1.6 Business Planning Flashcards
1
Q
Whats a business plan
A
A document of what a business does and what it wants to do in the futue.
2
Q
What is business planning
A
Process of producing a business plan
3
Q
When does uncertainty occur ?
A
When there is a lack of information about the situation. This makes the outcome hard to predict.
4
Q
What is a risk
A
Possibility of something going wrong
5
Q
Revenue
A
Income which a firm recieves from selling a good or service
6
Q
Total cost
A
Fixed costs and variable costs
7
Q
What are fixed costs
A
The cost that doesnt change when their is an output
8
Q
Variable costs
A
Cost that does change when a business produces an output
