What is business (Ch1) 0.0 / 5 ? BusinessWhy do businesses exist?ASAQA Created by: chloeskellernCreated on: 16-05-17 20:08 An organisation’s aims or long-term plans and its ultimate purpose is known as their…? Mission 1 of 12 How does a business communicate to its key stakeholders what it is doing and what it should be doing? Mission Statement 2 of 12 What are designed to enable a business to achieve its aims? Business Objectives 3 of 12 Targets that are set for the whole business rather than for different departments are known as…? Corporate Objectives 4 of 12 What is the name for the targets set by each department within a business? Functional Objectives 5 of 12 When setting objectives, they should be kept SMART. What does this stand for? Specific, Measurable, Agreed, Relative, Time bound 6 of 12 What is another name for a business’s long-term goals? Aims 7 of 12 The medium - to long - term plans through which an organisation intends to achieve its objectives are known as…? Strategies 8 of 12 What is often quoted as the most common business objective? Profit 9 of 12 What is a common business objective for a small or new business, especially if they are operating in highly competitive markets? Survival 10 of 12 The amounts of money flowing into and out of a business over a period of time and is therefore a common objective for businesses is…? Cash Flow 11 of 12 A business moving into the production or sale of different goods and services is known as…? Diversification 12 of 12
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