Costs

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Costs
You need to clarify the cost of all products to be able to analyse the proft or losses made
1 of 10
Fixed Assets / Capital Expendidture
The things the business owns || i.e. A van, the premesis || They are paid for by the owners/ shareholders ||
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Fixed Costs
Costs thta do not very or change || i.e. rent, heating
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Variable Costs
Costs that could change - depending on the output || i.e. raw materials, power for machines
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Total Costs
Total Costs = Fixed + Variable
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Price
Amount paid by the customer
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Total Revenue
Income that is recieved from an organisations activity
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Total Revenue Formula
Total Revenue = Price X Quantity
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Profit
Diference between the firms income and its total costs
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Profit Formula
Profit = Total Revenue - Total Costs
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Other cards in this set

Card 2

Front

The things the business owns || i.e. A van, the premesis || They are paid for by the owners/ shareholders ||

Back

Fixed Assets / Capital Expendidture

Card 3

Front

Costs thta do not very or change || i.e. rent, heating

Back

Preview of the back of card 3

Card 4

Front

Costs that could change - depending on the output || i.e. raw materials, power for machines

Back

Preview of the back of card 4

Card 5

Front

Total Costs = Fixed + Variable

Back

Preview of the back of card 5
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