Revenue Cost and Profit Flashcards
1
Q
Revenue
A
The value of sales
2
Q
Revenue equation
A
Selling price. X. Quantity of
Per unit. Units sold
3
Q
Fixed cost
A
A cost that stays the same
4
Q
Variable cost
A
Rise and fall as output changes
5
Q
Total variable costs equation
A
Variable cost per unit
X
Number of units sold
6
Q
Total cost equation
A
Fixed cost + variable cost
7
Q
Profit equation
A
Total revenue. - total costs
