29. Sales, Revenue & Cost Flashcards

1
Q

Ways of improving sales volume:

A
  • Advertising
  • Promotion
  • Improved targeting
  • Extend product range
  • Extend distribution networks
  • Develop relationship with customers
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Ways of improving sales revenue:

A
  • Changing price
  • Adding complementary service or products
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Average cost or unit cost

A

The cost of producing one unit, calculated by dividing the total cost by the output

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

fixed cost

A

a cost that does not change as a result of a change in output in the short run

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

long run

A

the time period where all factors of production are variable

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

profit (loss)

A

the difference between total costs and total revenue. It can be negative.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

sales revenue

A

the value of output sold in a particular time period. It is calculated by price x quantity of output

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

sales volume

A

the quantity of output sold in a particular time period

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

semi - variable costs

A

costs that consist of both fixed and variable elements

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

short run

A

the time period where at least one factor of production is fixed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

total cost

A

the entire cost of producing a given level of output

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

total revenue

A

the amount of money the business receives from selling output

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

variable costs

A

costs that rise as output rises

How well did you know this?
1
Not at all
2
3
4
5
Perfectly