Key Words
- Created by: charlottelgill
- Created on: 27-02-18 09:55
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- Favourable Variance - actual figures are better than the budgeted figures
- Adverse Variance - actual figures are worse than budgeted figures
- Budgets - a budget is a financial plan for the future concerning revenues and costs
- Comprehensive Income Statement - record of revenues and costs over a time period
- Statement of financial position - summary of the assets and liabilities
- Liquidity - a measure of the firms ability to meet the day-to-day expenditure, concerning the liquid assets
- Sales Forecasting - an estimate of future sales, done month by month
- Internal finance - money generated by the business owners, doesn't increase debts
- External finance - money gained from sources outside of the business
- Limited liability - all debts belong to the corporation and not the shareholders
- Unlimited liability - all debts of the business are legally those of the owners
- Semi-variable Costs - costs having both a fixed and variable nature about them
- Variable Costs - costs that vary directly with output
- Fixed Costs - costs that do not vary with output in the short-term
- Cash flow forecast - an estimate of when and how much money the business will recieve and pay
- Slump: period of deep and long fall in output
- Recession: period where growth and output becomes negative for 2 consequtive quarters
- Recovery: movement in the economy taking it from below it's productivite potential to reaching its pp
- Boom: period of strong economy, around it's pp
- Automation: machienery controlled by computers
- Mechanisation: machienery controlled by workers
- CAD: computer-aided design
- CAM: computer-aided manufacture
- CIM: computer-intergrated manufacture
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