be ..................)
Low
High
Good
Nearly all businesses started as small businesses - usually as .................... or ............
sole trader
partnership
PLC or LID
sole traders or partnerships
What is an objective?
A short term goal
A long term goal
A sole traders first objective would be...
Growth
Survival
Profit maximisation
Sales maximisation
What objective is concerned with "Behaving in a way which is correct and moral"
Social responsibilty
Enterprise/Innovation
Ethical procedure
What are the two main ways to maxmise profits?
Reduce costs
Introduce a new manager
Increase sales/selling price
Re-launch a failing product
What is the aim of a school?
Profit
Provide a service by educating its students
Market Share
Survival
What is meant by the 'objective' of a business?
Long-term vision or goal of the business
Are more specific steps to achieve the aim; they tend to be S.M.A.R.T
What is the strategic definition of "vision" ?
When someone has clear ideas about actions to take for future success
An objective the company wants to reach
An action with a particular purpose in relation to objectives
