Business Plan Flashcards
1
Q
What is revenue
A
Revenue is the income that a firm receives from selling its goods or services
2
Q
What are total costs
A
Total costs are fixed costs plus variabe costs
3
Q
What are fixed costs
A
Fixed costs are costs that dont change when a business changes its output
4
Q
What are variable costs
A
Variable costs are the costs that vary directly with the business’s legel of output
5
Q
What is a business plan
A
A business plan is a document setting out what a business hopes to achieve and what it does
6
Q
What is business planning
A
It is the process which produces the business plan
7
Q
What is a risk
A
A risk is a possibility of something going wrong
8
Q
What is uncertainty
A
It occurs when there is a lack of information about a situation
