Business' Revenue and Costs 3.5 / 5 based on 4 ratings ? Business StudiesRevenue and CostsASWJEC Created by: joshway99Created on: 15-02-16 13:09 Profit This is the difference between revenue and costs (e.g. money after paying the bills). 1 of 12 Loss This is not making a profit (e.g. forced to pay higher for raw materials). 2 of 12 Revenue This is selling goods and services. 3 of 12 Costs Any costs that occur during the production of the goods or services. 4 of 12 Variable Costs Costs that change with output (e.g. fuel / raw materials). 5 of 12 Semi-Variable Costs Costs which would normally be fixed but sometimes change (e.g. wages). 6 of 12 Fixed Costs Costs which don't change with output (e.g. rent / insurance). 7 of 12 Total Costs Fixed and variable costs added together. 8 of 12 Direct Costs These are identified with a particular product (e.g. raw materials / packaging). 9 of 12 Indirect Costs Also known as Overheads. These costs result from the whole business, they're usually fixed (e.g. rent / insurance / salaries). 10 of 12 Short Run These are often one factor that is fixed. 11 of 12 Long Run These are factors that can vary, none of them are fixed. 12 of 12
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