Revision for task 1

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variable costs
costs that will rise when sales increase and fall when there is a fall in the demand for the product.
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fixed costs
costs that remain the same even when sales fall or increase
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initial stock
start up with something but also a runing stock
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running costs
costs that you pay out regulary
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start up costs
costs that you only typically pay out when starting your business
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break even
when a business covers its costs and makes neither a profit nor a loss
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revenue
businesses make their revenue by selling goods and/or services to customers
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3 sources of revenue
1)interest- ppiad on money in a bank savings acount. 2)investment- nicome from people buying shares in the business or lending it money. 3)rental income- renting out prperty that is no currently required to anoter business.
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expenditure budget
an estimate of all the planned bsuiness costs for a set period of time
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budgetary control
compares what the business planned to spend or make with what it did actually spend or more
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net cash flow
the difference between the cash inflow and outflow figures over a particular period of time
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cost of sales
how much it costs you to make the product
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Other cards in this set

Card 2

Front

fixed costs

Back

costs that remain the same even when sales fall or increase

Card 3

Front

initial stock

Back

Preview of the front of card 3

Card 4

Front

running costs

Back

Preview of the front of card 4

Card 5

Front

start up costs

Back

Preview of the front of card 5
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