Business Studies 0.0 / 5 ? Business StudiesFinanceGCSEAQA Created by: IMISTRYCreated on: 19-12-17 18:10 What is an Aim in Business? An Aim is an overall target or goal for the business. 1 of 18 What is an Objective in Business? An objective is a Stepping Stone towards the aim. 2 of 18 What does SMART stand for? SMART stands for Specific, Measurable, Achievable, Relevant/Realistic and Time Frame 3 of 18 What are the Financial Objectives in Business? The Financial Objectives in Business are: Profit, Sales, Break Even and Market Shares 4 of 18 What are the Non Financial Objectives in Business? The Non Financial Objectives in Business are: having an Established Brand, Gained Sponsorship, Growth (more branches) and Personal Satisfaction 5 of 18 What is the formula for Total Revenue? The formula for Total Revenue is: Total revenue = Price × Quantity 6 of 18 What is Revenue? Revenue is the amount of money made from sales 7 of 18 What is the formula to work out the price? The formula to work out the Price is: Price = Total Revenue - Total Costs 8 of 18 What are Fixed Costs? Fixed Costs are costs that do not change with Output e.g. Rent 9 of 18 What are Variable Costs? Variable Costs are costs that change with Output e.g. Raw Materials 10 of 18 What is the formula for Total Variable Costs? The formula for Total Variable Costs is: Variable Costs per Unit × Units Sold 11 of 18 What is the formula for Total Costs? The formula for Total Costs is: Fixed Costs + Total Variable Costs 12 of 18 Why is it important for Businesses to set and have objectives? It is important for Businesses to set and have objectives because otherwise, they wouldn't have anything to work towards 13 of 18 What is Interest? Interest is the rewards for saving and the cost of borrowing 14 of 18 Why do Businesses borrow money? Most Businesses borrow money to start and to expand for example, borrowing may include getting a loan from the bank. 15 of 18 What is a cash forecast? A cash forecast is a prediction of the cash inflows and outflows in a given period of time 16 of 18 Give some examples of Cash Inflow? Some examples of Cash Inflow include: Loans from the bank, Interest on loans, Income from selling goods, Money invested by the business owner 17 of 18 Give some examples of Cash Outflow? Some examples of Cash Outflow include: Wages, Taxes, Rent, Buying raw materials 18 of 18
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