3.1 key terms Flashcards
1
Q
mission statement
A
states the companies purpose and vision and the reason it exists
2
Q
corporate objectives
A
goals pursued to help meet the mission
3
Q
SMART objectives
A
Specific
Measurable
Achievable
Realistic
Timely
4
Q
profit
A
money remaining after all costs are subtracted from revenue
5
Q
revenue
A
money received from sales
6
Q
variable costs
A
costs that vary with output
7
Q
semi-variable costs
A
costs that have a base rate but can vary over time as output changes
8
Q
fixed costs
A
costs that don’t vary with output
9
Q
private sector
A
