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WorksheetsBusiness Objectives Quiz
Total questions: 85
Worksheet time: 37mins
Which of the following is a common business objective?
Increasing market share
Reducing employee benefits
Limiting production
Decreasing customer satisfaction
Match the following business objectives with their descriptions:
Profit Maximization
Achieving the highest possible financial gain
Growth
Expanding the business's size or market presence
Survival
Ensuring the business continues to operate
Customer Satisfaction
Meeting or exceeding customer expectations
A business objective focused on (a) involves expanding the company's size or market presence.
Profit Maximization
Growth
Survival
Customer Satisfaction
What is the term for entrepreneurship within an existing organization?
Intrapreneurship
Extrapreneurship
Micropreneurship
Solopreneurship
Match the following terms with their definitions: Autocratic management style, Job rotation, Flexible working.
A management style where decisions are made by one person
Autocratic management style
A practice of moving employees between different tasks to promote experience and variety
Job rotation
A work arrangement that allows for a variable schedule
Flexible working
Which of the following is not a primary business objective?
Survival
Profit maximisation
Employee welfare
Market share
Match the following business objectives with their descriptions: Survival, Profit maximisation, Social objectives.
Survival
Ensuring the business continues to operate
Profit maximisation
Achieving the highest possible profit
Social objectives
Focusing on community and environmental goals
One of the other objectives of a business is (a) maximisation.
Sales
Employee
Cost
Social
Match the following aims with their categories: 1) To get a part time job 2) To become a YouTube sensation 3) To learn to drive
Career
To get a part time job
Entertainment
To become a YouTube sensation
Skill Development
To learn to drive
What is a business objective?
A random goal
A goal or aim a business wants to achieve
A vague idea
A personal aim.
Match the following SMART criteria with their descriptions:
Clearly defined
Specific
Can be tracked
Measurable
Possible to accomplish
Achievable
Within reach
Realistic
Has a deadline
Time-bound
A business objective should be (a) and not vague.
SMART
Random
Undefined
Unclear
What is the primary focus of the topic titled 'Survival'?
Cooking
Endurance in challenging conditions
Painting
Music
Match the following survival skills with their descriptions: Finding water, Building shelter, Starting a fire
Creating a safe place to rest
Locating a source of hydration
Igniting a flame for warmth
Creating a safe place to rest
Locating a source of hydration
Igniting a flame for warmth
In survival situations, it is crucial to find a source of (a) .
Entertainment
Water
Luxury
Technology
What is a short-term objective of a business usually applied to a new business or start-up?
Growth
Survival
Expansion
Diversification
Match the following business aspects with their corresponding objectives: New business, Established company, Entrepreneur goals
Survival
New business
Diversification
Established company
Depends on the entrepreneur
Entrepreneur goals
What is the primary objective for a business in its first year?
Profit maximization
Survival
Market dominance
Product diversification
Match the following business strategies with their descriptions:
Offering products at low prices to establish market presence
Cost leadership strategy
The level of sales needed to cover costs
Break-even point
The group of customers a business aims to serve
Target market
In the initial phase, a business may not make much profit, but as it grows, it will be able to comfortably (a) prices.
lower
maintain
raise
ignore
What is the primary goal of profit maximization for a business?
Increase revenue
Decrease costs
Maximize the difference between revenue and costs
Increase market share
Match the following terms with their definitions: Revenue, Cost, Profit.
The total amount of money received from sales
Revenue
The total expenses incurred in production
Cost
The financial gain after subtracting costs from revenue
Profit
Profit maximization occurs when a company aims to maximize the (a) between revenue and costs.
Difference
Ratio
Sum
Product
What is profit maximisation?
When a business wants to make the most profit possible from a given amount of resources
When a business wants to minimize costs
When a business wants to increase employee satisfaction
When a business wants to expand globally.
Profit maximisation is important because it helps a business to recoup any (a) costs.
Marketing
Research and Development (R&D)
Operational
Human Resource
What is shrinkflation?
Increasing the size of a product while keeping the price the same
Reducing the size of a product while keeping the price the same
Increasing the price of a product while keeping the size the same
Reducing the price of a product while keeping the size the same
Shrinkflation is a strategy where manufacturers keep the price the same but make the product (a) .
Larger
Smaller
More expensive
Cheaper
Which of the following is NOT a business objective mentioned in the list?
Sales maximisation
Market share
Employee welfare
Product innovation
Match the following business objectives with their descriptions: Sales maximisation, Market share, Cost efficiency, Employee welfare, Customer satisfaction, Social objectives.
Ensuring the well-being of employees
Employee welfare
Increasing the percentage of total sales in the market
Sales maximisation
Reducing costs to increase profitability
Cost efficiency
Maximising the number of products sold
Sales maximisation
Meeting the needs and expectations of customers
Customer satisfaction
A business aims to increase its (a) by selling more products than its competitors.
Market share
Cost efficiency
Employee welfare
Social objectives
Which of the following is a reason why some businesses set their objective as sales maximisation?
To increase annual profit figures
To satisfy managers with sales targets
To reduce sales levels
To avoid sales-driven environments.
Match the following concepts related to sales maximisation: Sales figures examination, Manager satisfaction, Investment interest
Linked to salaries
C
Indicator of performance
A
Daily, weekly, or monthly basis
B
Sales figures can be examined on a (a) basis.
Yearly
Daily, weekly, or monthly
Quarterly
Bi-annually
What is market share?
The total revenue of a company
The percentage of a market that a business has, either in revenue or in units sold
The number of products sold by a company
The total number of employees in a company.
