Alternative revenue source (ARS) - A source that generates money in addition to that raised from other funding sources such as loans and personal savings., Benchmark - A description of desired performance., Benefit - The advantage or favorable result obtained from purchasing a feature., Brand - The single term that owners and managers use to describe an establishment’s distinguishing features., Business plan - A formal statement of business goals that explains how the goals can be achieved, and the detailed steps for reaching the goals., Co-branding - A situation when two companies join together to share the expense of marketing the products and services each company offers to its own customers., Concept statement - The part of a business plan that details exactly what type of establishment will be created., Corporation - A formal business structure recognized as a legal entity having its own privileges and liabilities separate from that of its owners., dba - An abbreviation for “doing business as” when a sole proprietor’s business is operated under a different name., Demographics - Information about customers such as their age, gender, race, marital status, geographic location, or other personal characteristics., Feature - A characteristic of the actual menu items and services sold to guests., Executive summary - A document that provides readers of a business plan with the highlights of the plan., Financial plan - An estimation of the cash needed to open a new business or buy an existing business, and to keep it operating until it becomes financially stable., Finance - The term managers use to describe the management of a business’s money and other assets., Market conditions - The economic, legal, and competitive conditions faced by a business at a specific point in time., Market share - The number or value of units sold by a business during a given period, which is expressed as a percentage of the total market size., Market size - The number or value of units sold to an entire group of customers in a given time period., Partnership - A business structure consisting of two or more owners who agree to share in the profits and losses of a business., Partnership agreement - A contract that details the rights and responsibilities of each co-owner of a business., Pro forma - A detailed estimate of the revenue, expenses, and profits to be achieved by a business over a specific time period., Shareholder - An individual or group that owns one or more portions, or shares, of a corporation., Sole proprietorship - An operating business structure in which one individual owns, and frequently operates, the business., SWOT analysis - An analysis that identifies an operation’s strengths and weaknesses and examines its opportunities and threats., Target market - Those potential customers whose specific needs and wants the organization will seek to meet., Value - The difference between what customers get when they buy a product or service and what they pay to get it.,

Accounting ch2

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