1.6 Bussiness Planning Flashcards
1
Q
business plan
A
A business plan is a document setting out what a business does and what it hopes to achieve in the future.
2
Q
Business planning
A
is
the process of producing
a business plan.
3
Q
Uncertainty
A
occurs where there is a lack of information about a situation. This means the outcome or consequences are very difficult to predict.
4
Q
risk
A
A risk is the possibility of
something going wrong.
5
Q
Revune
A
Revenue is the income that a firm receives from selling its goods or services. It is also referred to as "turnover'. It is measured by the number of units sold multiplied by the price.
6
Q
Total costs
A
A fixed cost plus variable costs
7
Q
Fixed cost
A
A cost that won’t change
8
Q
Variable costs
A
Variable costs are the
costs that vary directly
with the business’s level
of output.
