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Description
Flashcards by Jack Macklin, updated more than 1 year ago
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Created by Jack Macklin
over 6 years ago
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| Question | Answer |
| Business plan | A document setting out what a business does and what it hopes to achieve in the future |
| Revenue | The income that a firm receives from selling its goods or services. It is measured by the number of units sold multiplied by the price |
| Fixed costs | Costs that do not change when a business changes its output. eg. rent |
| Positives of a business plan | It can outline key points of a business. Helps you to think about how you'll lay out your business. Also it is a good way for others to look at your business. |
| Negatives of a business plan | The plans cannot prepare you for future problems like a depression. As well as this managing costs and payments in a business plan while it can be key can be very difficult. |
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