the difference between the income of a business and it's total costs. Profit=
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Business Objectives
goals that must be achieved in order to realise the stated aims of an organisation, department or individual team. Business objectives tend to be medium to long term. They can be corporate or functional objectives
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Corporate Objectives
goals of the whole organisation rather than of different elements of the organisation. They are set in order to co-ordinate the activities of, give a sense of direction to, and guide the actions of the whole organisation.
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Functional Objectives
Goals of each of the functional areas of a business including marketing, finance, operations and human resources. Designed to ensure that the business achieves its corporate objectives and thus its overall aims or mission.
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Mission
an organisations aims or long term intentions, its ultimate purpose: a business mission is sometimes the same as its corporate aims
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Mission Statement
a qualitative statement of an organisations aims that uses language intended to motivate employees and convince customers, suppliers and those outside the firm of its sincerity and commitment
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Strategy
the medium to long term plans through which an organisation intends to achieve its objectives.
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Cash Flow
the amounts of money flowing into and out of a business over a period of time
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Total Revenue/Turnover/ Sales Revenue
Income received from an organisation's activities. Total revenue= price per unit x quantity of units sold
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Fixed Costs
costs that do not vary directly with output in the short run (eg rent)
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Variable Costs
costs that vary directly with output in the short run (eg raw materials)
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Total Costs (TC)
the sum of fixed costs and variable costs
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Semi-Variable Costs
costs that combine elements of fixed and variable costs
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Other cards in this set
Card 2
Front
goals that must be achieved in order to realise the stated aims of an organisation, department or individual team. Business objectives tend to be medium to long term. They can be corporate or functional objectives
Back
Business Objectives
Card 3
Front
goals of the whole organisation rather than of different elements of the organisation. They are set in order to co-ordinate the activities of, give a sense of direction to, and guide the actions of the whole organisation.
Back
Card 4
Front
Goals of each of the functional areas of a business including marketing, finance, operations and human resources. Designed to ensure that the business achieves its corporate objectives and thus its overall aims or mission.
Back
Card 5
Front
an organisations aims or long term intentions, its ultimate purpose: a business mission is sometimes the same as its corporate aims
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