1 Mission statements

Question 1

Define mission statement

Answer 1

an expression of corporate aims describing the overall aspiration of a business.

Question 2

Define corporate objectives

Answer 2

The specific performance goals set by senior management for the business to achieve over time

Question 3

Define departmental and functional objectives

Answer 3

the objectives of a department within a business

Question 4

Define corporate aim

Answer 4

a specific goal a corporation hopes to achieve

Question 5

Define break even

Answer 5

when a business generates just enough revenue to cover its total costs

Question 6

Formula for break even

Answer 6

fixed costs/total contribution

Question 7

Define stakeholder

Answer 7

groups of people who have an interest in the actions of a business.

Question 8

Name stakeholders

Answer 8

• owners
• employees
• customers
• suppliers
• local community
• government
• environmental groups

Question 9

Define shareholder

Answer 9

individuals who own a portion of a company’s stock

Question 10

Define hierarchy

Answer 10

the order or levels of responsibility in an organisation