1.6-business Planning Flashcards
1
Q
Whats a businessplan
A
A document of what a business does and what it wants to do in the future
2
Q
What is business panning
A
The process of producing a business plan
3
Q
When does uncertainty occur?
A
When there is a lavk of information about the situation. This means the outcome is very hard to predict
4
Q
What is a risk
A
The possibility of something going wrong
5
Q
What is revenue
A
Revenue is the income which a firm recieves from selling a good or service
6
Q
What are total costs
A
Fixed costs and variable costs
7
Q
What are fixed costs
A
The costs that don’t change when their is an output
8
Q
What are variable costs
A
The cost that does change when a business produces an output
