Business Planning Flashcards
1
Q
Business plan
A
A document setting out what a business does and what it hopes to achieve in the future
2
Q
Business planning
A
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
A risk
A
The possibility of something going wrong
5
Q
Revenue
A
The income that a firm recieves from selling its good or services.It is also referred to as turnover.It is measured by the number of units sold and multiplied by the price
6
Q
Total costs
A
Are fixed costs plus variable costs
