unit 1- what is business?

Question 1

what is a corporate objective?

Answer 1

objectives that relate to the business as a whole. they are specific, realistic and measurable.

Question 2

what are 3 examples of a corporate objective

Answer 2

increase sales, improve customer satisfaction and to reduce costs

Question 3

what does SMART stand for and how does it benefit a business

Answer 3

specific, measurable, achievable, relevant and time bound. This allows the business to be able to track your progress and stay motivated.

Question 4

what 3 factors could influence business objectives?

Answer 4

age of the business, competition and ownership

Question 5

what is unlimited liability?

Answer 5

the owner of the business is responsible for the depts of the business.

Question 6

what is limited liability?

Answer 6

when the business is only liable for the money they put into the business

Question 7

what is a benefit and drawback of a sole trader

Answer 7

simple to run as they can make all the decisions themselves however they have unlimited liabality

Question 8

what is a public limited company?

Answer 8

A public limited company can offer shares to the public.