Finance Business 4

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  • Created by: Jordan O
  • Created on: 09-03-18 08:15
What are fixed costs?
They are costs that are constant and they do not vary with the output
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What are variable costs?
Costs that vary with production
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What are total costs?
Direct costs + Indirect costs
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What is a turnover?
The amount of money taken by a business in a particular period
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What is a balance sheet used for?
To give users an idea of the company's financial position
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What is a profit and loss account used for?
To show the profit or loss a company made over a financial year
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Other cards in this set

Card 2

Front

What are variable costs?

Back

Costs that vary with production

Card 3

Front

What are total costs?

Back

Preview of the front of card 3

Card 4

Front

What is a turnover?

Back

Preview of the front of card 4

Card 5

Front

What is a balance sheet used for?

Back

Preview of the front of card 5
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