Definitions
The capital a business makes that exceeds costs
What is Profit?
When a business produces goods more cheaply
What is Lower Costs?
When an owner loses everything invested + personal belongings
What is Unlimited Liability?
Fixed Costs / C.P.U
When a business gathers capital from normal people
What is crowdfunding?
The moment a business makes neither profit nor losses
What is Break Even?
What is Increased Efficiency?
Tarrifs / Trade Bloc
What is trade barriers
Sales Revenue - Cost Of Goods Sold
What is Gross Profit?
No limit to amount of spending allowed
What is Zero Based Budgets
When a business makes someone else do their work for them.
What is outsourcing?
Entering markets internationally
What is access to new markets?
Franchising
What is High Initial Set Up Costs
(Sales of business / Total Market Sales) x 100
What is Market Share?
Individuals who invest into a business in exchange for a stake into the business
What is Business Angels?
The quantitive technique that compares the actual costs with budgeted costs
What is Variance Analysis?
What are Economies of Scale?
Long wait for product delivery
What is Just In Time Stock Control
Total Output / Number of Employees
What is Labour Productivity?
Registering an icon for a business' self
What is copyright?
A feeling of uncertainty
What is Economic Uncertainty?
Helps a business compare previous years data with financial positions of competitors
What is Current / Acid Test Ratio
Cultural Overhaul
What is Kaizen?
Current Output / Maximum Potential Output x 100
Machines work instead
What is Capital Intensive Produciton