Utah General Contractors - Business and Law Practice Exam

What document outlines what a company aims to achieve and its core values?

1. Business Plan

2. Mission Statement

3. Vision Statement

4. Operational Plan

The correct answer is: Mission Statement

The document that outlines what a company aims to achieve and its core values is the mission statement. A mission statement serves as a guide for the organization's direction, defining its purpose, primary goals, and the fundamental principles that drive its operations. It encapsulates the company’s core objectives and communicates the essence of what the organization stands for to both employees and stakeholders. A business plan, while important for detailing strategies for financial success and operational logistics, is broader in scope and includes financial projections, market analysis, and tactical information beyond just mission and values. A vision statement typically describes the long-term aspirations of a company and where it sees itself in the future, which is distinct from the present-oriented focus of a mission statement. An operational plan focuses on the day-to-day activities and processes necessary to run the business, aligning with the goals set forth but not specifying core values or mission. Thus, the mission statement uniquely captures the essence of a company's aims and values.