What is the name for the overall goal that a business hopes to reach over a given period of time?
Aim
What is meant by a business objective?
A plan of action showing how a business will reach its goal
Which aim means having enough money put aside to cover costs and provide the owner with a comfortable living?
Financial security
What is meant by survival as an aim of a new business?
Keeping the business open and trading
What is the name for aims that focus on improving the lives of others, where any profit made is reinvested to support the cause?
Social objectives
What is meant by personal satisfaction as an aim of a start-up business?
Creating and selling a product that the owner believes in and thinks is better than rivals
Which of these is a financial aim that a new business start-up might set?
To increase sales
A new sandwich shop has been trading for four months and is making a loss each month. Which aim is most likely to be its main priority at this stage?
Survival
A business sells 2,000 of the 20,000 units sold in its market during a year. What is its market share?
10 per cent
Which business is most likely to have financial security as its main aim?
A family run bakery whose owners want a steady income
A community cafe gives all of its profits to a local food bank that feeds families in need. Which type of aim does this show?
A social objective
Priya left her job to start her own bakery. She says the best part is deciding what to sell and when to work, rather than following orders. Which non-financial aim does this describe?
Independence and control
Which factor best explains why two businesses in the same market may set different aims?
The owners have different personal interests and goals
What is meant by challenge as an aim of a start-up business?
Setting up a business to test the owner's skills by filling a gap in the market
A bakery sets an aim to double its monthly sales over the next year. Which of these is an objective that would help it reach this aim?
To gain five new regular customers each month
A garden centre has traded successfully for ten years. The owner now aims to open three more centres in the county. Why is this aim different from the one the business had at start-up?
Aims often change as the business grows and the owner sets new targets
Dan runs a courier business that has covered its costs for two years. He now wants the business to make as much money as possible so he can expand it. Which financial aim is he focusing on?
Profit
A small bakery wants to serve a bigger share of the customers in its town than any rival does. Which financial aim is this?
Increasing market share
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