Business Terminology 3.1.1

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  • Created by: torib101
  • Created on: 24-04-16 18:32
Business Objective
Quantifiable targets or goals to be achieved within a given time frame.
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Mission Statement
A formal statement that sets out what a business wants to achieve in an aspirational manner
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Revenue (turnover and sales)
Total amount of money coming into a business from the sales of a good or service in a specified time period. SELLING PRICE x QUANTITY SOLD
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Fixed Costs
Costs to a business that stay the same regardless of output
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Variable Costs
Costs to a business that change in relation to output.
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Total Costs
All of the costs associated with the business. FIXED COSTS + VARIABLE COSTS
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Other cards in this set

Card 2

Front

A formal statement that sets out what a business wants to achieve in an aspirational manner

Back

Mission Statement

Card 3

Front

Total amount of money coming into a business from the sales of a good or service in a specified time period. SELLING PRICE x QUANTITY SOLD

Back

Preview of the back of card 3

Card 4

Front

Costs to a business that stay the same regardless of output

Back

Preview of the back of card 4

Card 5

Front

Costs to a business that change in relation to output.

Back

Preview of the back of card 5
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