Reveue, Costs, Profit And Loss Flashcards
1
Q
What are the two types of costs ?
A
Fixed costs
Variable costs
2
Q
What are the two types of profit ?
A
Gross profit
Net profit
3
Q
What are fixed costs ?
A
Costs than=t do not change when a business changes its production
4
Q
what are variable costs ?
A
Costs that change when a business changes its production
5
Q
What is gross profit ?
A
Money made by buying and selling goods
6
Q
What is net profit ?
A
Normal costs and running costs
7
Q
What’s an example of fixed costs ?
A
Rent
8
Q
Whats an example of variable costs ?
A
Wages
9
Q
How do you work out net profit Margin ?
A
Profit / sales x 100
