Business A Level AQA Unit 3.1 Exam And Correct Answers.
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Course
A-level BUSINESS
Institution
A-level BUSINESS
Mission statement - Answer The purpose of the organisation
Business objectives - Answer The aims or targets that a business works towards. E.g. profit, growth, survival, cash flow
Functional objectives - Answer Goals of each of the functional areas of a business
Social/Ethical obj...
Reasons for business objectives - Answer Sense of purpose, Efficiency, motivation, Yardstick to measure
success/failure, Coordination
Profit - Answer Revenue - Cost
Variable costs - Answer Vary directly with output
Fixed costs - Answer Do not vary directly with output
Reasons for profit - Answer Attractive to stakeholders, motivator, reward, source of finance
Sole trader - Answer Business owned by one person
Private Sector - Answer Owned, financed and run by private individuals
Public Sector - Answer Owned and operated by the government
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