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Business Objectives

Total questions: 30

Worksheet time: 3600secs

Name
Class
Date
1.
What is a business objective?
a)
A statement of what the company has achieved.
b)
A statement of what the company is trying to achieve.
c)
A statement of what the company is currently achieving.
2.

Which of the following does not characteristic business activity?

a)

Production of goods & services

b)

Presence of risk

c)

Sales & exchange of goods & services

d)

Salary or wages

3.

The owner is rewarded for conducting business and bearing the risk. What is the form of reward the owner receives?

a)

Remuneration

b)

Commission

c)

Bonus

d)

Profit

4.

Which of the following is not an economic activity?

a)

Production

b)

Trading in goods

c)

Professional

d)

Social service

5.

Why should a business earn profit

a)

To provide return to investors.

b)

To provide funds for future growth .

c)

To increase the reputation of business.

d)

All the above

6.

An Individual or group which has interest in business because they are affected by its activities and decisions.

a)

Shareholders

b)

Travellers

c)

Stakeholders

d)

Students

7.

Which of the following answers are business objectives?

a)

Survival

b)

Profit

c)

Specific

d)

Market share

8.

What is the first and most important objective of any business organisation?

a)

Profit Maximisation

b)

Growth

c)

Survival

d)

Social Responsibility

9.
One of the claimed benefits of having clear objectives is that
a)
all customers know what the business is trying to achieve
b)
the managers have a sense of direction when taking decisions
c)
the business will always make a profit
d)
there will be no arguments between managers and workers 
10.
Which one of the following isn't likely to be a common business objective?
a)
To make profit
b)
To provide a service to the community
c)
To pay as much tax as possible
d)
To increase market share
11.
A business might have growth as one of its objectives because
a)
they will be able to benefit from diseconomies of scale
b)
they would be more likely to increase market share
c)
the shareholders always prefer growth to increased profits
d)
all businesses have to grow in order to survive
12.
Most businesses are likely to put survival as their main objective when
a)
the competition is  becoming weaker
b)
the economy is becoming weaker
c)
the government plans to increase grants to firms
d)
consumers are increasing their demand for products
13.
Which one of the following statements about stakeholder groups is accurate?
a)
Stakeholders are people who are not interested in business
b)
Stakeholder groups have direct interest in firms  decisions
c)
Shareholders of a ltd company are not a stakeholder group
14.
Social enterprises are likely to have which combination of objectives?
a)
Maximum returns for owners and increased market share
b)
Community service, profits and protection of the environment
c)
Survival and an increased share price
d)
Increased profits for owners and protection of the community
15.
How can a  conflict between stakeholder groups about a new shopping center be reduced?
a)
New shops pay taxes to pay for building a new leisure park
b)
The owners of new shops employ workers from other towns
c)
The shoppers are allowed free parking in the new centre
16.
What is the most likely objective of a newly formed business enterprise?
a)
Survival
b)
Maximum profit
c)
 Rapid growth
d)
Providing a service to the community.
17.

What objectives would a company in the public sector have?

a)

Provision of a service

b)

Make good use of funds/budget

c)

Raise awareness

d)

Survival

18.
What is an aim?
a)
A business goal
b)
SMART
c)
Measured targets
d)
Ideas
19.
What aim might a new, small business have?
a)
Profit
b)
Market Share
c)
Survive
d)
Providing a service
20.

What is meant by the aim - 'survival'?

a)

Share of the total market for a product or service and is shown as a percentage.

b)

Where a business makes sure the needs of the customer are being met.

c)

When a business just manages to keep going. This is typical for new businesses or in a recession.

21.

What is meant by the 'objective' of a business?

a)

Long-term vision or goal of the business

b)

Are more specific targets or goals to achieve the aim; they tend to be S.M.A.R.T

22.
Survival, Profit maximisation, Sales growth, Expansion, and Customer Satisfaction are all examples of...
a)

business vision.

b)
business objectives.
c)
values from a company mission statement.
d)

None of the above

23.

Factors such as the economic condition,, competition and changing tastes and fashions can affect the aims and objectives of a business. These would be classed as a change in aims and objectives in response to:

a)

Internal reasons

b)

Technology

c)

Legislation

d)

Market conditions

24.

Goals or targets that need to be met in order to achieve an aim = ???

a)

Market share

b)

Mission statement

c)

Objectives

d)

Aim

25.

Objectives based on meeting the needs of their customers = ???

a)

Customer satisfaction

b)

Consumer protection

c)

Sales maximization

d)

Customer rapport

26.

Objectives that show that the business cares about making a positive contribution to society = ???

a)

Economic objectives

b)

Political objectives

c)

Social objectives

d)

Legal objectives

27.

Making enough profit to satisfy the need of the business owners = ???

a)

Profit satisficing

b)

Profit maximisation

c)

Profit minimisation

d)

Profit focus

28.

Proving employment for people in the local area = ???

a)

Legal objective

b)

Environmental objective

c)

Political objective

d)

Social objective

29.

Business objectives need to be what ???

a)

BONIFIDE

b)

REAL

c)

SMART

d)

BINARY

30.

Which of the following is a main consideration for private businesses?

a)

Meeting government standards

b)

Impact on services

c)

Making a profit

d)

Cost Control

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