2) An organization’s moral duties to its internal and external stakeholders in acting as a good corporate entity is known as corporate social responsibility (CSR).

3) Reducing pollution and environmental damage by using non-fossil fuels is an example of an ethical objective set by a business.

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

5) Growth, as a business objective, refers to an increase in the size of an organization and its operations.

6) The short to medium-term objectives set by middle managers to achieve a specific part of the overall strategy are called tactical objectives.

7) Strategic objectives refer to the long-term goals that the whole organization continually strives to achieve.

8) Creating a positive corporate image is a valid reason for a business to pursue ethical objectives.

9) The formal documented philosophies and values of a business, so that stakeholders know what is considered acceptable or not acceptable within the organization is an ethical code of practice.

10) A succinct and motivating declaration of an organization’s purpose of existence, who they are, and what they do is an objective statement.

11) The long-term goals of a business, which could include profit maximization, growth, and increased market share are strategic objectives.

12) An inspiring declaration of what an organization ultimately strives to be, or to achieve, in the distant future is a vision statement

13) Stakeholders can be both internal and external to a business

14) Trainee managers are an external stakeholder group of a business.

15) A government's main concerns in business affairs are tax revenues, employment opportunities, and economic growth

16) Stakeholders are not necessarily the owners of a business

17) A competitor is interested in what rivals are doing as it may impact on their sales revenue and profits

18) These are the firm’s clients, individuals and other businesses, who purchase the organization’s goods and/or services. Their interests include competitive prices, fit-for-purpose products and overall value for money are the customers.

19) The internal stakeholders are part of the organization, such as employees, managers, directors, and shareholders.

20) The stakeholder conflict refers to differences in the varying needs, perspectives, and priorities of the numerous stakeholder groups of an organization

21) Diseconomies of scale occur if a firm grows beyond its ability to operate efficiently

22) Financial economies of scale mean that large firms can make cost savings by greater use of large-scale mechanical processes and specialist machinery

 23) When a business grows very large, sometimes the production costs per unit can increase. This is known as diseconomies of scale

24) External economies of scale occur when a firm’s average cost of production falls as the industry as a whole grows

25) When one business buys out another business to become a single but larger company, this is known as a merger