Profit, Revenue And Cost Flashcards
1
Q
What is profit?
A
Profit is…
2
Q
What is revenue?
A
Revenue is…
3
Q
What are costs?
A
Costs are…
4
Q
What are the two costs that add together to make total costs?
A
Variable costs and fixed costs
5
Q
Costs have to be paid to?
A
Start-up, run the business and expand
6
Q
Variable costs are…
A
Variable costs are
7
Q
Fixed costs are…
A
Fixed costs are…
8
Q
Types of fixed costs for a business are…
A
…
9
Q
Types of variable costs are…
A
…
10
Q
What is the equation for total costs?
A
Variable costs + fixed costs
11
Q
What is the equation for profit?
A
Total revenue - Total costs
12
Q
What is the formula for revenue?
A
Quantity sold X selling price
