business flashcards 0.0 / 5 ? Applied Businessbusiness studies GCSEAll boards Created by: 13childtCreated on: 27-02-18 11:19 Sales Revenue (Turnover/Total Sales) is the value of all the products sold during the year 1 of 6 Cost of Sales is how much it cost to make those sales (the direct or variable costs) 2 of 6 Gross Profit is the difference between the income for selling the product and the cost of making it 3 of 6 Expenses are the indirect or fixed costs of running the business 4 of 6 Net Profit is the money left after all costs of running the business has been taken away from sales revenue 5 of 6 purpose oft he profit and loss statement Shows money coming IN (sales), money going OUT (expenses) and what is left over after all expenses have been paid (profit/loss) 6 of 6
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