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Business objectives

Total questions: 56

Worksheet time: 19mins

Name
Class
Date
1.

Which of the following answers are business objectives?

a)

Survival

b)

Profit

c)

Specific

d)

Market share

2.

Which of the following is not a business objective?

a)

Corporate social responsibility

b)

Market share

c)

Growth

d)

Employment

3.

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

4.

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

a)

Profit Maximisation

b)

Growth

c)

Survival

d)

Social Responsibility

5.
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.
6.

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

7.

The occupation in which people work for others and get remunerated in return is known as

a)

Business

b)

Employment

c)

Profession

d)

None of them

8.

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

9.

The business objective related to market share of a company.

a)

Earning of Profits

b)

Market Standing

c)

Survival

d)

Productivity

10.

Which of the following is not an economic activity?

a)

Production

b)

Trading in goods

c)

Professional

d)

Social service

11.

Which of the following is not a business activity?

a)

Production of goods

b)

Work in a factory for wages

c)

Exchange of goods

d)

Transportation

12.

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

13.

India is a top importer of the following

a)

Petroleum crude

b)

Jewellery

c)

Textiles

d)

All of these

14.

______________are middle men between manufacturer and consumer.

a)

Wholesaler

b)

Insurance company

c)

WTO

15.

Anjusha running a bakery & Manjusha cooking food at resturant are ___________activities.

a)

Economic Activities

b)

Non-economic Activities

c)

None of these

16.

Which of the following answers are business objectives?

a)

Survival

b)

Profit

c)

Specific

d)

Market share

17.

Which of the following is not a business objective?

a)

Corporate social responsibility

b)

Market share

c)

Growth

d)

Employment

18.

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

19.
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.
20.

A statement of specific target to be achieved. They should be SMART.

a)

Objective

b)

Profit

c)

Revenue

d)

Delegation

21.

M in SMART stands for:

a)

Modest

b)

Meaningful

c)

Money

d)

Measurable

22.

Which of the following is not a business objective?

a)

Corporate social responsibility

b)

Market share

c)

Growth

d)

Realistic

23.

A business with social objectives that reinvests most of its profits back into the business or into benefiting society at large.

a)

Social network

b)

Social enterprise

c)

Corporation

d)

Multinational company

24.

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

25.
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
26.
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
27.

Which of the following in/are (an) argument(s) in favour of CSR?

a)

Businesses that assist the community in which they operate through CSR programmes receive greater support from the community.

b)

Business must act on social issues in their communities or else customers will move away from the area. E.G. Increased poverty may lead to increased crime which will drive people away.

c)

CSR detracts from the business's core activities.

d)

Businesses that operate in sustainable ways are usually also innovate enough to identify additional avenues of income.

28.

What's the definition of CSR?

a)

its an activity engaged in a commercial or industrial business

b)

Its a business responsibility towards society

c)

its a process of keeping financial information

d)

its a state of a healthy and positive manner

29.

Why should objectives be SMART?

a)

it gives the business a focus

b)

the business can measure it's success in the future

c)

the owner says so

d)

it sounds more efficient

30.

Are 'aims' SMART?

a)

yes

b)

no

31.
Which statement best defines the concept of “ethics”?
a)
Ethics is the ability to tell the difference in right and wrong behavior.
b)
Ethics is trying to judge people by what they believe and do.
c)
Ethics is a society’s standards of conduct based on moral values and principles of its members.
d)
Characteristics that bring people praise and admiration.
32.

What is profit maximisation?

a)

Getting as much profit as possible

b)

maintaining a level of profit appropriate for the business

c)

focussing on the business staying in business

d)

focussing on the business expanding

33.

