Chapter 4: Business objectives

Question 1

business objective

Answer 1

a stated measurable target that a business plans to achieve

Question 2

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

pressure group

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

triple bottom line

Answer 4

the three objectives of social enterprises: economic, social, and environmental

Question 5

SMART objective

Answer 5

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

Question 6

business aim

Answer 6

a long-term goal that a business hopes to achieve

Question 7

mission statement

Answer 7

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

Question 8

annual (company) report

Answer 8

a document that gives details of a company’s activities over the year, including its financial accounts

Question 9

business strategy

Answer 9

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

Question 10

tactic

Answer 10

a short-term action as part of an overall strategy

Question 11

target

Answer 11

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

Question 12

budget

Answer 12

a detailed financial plan for the future

Question 13

ethical code (code of conduct)

Answer 13

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