With Respect to the Concepts of "Purpose" and "Mission," Which

question 65

Short Answer

With respect to the concepts of "purpose" and "mission," which of the following is correct?
A purpose is a statement of how an organization will behave with respect its stakeholders.
A mission is only relevant for not-for-profit organizations, while a purpose is relevant only for profit-making businesses.
A purpose is an organization's reason for being.
There is really no difference between a purpose and a mission.
A purpose is only relevant for not-for-profit organizations, while a mission is relevant only for profit-making businesses.

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Definitions:

Binding Arbitration Clause

A contract provision mandating that all disputes arising under the contract must be settled by arbitration.

Statute of Limitations

Laws that set the maximum time within which legal proceedings can be initiated after an event occurred which gives rise to the prosecution.

Bilateral Contracts

Agreements involving two parties where each commits to performing a specific act in exchange for the other's performance.

Promised Action

An agreed-upon deed or activity that a party has committed to perform in the scope of a contract or agreement.