Quick Fire Questions for Paper 2

What is meant by the 'aim' of a business?

• The strategic goals of a business for the future; It's a statement of purpose e.g. we want to grow the business.
• Are more specific steps to achieve the aim; for example to increase market share by 5% over the next year.

What is meant by the 'objectives' of a business?

• The strategic goals of a business for the future; It's a statement of purpose e.g. we want to grow the business.
• Are more specific steps to achieve the aim; for example to increase market share by 5% over the next year.

Objectives set by businesses need to be......

• Specific  Measurable  Attainable Realistic Time specific (SMART)
• Set Measured Adaptable Realistic Timed

What aim might a new, small business have?

• Profit
• Market Share
• Survive
• Providing a service

What aim might a well established international airline facing competition from low-cost airlines have?

• Growth
• Profit
• Market share
• Providing a service

The M in SMART obejctive stands for

• Maintaining
• Measureable
• Meeting
• Manageable

The R in SMART objective stands for

• Realistic
• Right
• Revenue
• Realism

A business plan is a written document that describes a business, its objectives, its strategies, the market it is in and its financial forecasts

• True

• False

Business plans are used for...

• securing external funding

• measuring success within the business

• get investors interested in the business

• All of these

Which of the following would NOT appear on a business plan

• Cash flow forecast

• Aims and Objectives

• Target market segment

• Pricing strategies used

• Employee names