# 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 ||
2 of 10
Fixed Costs
Costs thta do not very or change || i.e. rent, heating
3 of 10
Variable Costs
Costs that could change - depending on the output || i.e. raw materials, power for machines
4 of 10
Total Costs
Total Costs = Fixed + Variable
5 of 10
Price
Amount paid by the customer
6 of 10
Total Revenue
Income that is recieved from an organisations activity
7 of 10
Total Revenue Formula
Total Revenue = Price X Quantity
8 of 10
Profit
Diference between the firms income and its total costs
9 of 10
Profit Formula
Profit = Total Revenue - Total Costs
10 of 10

## 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

### Card 4

#### Front

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

### Card 5

#### Front

Total Costs = Fixed + Variable