WorksheetsIB Business Management 1.3 Business Objectives - Quiz
Total questions: 24
Worksheet time: 8mins
Which of the following best describes a vision statement?
Outlines day-to-day tasks
Describes long-term aspirations
Defines employee roles
Sets financial targets
Which of these questions does a mission statement answer?
Where do we want to be?
How will we market our products?
Why do we exist?
When will we achieve growth?
Which is NOT a benefit of having a vision or mission statement?
Clarifies purpose and direction
Creates a shared sense of identity
Guarantees immediate profits
Motivates employees
Vision statements are generally focused on:
Past achievements
Current processes
Long-term aspirations
Shareholder dividends
Which of the following pairs is correctly matched?
Mission – future oriented
Vision – present oriented
Mission – purpose based in the present
Vision – answers “Why does the business exist?”
Business objectives should be:
SMART
Broad and vague
Financial only
Set by competitors
What does “SMART” stand for in objective setting?
Simple, Measurable, Accountable, Realistic, Timely
Specific, Measurable, Achievable, Relevant, Timed
Specific, Manageable, Accurate, Realistic, Tangible
Strategic, Marketable, Attainable, Responsible, Targeted
Which of the following is a SMART objective?
Lose weight soon
Save 40,000 PHP within the next year
Get fitter by Christmas
Increase happiness in employees
Protecting shareholder value primarily involves:
Increasing dividends and share price
Expanding into new markets only
Focusing solely on cost reduction
Reducing transparency
Which performance indicator would NOT measure business growth?
Number of employees
Market capitalization
Dividend yield
Sales volume
Ethical objectives might include all of the following EXCEPT:
Reducing pollution
Improving employee retention
Maximizing shareholder dividends
Supporting community benefits
Which is the main difference between aims and objectives?
Objectives are broader than aims
Objectives are measurable targets, aims are general intentions
Aims must be SMART, objectives cannot
Aims are always financial
Strategic objectives are usually:
Long-term and organization-wide
Short-term and departmental
Focused on daily operations
Irrelevant to strategy
Tactical objectives are set to:
Guide daily operations
Define the vision statement
Motivate shareholders
Replace strategic objectives
Which of the following is an example of a strategic objective?
Increase market share in Asia by 20% in 5 years
Hire 10 new salespeople this quarter
Run a promotional campaign for 2 weeks
Reduce packaging waste by 5% this month
Which statement about strategies and tactics is correct?
Strategies are short-term, tactics are long-term
Strategies are methods, tactics are plans
Strategies are medium-to-long term plans; tactics are short-term methods
Strategies and tactics are the same
Why do businesses set both strategic and tactical objectives?
To confuse employees
To balance long-term vision with short-term actions
To avoid measuring performance
To reduce accountability
Which of the following best defines CSR?
Focusing only on maximizing profits
Consciously considering ethical and environmental practices in business activity
Prioritizing shareholder value above all
Outsourcing to reduce costs
According to Elkington’s Triple Bottom Line, CSR includes:
Profit, Planet, People
Profit, Price, Productivity
Planning, People, Process
Profit, Public, Policies
Which level is NOT part of Carroll’s CSR Pyramid?
Economic
Ethical
Philanthropic
Strategic
A potential disadvantage of CSR for businesses is:
Improved reputation
Higher operating costs
Greater long-term profitability
Increased customer loyalty
Which of the following is an example of CSR?
Laying off workers to cut costs
Reducing carbon emissions in production
Avoiding employee engagement
Maximizing dividends at all costs
Which factor does NOT typically influence CSR?
Societal expectations
Corporate culture
Media pressure
Banks
One potential benefit of CSR is:
Risk of greenwashing accusations
Reduced employee motivation
Avoiding protests and boycotts
Increased short-term costs
