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True or False quiz

 Reading task

1.3 True or False

To test your understanding of this topic (Business objectives), answer the following true or false questions.

No.StatementTrue or False?
1.An organization can change its business objectives over time due to changes in both the internal and external environments.

True

2.A vision statement tends to be narrow and specific.

False - it tends to be broad and abstract

3.The statement which sets out an organization’s purpose and its corporate values is known as the vision statement.

False - this is the mission statement

4.An organization’s moral duties to its internal and external stakeholders in acting as a good corporate entity is known as corporate social responsibility (CSR).

True

5.The statement which sets out an organization’s long-term aspirations is known as the vision statement.

True

6.Reducing pollution and environmental damage by using non-fossil fuels is an example of an ethical objective set by a business.

True

7.Fairer trade with low-income countries is an example of an ethical objective set by a business.

True

8.A vision statement gives a clear timeframe for when future goals will be achieved.

False

9.An organization’s mission and vision statements serve to guide the its strategic goals and corporate strategies.

True

10.Avoiding the risk of legal compensation is a valid reason for a business to set ethical objectives.

True

11.Business objectives are the clearly defined and measurable targets or goals of an organization.

True

12.Growth, as a business objective, refers to an increase in the size of an organization and its operations.

True

13.Inorganic growth refers to the expansion and evolution of a business by using third party resources and organizations rather than relying on internal resources.

True

14.The long-term approach that indicates how a business will achieve its goals are known as tactics.

False - these are called strategies

15.Protecting shareholder value, as a business objective, is about safeguarding the interests of the owners of a limited liability company.

True

16.Actively pursuing ethical business objectives can be beneficial for the organization's triple bottom line (people, planet, and profits).

True

17.The short to medium-term objectives set by middle managers to achieve a specific part of the overall strategy are called tactical objectives.

True

18.There are compliance costs associated with implementing ethical business behaviours and corporate social responsibility.

True

19.Strategic objectives refer to the long-term goals that the whole organization continually strives to achieve.

True

20.Creating a positive corporate image is a valid reason for a business to pursue ethical objectives.

True

Return to the Unit 1.3 - Business objectives homepage

Return to the Unit 1 - Introduction to Business Management homepage


Mark as done