sales, revenue and costs Flashcards
1
Q
what is sales volume
A
number of units sold
2
Q
what is sales revenue
A
value of output sold
3
Q
how do you work out sales revenue
A
sales volume X price
4
Q
what are fixed costs
A
costs that do not vary with level of output
5
Q
what are variable costs
A
costs that vary with level of output
6
Q
What are total costs
A
variable + fixed
7
Q
what are examples of fixed costs
A
payments to staff
heating and lighting
rent
8
Q
what are examples of variable costs
A
advertising
raw materials
