Worksheets1.3.1 Business aims and objectives
Total questions: 12
Worksheet time: 7mins
Which of the following statements explains the difference between aims and objectives
Aims are specific and objectives are general
Aims and objectives are both general
Aims are general and objectives are specific
Aims and objectives are both specific
Which of the following stakeholders is most likely to have profit as an objective?
Owners
Employees
Suppliers
Customers
Which of the following statements best defines the term, market share?
The increase in total sales made by a business
The percentage increase in sales made by a business
The increase in total market sales
The percentage of total market sales sold by one business
Which of the following best describes the term, social objective?
To maximise the amount of sales generated by the business
To ensure the entrepreneur can keep full control over decision making
To improve the financial performance of the business
To help society as a whole and make a positive effect on others
Which of the following type of objective would an entrepreneur set who is aiming to ensure revenue is greater than total costs?
Personal objective
Profit objective
Social objective
Market share objective
A small British based cosmetics firm makes products, such as soaps and shampoos. As a new business, its owners were determined not to buy ingredients tested on animals. This is classed as:
A sales objective
A market share objective
A profit objective
A social objective
A national sofa business aims to increase the number of sofas it sells in the UK compared to the number sold by all other UK sofa manufacturers. Which of the following best describes this aim/objective?
Increasing market share
Maximising chances of survival
Increasing profit
Keeping full control over business decision-making
The purpose of a business setting objectives is
To maximise profits
To reduce market share
To provide targets
To increase sales
Which of the following is a non-financial aim and objective
Market share
Survival
Sales
Social Objectives
Which of the following objectives is a start up business, operating in a competitive market, most likely to set in its first year of trading
minimise sales
National expansion
Survival
Maximise profit
Which two of the following would be classed as financial aims and objectives
Independence and control
Survival
Personal satisfaction
Challenge
Market share
Entrepreneurs often start their own business to show what they can do, to gain a sense of achievement and test their personal skills, character and abilities. Which two of the following best describes these aims/objectives?
Survival
Personal satisfaction
Challenge
Financial security
Social objectives
