4 - Business objectives

Question 1

Define business objective

Answer 1

a stated measurable target that a business plans to achieve

Question 2

Define corporate social responsibility

Answer 2

when businesses consider the interests of society by taking responsibility for the impact of their decisions and activities on customers, employees, communities and the environment

Question 3

Define pressure groups

Answer 3

organisations created by people with a common interest or aim, who put pressure on businesses and governments to change policies so that an objective is reached

Question 4

Define triple bottom line

Answer 4

three objectives of social enterprise: economic, social and environmental

Question 5

Define SMART objectives

Answer 5

aims that are specific, measureable, achievable, realistic an time - limited

Question 6

Define business aim

Answer 6

a long-term goal that a business hopes to achieve

Question 7

Define mission statement

Answer 7

brief statement of the business’s core aims, phrased in a way to motivate employees and to stimulate interest from outside groups

Question 8

Define annual report

Answer 8

a document that gives details of a companys activites over the year; including its financial accounts

Question 9

Define business strategy

Answer 9

a long-term plan of action for a buiness, designed to achieve a particular objective

Question 10

Define tactic

Answer 10

a shot-term action as part of an overall strategy

Question 11

Define target

Answer 11

a short-term goal that must be reached before an overall objective can be achieved

Question 12

Define budget

Answer 12

a detailed financial plan for the future

Question 13

Define ethical code (code of conduct)

Answer 13

a document detailing a company’s rules and guidelines in staff behaviour that must be followed by all employees