Business Aims and Objectives Quiz

What is a primary financial aim for many businesses?

• To be more ethical

• To maximize profits

• To gain independence

• To challenge competitors

Which of the following is a non-financial aim of a business?

• Survival

• Maximizing sales

• Growing market share

• Being more environmental

What is the purpose of setting objectives in a business?

• To replace the main aim

• To provide specific targets to achieve the aim

• To confuse competitors

• To reduce operational costs

Which business function might have its own specific objective?

• Operations

• Customer service

• Public relations

• Legal compliance

How do the size and age of a business influence its aims?

• They dictate the business's legal structure

• They determine the business's location

• They affect the business's marketing strategy

• They influence whether the aim is survival or profit maximization

Why might a startup prioritize survival as its main aim?

• Because it has no competition

• Because most startups fail in the first year

• Because it wants to expand globally

• Because it has unlimited resources

What can cause a business's aims and objectives to change over time?

• Unchanging consumer preferences

• Consistent economic growth

• Stable market conditions

• Evolving technology and laws

How might changes in consumer laws affect a business?

• They could lead to lower costs

• They could increase market share

• They could require changes in business objectives

• They could eliminate competition

What impact do low interest rates have on businesses?

• They increase the cost of borrowing

• They have no effect on businesses

• They can affect businesses with debt

• They reduce the need for marketing

How does globalization influence business objectives?

• It reduces the need for innovation

• It makes businesses less competitive

• It has no impact on business objectives

• It requires businesses to adapt to a more interconnected world