Business Quiz

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  • Created by: matt3576
  • Created on: 10-01-15 01:42
What is fixed costs
Costs that stay the same no matter how much products the business makes or sells
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What is variable costs
Costs that change depending on the number of products made or sold.
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What is the formula for finding total costs
Fixed cost + Variable
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What is revenue
money a business receives
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What is an example of revenue
Rent or Interest
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What is the formula for revenue
Number if sales x Price per unit
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What is expenditure
Money the business pays out.
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What is the formula for profit
Revenue-Expenditure
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Define the term breakeven
Breakeven is when revenue and expenditure costs are the same
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What is the purpose of budgeting
The purpose of budgeting is to keep expenditure to planned limit
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What does the term budgetary control mean
Budgetary control means checking the performance makes sure that targets are met and are within the budget.
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What is a cashflow
Cash flow is the money flowing in and out of the business on a daily basis
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Other cards in this set

Card 2

Front

What is variable costs

Back

Costs that change depending on the number of products made or sold.

Card 3

Front

What is the formula for finding total costs

Back

Preview of the front of card 3

Card 4

Front

What is revenue

Back

Preview of the front of card 4

Card 5

Front

What is an example of revenue

Back

Preview of the front of card 5
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