costs and revenues Flashcards
1
Q
What is meant by start up costs
A
something you need to buy to get your business started
2
Q
Give two examples of start up costs
A
a till and security cameras
3
Q
What is meant by running costs
A
costs that you need to pay every month
4
Q
What is meant by fixed costs
A
costs that don’t change no matter how many customers you have
5
Q
What is meant by variable costs
A
costs that do change depending on how many customers you have
6
Q
How do you calculate total costs
A
This is where you add fixed costs and variable costs together
7
Q
what does the word revenue mean
A
the money coming into the till from sales
8
Q
How do you calculate revenue
A
cost of product times price
