GCSE EDEXCEL Business 1.3 Putting a business into practice

What is a business aim?

• A detailed action plan

• A long-term goal of the business

• A measure of profit

• A list of expenses

Which of the following is a financial aim for a new business?

• Personal satisfaction

• Control over work-life balance

• Profit

• Social responsibility

What does "market share" refer to in a business context?

• The percentage of total sales in a market held by one business

• The number of new products a business creates

• The amount of profit made by the business

• The total expenses of the business

Which of these is a non-financial objective of a business?

• Sales

• Financial security

• Independence

• Revenue

Why might business aims and objectives differ between businesses?

• Due to different market trends

• Because each business has unique goals and resources

• Only small businesses have different aims

• Because of the similarity in the structure of all businesses

"Survival" as a business aim is most likely a priority for:

• Start-ups and new businesses

• Large, established corporations

• Non-profit organizations only

• Businesses in the growth stage

Personal satisfaction as a business objective is likely important to:

• Sole traders and entrepreneurs

• Large public companies

• Businesses aiming for high market share

• Only non-profit organizations

A business aiming for "financial security" is seeking:

• Stability in cash flow and income

• Maximum revenue

• Complete independence

• Social impact

Which objective would most likely appeal to a social enterprise?

• Increasing profit margins

• Expanding into new markets

• Improving community welfare

• Reducing market competition

An objective focused on "challenge" is likely to attract:

• Established business owners

• Young entrepreneurs looking for innovation

• Non-profit organizations

• Customers looking for affordable prices