3.2 Finance Terms and Simple Calculations Flashcards Preview

GCSE Business Studies Unit 1 > 3.2 Finance Terms and Simple Calculations > Flashcards

Flashcards in 3.2 Finance Terms and Simple Calculations Deck (7)
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1

What is the formula for Revenue?

Revenue = Selling Price x Sales Volume (number sold)

2

What is a fixed cost?

Costs that don't vary with the level of output

3

What is a Variable Cost?

Costs that will vary with the level of output

4

Give the formula for profit

Profit (loss) = Revenue - Costs

5

What is a Start-up cost?

One off costs paid when launching a business

6

What is a Running cost?

Costs a business pays regularly

7

Give 3 other word for Revenue

Income
Sales
Turnover