2.2.2 Sales, revenue and costs Flashcards
1
Q
define sales volume
A
quantity of products sold in a specified period
2
Q
sales volume calculation
A
sales revenue divided by price
3
Q
define sales revenue
A
money into the business through sales
4
Q
sales revenue calculations
A
price x quantity
5
Q
define fixed costs
A
stays the same regardless of output
6
Q
define variable costs
A
vary with level of output or sales
7
Q
define total revenue
A
sum of all revenue made from the business from their product
8
Q
total variable costs calculation
A
avc x Q
9
Q
total costs calculation
A
VC + FC
