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Question 1
Question
What is Business?
Business includes trading [blank_start]goods[blank_end] or [blank_start]services[blank_end] between individuals and companies. It is the investement of time and money to turn an idea into reality. It can also mean making a [blank_start]profit[blank_end] (or a loss).
Answer
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goods
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ideas
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qualifications
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objectives
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services
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time
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money
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conversations
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profit
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company
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present
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product
Question 2
Question
Why do businesses exist?
Answer
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money/profit
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Fairtrade
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social welfare
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to create jobs
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to pay more tax
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to create competition with a rival
Question 3
Question
Label this diagram of the Hierarchy of Objectives
Answer
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Individual
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Team
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Functional
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Corporate
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Mission
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Most Strategic
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Most Detailed
Question 4
Question
What are the four main objectives of a bsuiness?
Answer
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profit (maximisation/optimisation)
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growth
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survival
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to learn another language
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social and ethical
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to pay more taxes
Question 5
Question
Why do businesses set objectives?
They may set objectives in order to [blank_start]motivate[blank_end] their staff or to act as a reason for continued [blank_start]perseverance[blank_end]. Some objectives can [blank_start]empower[blank_end] staff, and give employees assurance. Objectives can give a sense of [blank_start]direction[blank_end] and can make it easier to [blank_start]communicate[blank_end] within the business - the leaders cannot [blank_start]control[blank_end] every decision made.
Answer
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motivate
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perseverance
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empower
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direction
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communicate
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control
Question 6
Question
Explain the relationship between the mission and objectives?
The [blank_start]mission[blank_end] is the overall aim of the organisation. Once this has been agreed upon, the objectives of the [blank_start]business[blank_end], the [blank_start]functions[blank_end] and the [blank_start]individuals[blank_end] can then be set. The mission will be [blank_start]vague[blank_end], as all of the other objectives in the business build [blank_start]towards[blank_end] achieving it, and it still has to [blank_start]relate[blank_end] to all of them.
Answer
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mission
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business
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functions
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individuals
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vague
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towards
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relate
Question 7
Question
When might survival be an important business objective?
Survival would be an important objective to have in all situations, but especially when the economy is experiencing a [blank_start]downturn[blank_end] or a recession. If the country's economy is slowing down, them people ([blank_start]consumers[blank_end]) are less likely to spend money. This then leads to a [blank_start]decline[blank_end] in sales, and then consequently [blank_start]decreased[blank_end] revenue. Survival requires the company to be able to pay its creditors, and still have enough to meet all of their [blank_start]costs[blank_end]. When revenue decreases, so does the chances of [blank_start]survaival[blank_end] - this would be a very important period to keep going.
Answer
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downturn
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consumers
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decline
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decreased
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costs
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survaival
Question 8
Question
What is the definition of 'Profit Maximisstion'?
Answer
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when a business tries to achieve the maximum profit with low running/production costs
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when a business tries to find an alternative with the most cost effective/ highest achievable performance under given constraints
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improving some measure of the business' success e.g. sales figures, revenue, or profit
Question 9
Question
What is the definition of 'Profit Optimisation'?
Answer
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When a business tries to find an alternative with the most cost effective/highest achievable performance under given constraints
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The money in and out of a business
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Improving some measure of the business’ success e.g. sales figures, revenue or profit
Question 10
Question
What is the definition of 'Business Growth'?
Answer
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Improving some measure of the business’ success e.g. sales figures, revenue or profit
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The money in and out of a business
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When a business tries to achieve the maximum profit with low running costs
Question 11
Question
What is the definition of 'Social Ethics'?
Answer
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Trying to stay functioning hopefully with profits, but continuing to exist
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When a business tries to find an alternative with the most cost effective/highest achievable performance under given constraints
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When the business tries to stick to certain ethical guidelines in order to help those less fortunate or the environment e.g. donating 10% of profits to a charity or only using Fairtrade products
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