1.3 Flashcards
1
Q
What are financial aims ?
A
- survival
- profit
- market share
2
Q
What are non financial aims?
A
- personal satisfaction
- independence
3
Q
What are factors that effect the aims of a business?
A
- business size/type
- level of competition
4
Q
What is the definition of break even level of output?
A
The output at which total revenue equals cost
5
Q
What are examples of fixed costs?
A
- rent for shop
- insurance
- salaries
6
Q
What are examples of fixed costs?
A
- wages
- packaging costs
7
Q
What is interest?
A
The cost of borrowing and the reward for saving
8
Q
What are fixed assets?
A
Something a business owns in the long term eg buildings/machinery
9
Q
What are current assets?
A
Something a business owns in the short term eg stock
