1.6 Business Planning Flashcards
1
Q
Total costs
A
Are fixed costs plus variable costs.
2
Q
Fixed costs
A
Are those cost that do not change when a business changes its output
3
Q
Variable costs
A
The costs that vary directly with the business’s level of output
4
Q
Revenue
A
The income that a firm recieves from selling its goods or services
5
Q
A business plan
A
is a document setting out what a business does and what it hopes to achieve in the future.
6
Q
Risk
A
The posibility of something going wrong
7
Q
Uncertainty
A
Where there is a lack of information about a situation
