Business Costs

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1) Profit = ....... - ....
revenue ... cost
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2) Sales = number of ..... sold
units
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3) Revenue = ..... x .....
sales ... price
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4) costs = the expenses paid ... to run the business
out
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5) Costs can be ...... or ........
direct ... indirect
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6) Direct costs: e.g labour, raw ......... + .........
materials ... machinery
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7) Indirect costs: general ......... (e.g telephone ..... , s....... , r...
overheads ... bills ... salaries ... rent
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8) Costs can be ..... or ........
fixed ... variable
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9) Fixed - have to be .... even if the firm produces .......
paid ... nothing
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10) Fixed - mostly ........ costs
indirect
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11) Variable - costs that will ........ as the firm ....... output
increase ... expands
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12) Variable - mostly ...... costs
direct
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13) Some costs are ....-........ (e.g most workers have a basic ...... and only part of their pay is linked to ......)
semi-variable ... pay ... output
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14) Fixed costs are only ..... for a ..... period of ....
fixed ... short ... time
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15) Average cost = ..... cost ÷ ......
total ... output
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16) To make a ...... the firm must charge a higher price than the ....... cost
profit ... average
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17) ....... costs usually fall as the firm gets ...... because of economies of .....
Average ... bigger ... scale
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18) Profit = ....... - .....
revenue ... costs
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Other cards in this set

Card 2

Front

2) Sales = number of ..... sold

Back

units

Card 3

Front

3) Revenue = ..... x .....

Back

Preview of the front of card 3

Card 4

Front

4) costs = the expenses paid ... to run the business

Back

Preview of the front of card 4

Card 5

Front

5) Costs can be ...... or ........

Back

Preview of the front of card 5
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