Revenue and costs - CALCS Flashcards
1
Q
What is sales revenue/turnover?
A
The amount of income received from selling goods/services.
2
Q
How do you calculate the sales revenue/ turnover?
A
Revenue = Price X Quantity
3
Q
What is a fixed cost?
A
Costs that don’t change no matter the amount of products made
4
Q
What is a variable cost?
A
Costs that change depending on the amount of products made.
5
Q
How do you calculate variable costs?
A
Variable costs = Cost of one unit X Quantity produced
6
Q
How do you calculate total costs?
A
Total costs = Fixed costs + Variable costs
