1.9 Business Plans Flashcards
1
Q
Revenue
A
The money earnt by the company
2
Q
Total costs
A
The costs of all variables combined
3
Q
Fixed costs
A
The costs that do not change when a business changes an output
4
Q
Uncertainty
A
Occurs when there is a lack of important imformation
5
Q
Risk
A
The possibility of something going wrong
6
Q
Business plan
A
The idea of what a business is planning to do
7
Q
Business planning
A
The process of producing a business plan
8
Q
Variable costs
A
The costs that vary depending on the business’ output
