Flashcards
A LEVEL BUSINESS UNIT ONE CHAPTER ONE
Cards in this deck (12)
- 1WHAT DOES THE TERM GROSS DOMESTIC PRODUCT(GDP) MEAN?it measures the total value of the production of an economy (that is all a country's businesses) over a period of time, normally a year.
- 2WHAT IS A MISSION STATEMENT?it sets out a business's overall purpose to direct and stimulate the entire organisation.
- 3WHAT ARE AIMS?long-term plans of the business from which its corporate objectives are derived.
- 4WHAT ARE OBJECTIVES?medium-to-long-term goals established to coordinate the business.
- 5WHAT DOES SMART STAND FOR?Specific
Measurable
Agreed
Realistic
Time specific - 6WHAT DOES A PROFIT DO FOR A BUSINESS?measures the extent to which revenues from selling a product exceed the costs incurred in producing it over a time period.
- 7WHAT IS THE TERM CASH FLOW?the amount of money moving in and out of a business over a time period.
- 8WHAT ARE STAKEHOLDERS?individuals or groups (such as employees, customers and local residents) who have an interest in a business.
- 9WHAT ARE FIXED COSTS?costs that do not alter when the business alters its level of output. e.g rent and rates
- 10WHAT DO VARIABLE COSTS DO?alter directly with the business's level of output, e.g fuel costs
- 11WHAT ARE TOTAL COSTS?fixed and variable costs added together.
- 12WHAT ARE AVERAGE COSTS?the total costs of production divided by the level of production or output to give the cost of producing a single unit of output.
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- Flashcards on A LEVEL BUSINESS UNIT ONE CHAPTER ONE, created by dea vatra on 03/01/2019.
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