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business key terms 1
| Term | Definition |
|---|---|
| mission | business's aims or long term intentions; ultimate purpose. sometimes the same as corporate aims |
| mission statement | a qualitative statement, meant to motivate employees and impress customers, suppliers, etc. |
| business objectives | goals that must be achieved in order to realise the aims of the organisation. medium to long term. corporate or functional |
| corporate objectives | goals of the whole organisation. |
| functional objectives | goals of the seperate parts of the business, e.g. marketing, finance, etc. |
| strategy | medium-long term plans thru which an organisation tries to achieve stuff. |
| cash flow | amount of money flowing into and out of a business over a period of time |
| price | amount paid by a consumer to purchase one unit of a product |
| total revenue / turnover / sales revenue | income received from an organisation's activities. |
| fixed costs | costs that don't vary directly with output in the short term (e.g. rent) |
| variable costs | costs that vary directly with output in the short run (e.g. raw materials) |
| total costs | variable + fixed costs |
| profit | the difference between the income and total costs of a business |
| unincorporated business | there is no distinction in law between the individual owner and the business itself. generally sole traders or partnerships. |
| incorporated business | this has a legal identity that is seperate from the individual owners. public or private limited companies |
Created by:
duanehumphreys
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