Flashcards in 3.2 Finance Terms and Simple Calculations Deck (7)
What is the formula for Revenue?
Revenue = Selling Price x Sales Volume (number sold)
What is a fixed cost?
Costs that don't vary with the level of output
What is a Variable Cost?
Costs that will vary with the level of output
Give the formula for profit
Profit (loss) = Revenue - Costs
What is a Start-up cost?
One off costs paid when launching a business
What is a Running cost?
Costs a business pays regularly