What is business (Ch1)

An organisation’s aims or long-term plans and its ultimate purpose is known as their…?
Mission
1 of 12
How does a business communicate to its key stakeholders what it is doing and what it should be doing?
Mission Statement
2 of 12
What are designed to enable a business to achieve its aims?
Business Objectives
3 of 12
Targets that are set for the whole business rather than for different departments are known as…?
Corporate Objectives
4 of 12
What is the name for the targets set by each department within a business?
Functional Objectives
5 of 12
When setting objectives, they should be kept SMART. What does this stand for?
Specific, Measurable, Agreed, Relative, Time bound
6 of 12
What is another name for a business’s long-term goals?
Aims
7 of 12
The medium - to long - term plans through which an organisation intends to achieve its objectives are known as…?
Strategies
8 of 12
What is often quoted as the most common business objective?
Profit
9 of 12
What is a common business objective for a small or new business, especially if they are operating in highly competitive markets?
Survival
10 of 12
The amounts of money flowing into and out of a business over a period of time and is therefore a common objective for businesses is…?
Cash Flow
11 of 12
A business moving into the production or sale of different goods and services is known as…?
Diversification
12 of 12

Other cards in this set

Card 2

Front

How does a business communicate to its key stakeholders what it is doing and what it should be doing?

Back

Mission Statement

Card 3

Front

What are designed to enable a business to achieve its aims?

Back

Preview of the front of card 3

Card 4

Front

Targets that are set for the whole business rather than for different departments are known as…?

Back

Preview of the front of card 4

Card 5

Front

What is the name for the targets set by each department within a business?

Back

Preview of the front of card 5
View more cards

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