Business Planning

6. A prediction of what we think will happen.
9. A measure of what is missed out on when a decision is made.
11. where the owners of sole traders and partnerships can lose personal as well as business assets if the business fails.
12. When total costs are bigger than total revenue.
13. A surplus of revenue over costs (Revenue - Total Costs).
14. Costs that change depending on level of output and sales.
15. A specific target that a business wants to achieve.

1. A formal document that sets out what a business does, what it wants to achieve and how it will achieve them.
2. Costs that don’t change when output does.
3. The value of money coming in from sales (quantity sold x selling price).
4. Expenses incurred by a business when providing goods or services.
5. Fixed Costs + Variable Costs.
7. The number of items sold or services provided.
8. Anyone interested in what a business does.
10. The amount of money paid by a consumer for a good or service.