Match the following grocers with their market share percentages as of 13/06/2021: Tesco, Sainsbury's, Asda, Morrisons.
27.1%
Tesco
15.2%
Sainsbury's
14.1%
Asda
10.1%
Morrisons
Fill in the blank: Loss in market share can be an indicator of (a) .
Short-term success
Long-term serious financial problems
Increased market competition
Higher consumer demand
What is the most common objective in transport and construction industries where goods and services make up 70% of the cost of a project?
Quality improvement
Cost efficiency
Time management
Resource allocation
Match the following methods to achieve cost efficiency with their descriptions:
Eliminating process waste to save costs
Subcontracting where economically viable
Using strong branding
Increase the perceived value of the product
Reducing labor costs
Paying minimum wage to unskilled workers
Hiring external services
Lean production or construction
Implementing just-in-time inventory
Lower the quality and the price of the product
Lowering the average costs means (a) .
Economies of scale
Increased expenses
Higher quality
More waste
Which of the following is an example of external employee welfare?
Canteen
Medical insurance
Toilets
Uniform
What is a common objective in the service industry and coffee shop competitive market?
Increasing product variety
Customer satisfaction
Reducing employee turnover
Expanding store locations
Match the following aspects of a customer-centered approach with their outcomes:
Prevent customers from switching to similar brands
Increased brand retention
Cheap and effective marketing
Higher customer acquisition
Increase in sales
Boosted revenue
Businesses in the service industry aim to monitor customer service levels through (a) .
Social media
Surveys
Advertisements
Promotions
What are social objectives also known as?
Corporate Social Responsibility
Economic Goals
Personal Objectives
Financial Targets
Match the following social objectives with their descriptions: 1) Reducing impact on the environment 2) Fair wages in developing countries 3) Helping society 4) Compliance with laws.
Reducing impact on the environment
Minimizing ecological footprint
Fair wages in developing countries
Ensuring fair compensation
Helping society
Supporting community welfare
Compliance with laws
Following regulations to minimize externalities
Social objectives may involve (a) with laws to minimize externalities.
Ignoring
Compliance
Disregarding
Avoiding
Which business objective may become more important when the national economy is not performing well?
Growth
Recruitment of new employees
Profit
Survival
Which objectives may a business focus on when the economy is growing?
Survival
Profit
New laws to protect the environment may force businesses to focus more on....
Social responsibility
Growth
Profit
Keeping shareholders happy
Which of the following answers are business objectives?
Survival
Profit
Specific
Market share
An Individual or group which has interest in business because they are affected by its activities and decisions.
Shareholders
Travellers
Stakeholders
Students
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
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
Business objectives need to be what ???
BONIFIDE
REAL
SMART
BINARY
What is this definition - "it describes the business's basic function in society, in terms of the products and services it produces for its customers"?
Aim
Mission Statement
SMART
Objective
What is a Business Aim?
A small target that it will try to achieve this month
A short-term SMART target
An overall goal, or a long-term goal.
A mission statement
What is a business objective?
A service for customers
An overall goal, or a long-term goal
A way of making more profit
A smaller goal, or short-term goal, that must be met so that the overall aim is achievable
In SMART what does S stand for
Steady
Specific
Science
Service
In SMART what does M stand for
Measurable
Money
Market
Most
In SMART what does A stand for
Achievable
Around
Actual
Aim
In SMART what does R stand for
Realise
Reach
Revenue
Realistic
In SMART what does T stand for
Target
Time-bound
Total
Try
Which of these is NOT a reason for having business aims and objectives?
Allocate resources
Manage Progress
Provide Focus
Get cheaper supplies
Whose mission statement is "To refresh the world and make a difference"
Pepsi
Coca-cola
Monster
Red Bull
What is a business aim?
how to increase sales
the difference between sales and profit
where the business wants to go in the future
to establish a purchasing function
What are business objectives?
ways that businesses will grow their customer database in line with inflation
Objectives are defined by government policy
Business objectives are set only by looking at results from the previous year
stated, measurable targets of how business can achieve business aims
A business objective is a long term goal?
True
False
Which of the following is NOT a main private business aim?
Growth
Helping people
Breakeven
Make a profit
Which of the following is NOT typical of a not for profit business aim?
Meeting government standards
Providing a service
Helping people
Raise awareness of an issue
Price and quality are main considerations for business aims in the public sector?
True
False
Business aims are long term goals?
True
False
Market leadership is a main business aim for private businesses?
True
False
Which of the following is a main consideration for private businesses?
Meeting government standards
Impact on services
Making a profit
Cost Control
Business objectives are different across private, public and not for profit businesses?
True
False
Which of the following points is likely to be included in a mission statement?
Location of the business
History of the business
Values of the business
Profit target
Which of the following is a direct benefit of setting objectives for employees?
The government will collect more tax revenue
Workers may work harder
Shareholders will be more satisfied
Customers will buy more
Which of the following objectives is of most direct interest to business shareholders?
Profit targets
Growth targets
Sales targets
Targets related to costs
Which business objective may become more important when the national economy is not performing well?
Growth
Recruitment of new employees
Profit
Survival
When financial security is chosen as an objective what does a business wish to avoid?
Profit
Growth
Risk
Success
Which of the following is a non-financial objective?
Profit
Improving society
Personal satisfaction
Revenue
Which objectives may a business focus on when the economy is growing?
Survival
Profit
New laws to protect the environment may force businesses to focus more on....
Social responsibility
Growth
Profit
Keeping shareholders happy
A new management team may wish to change some business objectives
True
False
New technology may encourage a business to change some business objectives
True
False
