A formal summary of the aims and values of a company, organization, or individual is called what?

• A. Mission statement
• B. Vision statement
• C. Code of ethics
• D. Business model

Answer: (A)

A mission statement expresses the purpose and values that guide a company, organization, or individual. It sums up why the entity exists, whom it serves, and what it does, usually in a concise, present-tense form. This makes it the best fit for a formal summary of aims and values.

A vision statement, in contrast, looks toward future aspirations and where the organization hopes to be. A code of ethics outlines standards of conduct and moral principles. A business model explains how the entity creates, delivers, and captures value. Because a mission statement directly ties together current aims and the core values guiding actions, it best matches the description.