Profit, Revenue And Cost Flashcards Preview

BTEC BUSINESS FINANCE > Profit, Revenue And Cost > Flashcards

Flashcards in Profit, Revenue And Cost Deck (12):
1

What is profit?

Profit is...

2

What is revenue?

Revenue is...

3

What are costs?

Costs are...

4

What are the two costs that add together to make total costs?

Variable costs and fixed costs

5

Costs have to be paid to?

Start-up, run the business and expand

6

Variable costs are...

Variable costs are

7

Fixed costs are...

Fixed costs are...

8

Types of fixed costs for a business are...

...

9

Types of variable costs are...

...

10

What is the equation for total costs?

Variable costs + fixed costs

11

What is the equation for profit?

Total revenue - Total costs

12

What is the formula for revenue?

Quantity sold X selling price