Business and its environment

Question 1

List down 3 business objectives.

Answer 1

• Profits Satisficing
  -Survival
• CSR (Corporate social responsability)

Question 2

What is a social enterprise?

Answer 2

Social Enterprises refers to firms or organisation whose main objectivite is to create a positive environmental impact.

Question 2

What does SMART objectives Stand for

Answer 2

S: Specific
M:Measurable
A:Achievable
R: Realistic & Relevant
T: Time Based

Question 3

mention 3 reasons why businesses may change objectives

Answer 3

• Pressure groups
• Economic conditions
  -Social & environmental change

Question 4

What is MSME?

Answer 4

MSME stands for Micro, Small, Medium, Enterprise

Question 5

mention 1 benefits and 1 drawback of having a family owned business.

Answer 5

Higher returns given to each family member since they will not be required to provide dividends to shareholders.

Conflicts may arise due to a difference in objectives among family members which may result in the eventual collapse of the business.

Question 6

What is a cooperative

Answer 6

Cooperative is a jointly owned business operated by members for their mutual benefit. Some characteristics include that the distribution and contribution of financials must be equal among members and that they must pay a fixed amount per time period