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| Question | Answer |
| WHAT 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. |
| WHAT IS A MISSION STATEMENT? | it sets out a business's overall purpose to direct and stimulate the entire organisation. |
| WHAT ARE AIMS? | long-term plans of the business from which its corporate objectives are derived. |
| WHAT ARE OBJECTIVES? | medium-to-long-term goals established to coordinate the business. |
| WHAT DOES SMART STAND FOR? | Specific Measurable Agreed Realistic Time specific |
| WHAT 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. |
| WHAT IS THE TERM CASH FLOW? | the amount of money moving in and out of a business over a time period. |
| WHAT ARE STAKEHOLDERS? | individuals or groups (such as employees, customers and local residents) who have an interest in a business. |
| WHAT ARE FIXED COSTS? | costs that do not alter when the business alters its level of output. e.g rent and rates |
| WHAT DO VARIABLE COSTS DO? | alter directly with the business's level of output, e.g fuel costs |
| WHAT ARE TOTAL COSTS? | fixed and variable costs added together. |
| WHAT 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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