UNIT 2 -FINANCE Flashcards
1
Q
examples
A
tills, shop sign, liscense
1
Q
what is a start up cost
A
cost to start up a bussiness
2
Q
what is operating cost
A
day to day cost needed to run a business
3
Q
examples
A
labour cost, utility cost, legal fees, wages ,rent
4
Q
what does SMART stand for
A
specfic
measurable
acheive
realistic
time
5
Q
what is fixed cost
A
cost that remain the same regardless of direct cost/sales and output
6
Q
examples
A
salarys, rent, insurance
7
Q
what is variable cost
A
cost that change directly with sales and output
8
Q
examples
A
wages, utilites, phones bills
9
Q
what is total cost
A
all cost added together
10
Q
equation of total cost
A
total cost=variable cost + fixed cost
11
Q
direct cost
A
items used to make another product
12
Q
indirect cost
A
cost involved in making the product
13
Q
variable cost equation
A
number produced x variable cost per unit
14
Q
A
