Business Terminology 3.1.1 0.0 / 5 ? BusinessGlossary ASAQA Created by: torib101Created on: 24-04-16 18:32 Business Objective Quantifiable targets or goals to be achieved within a given time frame. 1 of 6 Mission Statement A formal statement that sets out what a business wants to achieve in an aspirational manner 2 of 6 Revenue (turnover and sales) Total amount of money coming into a business from the sales of a good or service in a specified time period. SELLING PRICE x QUANTITY SOLD 3 of 6 Fixed Costs Costs to a business that stay the same regardless of output 4 of 6 Variable Costs Costs to a business that change in relation to output. 5 of 6 Total Costs All of the costs associated with the business. FIXED COSTS + VARIABLE COSTS 6 of 6
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