1.6 Flashcards
1
Q
What is revenue
A
Is the income that a firm receives from selling its goods or services. It is also referred to as turnover it is measured by the number of units sold multiplied by the price
2
Q
What is total costs
A
Total costs are fixed costs plus variable price
3
Q
What is fixed costs
A
Fixed costs are those costs that do not change when a business changes its output.
4
Q
What is variable costs
A
the fixed manufacturing overhead is excluded from the product-cost of production.
