sales, revenue, cost Flashcards
(6 cards)
1
Q
how do you work out the total revenue
A
total revenue= price x quantity
2
Q
what does fixed costs mean
A
expenses that does not change with output eg. rent
3
Q
what does variable costs mean
A
expenses that change with output eg. ingredients
4
Q
how do you work out the total cost
A
total cost= fixed cost + variable cost
5
Q
how do you work out the average cost/unit cost
A
average cost= total cost/output
6
Q
how do you work out the profit loss
A
profit loss= total revenue - total costs
