1.3 Putting a business idea into practice

Question

What is an aim?

Answer 1

Aim to achieve things in the business

Answer 2

An overall goal that a business is trying to achieve

Answer 3

Small steps to achieve an overall goal

Answer 4

A process of thought when planning within a business

Answer 5

Accomplishing a personal challenge

Answer 6

Achieving personal satisfaction

Answer 7

Gaining independence and control

Answer 8

Doing what's right for society

Answer 9

Feeling good on a personal level

Answer 10

to survive within a market

Answer 11

To survive

Answer 12

Maximise sales

Answer 13

Increase market share

Answer 14

Achieve financial security

Answer 15

Maximise profit

Answer 16

To gain rewards

Answer 17

Specific steps to achieve an aim

Answer 18

Selling a certain amount of products

Answer 19

Earning a high profit

Answer 20

overall goals a business wants to achieve

Answer 21

Specific. Measurable. Achievable. Relevant. Time Bound

Answer 22

Specific. Measurable. Achievable. Realistic. Time Bound

Answer 23

Suitable. Measurable. Achievable. Relevant. Time Bound

Answer 24

Suitable. Measurable. Achievable. Realistic. Time Bound

Answer 25

Revenue = Quantity Sold x Price

Answer 26

Revenue = Price x Fixed Cost

Answer 27

Revenue = Quantity Sold x Variable Cost

Answer 28

Revenue = Quantity Sold x Fixed Cost

Answer 29

Costs that do not vary with output. They remain the same whether the business produces 100 units or 0 units

Answer 30

Costs you have to pay at the beginning of the business

Answer 31

Costs you pay every quarter

Answer 32

The opposite as a variable cost

Answer 33

Increase with the amount of products produced and sold

Answer 34

The opposite as a fixed cost

Answer 35

Costs that are expensive

Answer 36

Costs that you can pay over a period of 2 months

Answer 37

Total Variable Cost = quantity sold x variable cost per unit

Answer 38

Total Variable Cost = quantity sold + total costs

Answer 39

Total Variable Cost = quantity sold / price

Answer 40

Total Variable Cost = price / quantity sold

Answer 41

Interest (on loans) = (total repayment - borrowed amount / borrowed amount) x 100

Answer 42

Interest (on loans) = total repayment - borrowed amount / borrowed amount

Answer 43

Interest (on loans) = (borrowed amount /total repayment - borrowed amount) x 100

Answer 44

Interest (on loans) = (total repayment + borrowed amount / borrowed amount) x 100

Answer 45

Break-even point (units) = fixed cost / selling price - variable cost

Answer 46

Break-even point (units) = variable cost / selling price - fixed cost

Answer 47

Break-even point (units) = total costs / selling price - fixed cost

Answer 48

Break-even point (units) = total costs / selling price - variable cost

Answer 49

It can see how much its output can fall before the business starts running at a loss

Answer 50

It knows the amount of sales it will make

Answer 51

It knows how much revenue to expect

Answer 52

It knows how much revenue is needed to equal total costs

Answer 53

The process of cash flowing in and out of a business

Answer 54

paying money out of the business

Answer 55

A source of income

Answer 56

Paying wages to staff

Answer 57

Buying equipment

Answer 58

Repayment of loans

Answer 59

Receiving a loan payment

Answer 60

Government grants

Answer 61

Personal funds

Answer 62

Cash sales

Answer 63

Costs of making products

Answer 64

The number of sales above the BEP

Answer 65

The amount of revenue left after costs

Answer 66

Net cash flow

Answer 67

Increasing selling price

Answer 68

Increasing amount sold by promotions, offers etc.

Answer 69

Make more products

Answer 70

Sales prove lower than expected

Answer 71

customers don't pay up on time

Answer 72

cost of production proves higher than expected

Answer 73

certain costs aren't included

Answer 74

It is difficult to read

Answer 75

Over spending

Answer 76

Getting too big too quick

Answer 77

Too much stock

Answer 78

Giving too much credit to customers

Answer 79

Seasonal demands

Answer 80

variable cost too high

Answer 81

location of store

Answer 82

identifies possible shortfalls in cash balance

Answer 83

shows if business can afford to pay suppliers and customers

Answer 84

spot problems with customer payments

Answer 85

shows bank you've planned your finances

Answer 86

external stakeholders (e.g. banks) may require a regular forecast

Answer 87

fun to make

Answer 88

seems to be professional

Answer 89

Trade Credit

Answer 90

Overdrafts

Answer 91

Short-term bank loan

Answer 92

retained profit

Answer 93

Long-term loans

Answer 94

Personal savings

Answer 95

Share Capital

Answer 96

Crowd Funding

Answer 97

Hire purchase

Answer 98

Trade Credit

Answer 99

Allow businesses to make payments on time even if they don't have enough cash

Answer 100

Have a high interest rate

Answer 101

If it isn't paid off, the bank can take some of the businesses assets

Answer 102

Have to pay back straight after next payment which will cover amount withdrawn

Answer 103

can withdraw as much cash as you want

Answer 104

Owner could end up loosing own money if the business fails

Answer 105

only a small amount of money

Answer 106

Interest free

Answer 107

Can buy everything straight away and expand quick

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1.3 Putting a business idea into practice

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	Criado por holly swift mais de 6 anos atrás