Definitions

Contribution method:
This is how to work out break even without a diagram
Contribution per unit= selling price - variable cost

Break even point:
Is the point where a business does not make a profit nor a loss

Budgeting:
A budget is a plan of future income and expenditure. All should be for 12 months

Income statement:
An account compiled at the end of an accounting period to show gross and net profit or loss
(usually 12 months)

Leadership:
An ability to acheive an effective performance of others