Test revise 1

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Give some examples of Fixed Costs
Insurance, Rates, Salaries, Rent, Monthly Contract,
1 of 7
Give some examples of Variable Costs
Wages, VAT, Machinery, Electricity, Materials
2 of 7
What is the equation for the Break Even Point
Fixed Costs divided by (Selling Price minus Variable Costs)
3 of 7
Give two ways how you increase profit
Increase prices or lower your expenses
4 of 7
What is a current liability
It is money that must be paid back with a year
5 of 7
What is a long term liability
They can be paid back over a longer period than a year
6 of 7
Give examples of a current liability
Suppliers and bank overdraft
7 of 7

Other cards in this set

Card 2

Front

Give some examples of Variable Costs

Back

Wages, VAT, Machinery, Electricity, Materials

Card 3

Front

What is the equation for the Break Even Point

Back

Preview of the front of card 3

Card 4

Front

Give two ways how you increase profit

Back

Preview of the front of card 4

Card 5

Front

What is a current liability

Back

Preview of the front of card 5
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