Business Planning Flashcards
What is a business plan?
A business plan is a document setting out what a business does and what it hopes to achieve in the future.
What is business planning?
Business planning is the process of producing a business plan.
What is uncertainty?
Uncertainty occurs where there is a lack of information about a situation. This means the outcome or consequences are very difficult to predict.
What is a risk?
A risk is the possibility of something going wrong
What is revenue
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.
What are total costs?
Total costs are fixed costs plus variable costs.
What are fixed costs?
Fixed costs are those costs that do not change when a business changes its output.
What is a variable cost?
Variable costs are the costs that vary directly with the business’s level of output
