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Business Objectives: Economic and Social Goals

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Business Objectives: Economic and Social Goals

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Questions and Answers

What is the primary purpose of profit earnings in a business?

To provide opportunities for future expansion and diversification (correct)
To create a strong market standing
To reduce the cost of production
To increase market share

What determines a business's market standing?

Its ability to innovate
Its number of employees
Its market share (correct)
Its profit earnings

Why is it important for a business to be the first mover in innovation?

To survive competition (correct)
To increase its market share
To increase its profit earnings
To reduce its production costs

What is the purpose of objectives in business decisions and actions?

To provide directions (D) Signup and view all the answers

What is the classification of the objective of earning profits?

Economic objective (C) Signup and view all the answers

What is the result of a business having a strong market standing?

It creates confidence among creditors and lenders (B) Signup and view all the answers

What is a primary reason for a business to fulfill its social responsibilities?

To ensure its survival and prosperity in the long run (B) Signup and view all the answers

Which of the following is a social objective of a business?

Supplying desired goods and services of proper quality (C) Signup and view all the answers

What is a potential consequence of a business indulging in malpractices like black marketing and hoarding?

Negative impact on its working in the long run (A) Signup and view all the answers

What is an objective of a business in terms of employment opportunities?

To generate employment opportunities for all sections of society (C) Signup and view all the answers

What is another objective of a business, apart from social objectives?

To maintain market standing (A) Signup and view all the answers

What is an incentive that a business may provide to its employees?

Financial and non-financial incentives (D) Signup and view all the answers