Homework Answers
1: mission statement
The mission statement states the overall mission or objective of incorporating the business. The corporate scope outlines the areas of business and the area of operation. The statement of corporate objectives specifies the goals and objectives which will help the management to achieve the overall mission of the company.
2: Corporate scope
3: statement of corporate objectives
4: options 2 and 3
The first option is incorrect because management compensation should be based on long-term performance. The second option is correct since internally generated funds have the least cost of finance and should be used first before generating funds externally. The third option is correct since the management must regularly monitor the performance to ensure that the planning objectives are met.
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