AQA A-LEVEL BUSINESS WITH COMPLETE SOLUTIONS
What are common business objectives? - ANSWER-Profit
Growth
Survival
Cash flow
Social
Ethical
Objectives should be "SMART". What does this mean? - ANSWER-They should be:
Specific
Measurable
Agreed
Realistic
Time related
What is a mission statement? - ANSWER-A brief written statement about the purpose of
a company or organisation
What are corporate aims? - ANSWER-Long term plans to fulfil the mission statement
What are corporate objectives? - ANSWER-Medium to long term quantifiable targets to
achieve the mission statement
What is a corporate strategy? - ANSWER-Actions tken by a business to achieve the
strategy
What are tactics? - ANSWER-Day to day actions to support the strategy
Why set objectives? - ANSWER--common sense of purpose
-motivate employees
-create reward systems
-measure and review performance
-Inform decisions to improve performance
How is revenue calculated? - ANSWER-Selling price x quantity sold
How is total costs calculated? - ANSWER-Fixed costs + variable costs
On a graph, how is total costs shown? - ANSWER-Start at the fixed costs point and
slope upwards depending on variable costs
What will businesses with a profit objective aim to do? - ANSWER--Increase sales
revenue
-Reduce expenditure
What are common business objectives? - ANSWER-Profit
Growth
Survival
Cash flow
Social
Ethical
Objectives should be "SMART". What does this mean? - ANSWER-They should be:
Specific
Measurable
Agreed
Realistic
Time related
What is a mission statement? - ANSWER-A brief written statement about the purpose of
a company or organisation
What are corporate aims? - ANSWER-Long term plans to fulfil the mission statement
What are corporate objectives? - ANSWER-Medium to long term quantifiable targets to
achieve the mission statement
What is a corporate strategy? - ANSWER-Actions tken by a business to achieve the
strategy
What are tactics? - ANSWER-Day to day actions to support the strategy
Why set objectives? - ANSWER--common sense of purpose
-motivate employees
-create reward systems
-measure and review performance
-Inform decisions to improve performance
How is revenue calculated? - ANSWER-Selling price x quantity sold
How is total costs calculated? - ANSWER-Fixed costs + variable costs
On a graph, how is total costs shown? - ANSWER-Start at the fixed costs point and
slope upwards depending on variable costs
What will businesses with a profit objective aim to do? - ANSWER--Increase sales
revenue
-Reduce expenditure
