revenue and costs Flashcards
1
Q
what is sales revenue
A
amount of money coming into a business from its sales
2
Q
revenue equation
A
price x quantity
3
Q
fixed costs
A
costs that do not change no matter how many products or services a business sells
4
Q
examples of fixed costs
A
insurance
rent
tax
5
Q
variable costs
A
costs that change dependent on how many products or services a business sells
6
Q
examples of variable costs
A
electricity
Factory labour
raw materials
7
Q
total costs equation
A
TFC +TVC
