Understanding the nature and purpose of busn

Question 1

Budgets

Answer 1

An agreed ceiling on the monthly spending by any department/ manager.

Question 2

Corporate Objectives

Answer 2

Targets for the whole business.

Question 3

Delegated

Answer 3

Having passed authority down the hierarchy so that the local/ more expert person makes the decision.

Question 4

Entrepreneur

Answer 4

A person with the initiative and drive to make a business idea happen.

Question 5

Mission

Answer 5

A business aim expressed to make it seem especially purposeful motivating.

Question 6

Mission Statement

Answer 6

A short, powerfully-expressed sentence or two that explains the business aims clearly yet motivationally.

Question 7

Objectives

Answer 7

Targets precise enough to allow praise or blame for the person in charge.

Question 8

Profit Optimisation

Answer 8

That the surplus of revenue over costs should be just right, neither too high in the short term nor too low to finance long-term sucess.

Question 9

Strategy

Answer 9

A medium-Long term plan for meeting your objectives.