A Formula Used in Developing a Flexible Budget Is: Total

question 20

True/False

A formula used in developing a flexible budget is: Total budgeted cost = fixed cost + (total variable cost ÷ activity level).

Identify the components and benefits of conducting a SWOT and competitive analysis in business strategy formulation.

Acknowledge the influence of external and internal environments on business operations and strategy.

Understand the principles of goal setting and the characteristics of effective goals.

Recognize the importance of competitive advantage and how it can be achieved and maintained.

---

Definitions:

Entrepreneur

An individual who organizes and operates a business or businesses, taking on financial risk to do so.

Serial Entrepreneur

An individual who continuously comes up with new ideas and starts new businesses, rather than staying to manage one business for a long period.

Work Hours

The designated periods during which employees are expected to perform their job duties.

Life Control

The extent to which individuals feel they have control over their own life circumstances and outcomes.