Understanding the nature and purpose of business

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

Other cards in this set

Card 2

Front

an intangible item e.g. insurance

Back

service

Card 3

Front

a general term for both goods and service

Back

Preview of the front of card 3

Card 4

Front

something that sets out a business's overall purpose to direct and stimulate the entire organisation

Back

Preview of the front of card 4

Card 5

Front

long term plans of the business from which its corporate objectives are derived

Back

Preview of the front of card 5
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