What is profit satisficing?

a)

Getting as much profit as possible

b)

maintaining a level of profit appropriate for the business

c)

focussing on the business staying in business

d)

focussing on the business expanding

34.
A business aim...
a)
is where the business wants to go in the future, it’s goals. It is a statement of purpose
b)
stated, measurable targets of how to achieve business aims. They act as stepping stones in achieving an overall aim. They give clear targets about the business, so plans can be made to reach these targets.
c)
sets out the business vision and values that enables employees, managers, customers and even suppliers to understand the underlying basis for the actions of the business.
35.
A business objectives are...
a)
is where the business wants to go in the future, it’s goals. It is a statement of purpose
b)
stated, measurable targets of how to achieve business aims. They act as stepping stones in achieving an overall aim. They give clear targets about the business, so plans can be made to reach these targets.
c)
sets out the business vision and values that enables employees, managers, customers and even suppliers to understand the underlying basis for the actions of the business.
36.
A mission statement...
a)
is where the business wants to go in the future, it’s goals. It is a statement of purpose
b)
stated, measurable targets of how to achieve business aims. They act as stepping stones in achieving an overall aim. They give clear targets about the business, so plans can be made to reach these targets.
c)
sets out the business vision and values that enables employees, managers, customers and even suppliers to understand the underlying basis for the actions of the business.
37.
Survival, Profit maximisation, Sales growth, Expansion, and Customer Satisfaction are all examples of...
a)
business aims.
b)
business objectives.
c)
values from a company mission statement.
38.
"We want to achieve sales of £10 million in European markets in 2017" is an example of...
a)
a business aim.
b)
a business objective.
c)
a vision from a company mission statement.
39.
"Our core purpose is to create value for customers to earn their lifetime loyalty." is an example of...
a)
a business aim.
b)
a business objective.
c)
a company mission statement.
40.
When applying for a job, it is always a good idea to look at ......................... to give you an idea of the vision and values of that business.
a)
the company aims
b)
the company objectives
c)
the company mission statement
41.
Match the statement below to the correct aim:
"a short term objective, probably for small business just starting out, or when a new firm enters the market or at a time of crisis."
a)
Survival 
b)
Profit maximisation
c)
Sales growth
d)
Ethical and socially responsible objectives
42.
Match the statement below to the correct aim:
"try to make the most profit possible – most likely to be the aim of the owners and shareholders."
a)
Survival 
b)
Profit maximisation
c)
Sales growth
d)
Ethical and socially responsible objectives
43.
Match the statement below to the correct aim:
"where the business tries to make as many sales as possible. This may be because the managers believe that the survival of the business depends on being large. Large businesses can also benefit from economies of scale."
a)
Survival 
b)
Profit maximisation
c)
Sales growth
d)
Ethical and socially responsible objectives
44.
Match the statement below to the correct aim:
"organisations like the Co-op or the Body Shop have objectives which are based on their beliefs on how one should treat the environment and people who are less fortunate."
a)
Survival 
b)
Profit maximisation
c)
Sales growth
d)
Ethical and socially responsible objectives
45.
Match the statement below to the correct aim:
"the business could be aiming to sell to new markets, possibly abroad or if it is a local business it might simply mean aiming to sell to consumers in the neighbouring town (e.g. restaurants)."
a)
Customer Satisfaction
b)
Expansion 
c)
Sales growth
d)
Ethical and socially responsible objectives
46.

An organisation can change its business objectives over time due to changes in both the internal and external environments.

a)

TRUE

b)

FALSE

47.

A vision statement tends to be narrow and specific.

a)

True

b)

False

48.

The statement which sets out an organisation’s purpose and its corporate values is known as the vision statement.

a)

True

b)

False

49.

The statement which sets out an organization’s long-term aspirations is known as the vision statement.

a)

TRUE

b)

FALSE

50.

A vision statement gives a clear timeframe for when future goals will be achieved.

a)

TRUE

b)

FALSE

51.

An organization’s mission and vision statements serve to guide the its strategic goals and corporate strategies.

a)

TRUE

b)

FALSE

52.

Business objectives are the clearly defined and measurable targets or goals of an organisation.

a)

TRUE

b)

FALSE

53.

Mission statement is a motivational declaration for the business entities.

a)

TRUE

b)

FALSE

54.

The core purpose of the organisational will be determined in vision statement.

a)

TRUE

b)

FALSE

55.

One of the similarities of vision statements and mission statements is that both statements can become a motivational factor towards the employees.

a)

TRUE

b)

FALSE

56.

Some people argued that vision statements and mission statements are vague.

a)

TRUE

b)

FALSE

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