Ch 30 - key terms

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  • Created by: angus f.v
  • Created on: 26-03-15 11:24
Costs
Expenses that must be met when setting up and running a business
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Direct costs
A cost which can be clearly identified with a particular unit of output
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Fixed costs
These are costs that do not vary with the level of output
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Indirect costs
A cost which can not be identified with a particular unit o output. It is incurred by the whole organisation or department
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Total cost
This is fixed costs and variable costs added together
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Total revenue
This is the money generated from the sale of output. It is prices times the quantity
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Variable costs
These are costs which rise as output levels are increased
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Other cards in this set

Card 2

Front

A cost which can be clearly identified with a particular unit of output

Back

Direct costs

Card 3

Front

These are costs that do not vary with the level of output

Back

Preview of the back of card 3

Card 4

Front

A cost which can not be identified with a particular unit o output. It is incurred by the whole organisation or department

Back

Preview of the back of card 4

Card 5

Front

This is fixed costs and variable costs added together

Back

Preview of the back of card 5
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