Business' Revenue and Costs

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  • Created by: joshway99
  • Created on: 15-02-16 13:09
Profit
This is the difference between revenue and costs (e.g. money after paying the bills).
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Loss
This is not making a profit (e.g. forced to pay higher for raw materials).
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Revenue
This is selling goods and services.
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Costs
Any costs that occur during the production of the goods or services.
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Variable Costs
Costs that change with output (e.g. fuel / raw materials).
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Semi-Variable Costs
Costs which would normally be fixed but sometimes change (e.g. wages).
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Fixed Costs
Costs which don't change with output (e.g. rent / insurance).
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Total Costs
Fixed and variable costs added together.
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Direct Costs
These are identified with a particular product (e.g. raw materials / packaging).
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Indirect Costs
Also known as Overheads. These costs result from the whole business, they're usually fixed (e.g. rent / insurance / salaries).
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Short Run
These are often one factor that is fixed.
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Long Run
These are factors that can vary, none of them are fixed.
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Other cards in this set

Card 2

Front

This is not making a profit (e.g. forced to pay higher for raw materials).

Back

Loss

Card 3

Front

This is selling goods and services.

Back

Preview of the back of card 3

Card 4

Front

Any costs that occur during the production of the goods or services.

Back

Preview of the back of card 4

Card 5

Front

Costs that change with output (e.g. fuel / raw materials).

Back

Preview of the back of card 5
View more cards

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