Topic 1.3.2 Business revenues,costs and profit Flashcards
1
Q
What is the formula for revenue in Business?
A
Revenue=Selling price times number of products sold
2
Q
What is the formula for total costs?
A
Total costs=Variable costs+fixed costs
3
Q
What is the formula for profit?
A
Profit=Total costs-total revenue
4
Q
What is the formula for break-even?
A
Break even=Fixed costs divided by contribution per unit(Selling price-variable costs per unit)
