4. Glossary

Question 1

Business objective

Answer 1

A stated measurable target that business plans to achieve

Question 2

Corporate social responsibility

Answer 2

When business consider the interest of society by taking social responsibility for the impact of their decisions and activities on customerss, employees, communities and the environment

Question 3

Triple bottom line

Answer 3

The three objective of social enterprises: social, economic and environmental.

Question 4

SMART objectives

Answer 4

Aims that are specific, measurable, achievable, realistic and time-limited

Question 5

Business aim

Answer 5

A long term goal that a business hopes to achieve

Question 6

Mission statement

Answer 6

a brief statement of the business’s core aims, phrased in a way to motivate and stimulate interest.

Question 7

Business strategy

Answer 7

A long-term plan of action for a business, designed to achieve a particular objective.

Question 8

Tactic

Answer 8

A short-term action as part of an overall strategy.

Question 9

Budget

Answer 9

A detailed financial plan for the future

Question 10

Ethical code

Answer 10

A document detailing a company’s rules and guidelines on staff behaviour that must be followed by all employee.