Some examples from this set of practice questions
1.
What is a partnership?
Answer: A business with between 2-20 people owning it.
2.
Give some examples of common business objectives?
Answer: - Profit optimisation - Profit maximisation -Growth -Cash flow -Survival -Social & Ethical objectives
3.
How can objectives be used ?
Answer: -Implement the mission -Provide a clear focus for decision making -Provide a target -Motivate staff -Reduce uncertainty Provide a criteria for evaluating performance
4.
Advantages and disadvantages of partnerships?
Answer: ads- wide range of skills & knowledge, able to raise large amount of capital, pressures of owner reduced disads- unlimited liability, arguments are likely to happen, control is shared
5.
What is a company?
Answer: A business organisation that has its own legal identity
6.
What does Specific stand for in SMART?
Answer: The objective should state exactly what is to be achieved
7.
What does Measurable stand for in SMART?
Answer: An objective should be capable of measurement- so that it is possible to determine whether it has been achieved
8.
What does Achievable stand for in SMART?
Answer: The objective should be realistic given the circumstances in which it is set and the resources available to the business
9.
What does Realistic stand for in SMART?
Answer: Objectives should be relevant to the people responsible for achieving them
10.
What does Time stand for in SMART?
Answer: Objectives should be set with a timeframe in mind. These deadlines also need to be realistic.
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