What Is an Organization's Statement of How It Will Achieve

question 113

Multiple Choice

What is an organization's statement of how it will achieve its purpose in the environment in which it conducts its business called?

• A)Goal statement
• B)Target statement
• C)Vision statement
• D)Mission statement
• E)Strategy statement

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Definitions:

Total Costs

The aggregate of all financial outlays involved in the creation of goods or services, covering both stable and changeable costs.

Public Good

A commodity or service that is provided without profit to all members of a society, either by the government or a private individual or organization.

Free-Rider Problem

The inability of potential providers of an economically desirable good or service to obtain payment from those who benefit, because of nonexcludability.

Highly Profitable

Describing a business or activity that generates a significantly higher amount of earnings compared to its costs.