Understanding the nature and purpose of business 5.0 / 5 based on 2 ratings ? Business StudiesBusiness PlansASAQA Created by: sarajwalkerCreated on: 05-10-15 20:27 a physical product good 1 of 12 an intangible item e.g. insurance service 2 of 12 a general term for both goods and service product 3 of 12 something that sets out a business's overall purpose to direct and stimulate the entire organisation mission statement 4 of 12 long term plans of the business from which its corporate objectives are derived aims 5 of 12 medium to long term goals established to coordinate the business objectives 6 of 12 measures the extent to which revenues from selling a product exceed the costs incurred in producing it over a time period profit 7 of 12 the money moving into and out of a business over a time period cash flow 8 of 12 costs that do not alter when the business alerts its levels of output fixed costs 9 of 12 alter directly with the businesses level of output variable costs 10 of 12 fixed and variable costs added together total costs 11 of 12 total costs of production divided by the level of production or output to give the cost of producing a single unit of output average costs 12 of 12
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