term1 Definition1term2 Definition2term3 Definition3
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Added value
The difference between the price of a good or service and the costs of its material inputs
Autocratic Management
A style of management where decisions are made by the individual, with little or no consultation, with others. Disagreement or discussion is not encouraged. Can be characterised as giving orders.
Break Even Point
The level of output where neither a profit nor a loss is being made. The point at which total Revenue equals Total Costs.
Business Plan
A formal document that sets out the details of the business and acts as a means of attracting potential investors or providers of finance. It will also usually include a marketing plan and financial plans including a profit and loss account and a cash flow forrcast.
Cash flow
The movement of cash into (cash flow) and out of (cash flow) a business. They both need to balance and require careful management to avoid running out of cash at crucial times.
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