A target that a business has set to achieve within a period of time. objectives should be SMART specific, measurable, achieveable, realistic and time based
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business ideas
indetification of a potential business opportunity by an entrepreneur which might come from brainstorming or personal experience
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break even output
fixed costs / contribution per unit
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break even analysis
technique used by the business to identify when total costs = total revenue
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bank loan
an external source of finance given by a bank which has to be repaid within a period of time with an interest rate
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accountant
person who is able to offer financial advice to entrepreneur for a set period of time in return for money
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closing balance
opening balance + cash inflows - cash outflows
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consultant
professional who can provide specialist help and advice for a period of time in turn for a fee
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contribution per unit
selling price - variable costs
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dividend
a percentage of profit paid to shareholder as a reward for their investment
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employees
a person who works for a business in return for a wage or salary, employees can be temporary, permanent ,full time, part time
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employers
a business that pays employees a wage or salary to work for them and takes them under responsibility eg health and safety.
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entrepreneur
a person who spots an opportunity and shows willingness to take risks in order to benefit from the potential rewards such as profit
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expenditure
money spent by a business to pay for goods and services. eg materials, wages or interest rate
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expenditure budget
a target amount of money a business is permitted to spend in a given period of time
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adding value
when a business increases the worth of its factor inputs by creating a new output £1-->£1.50 so 50p was added
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business plan
written document which describes objectives, strategies, market and financial forecast and changes as the business grows
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Other cards in this set
Card 2
Front
indetification of a potential business opportunity by an entrepreneur which might come from brainstorming or personal experience
Back
business ideas
Card 3
Front
fixed costs / contribution per unit
Back
Card 4
Front
technique used by the business to identify when total costs = total revenue
Back
Card 5
Front
an external source of finance given by a bank which has to be repaid within a period of time with an interest rate
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