796414
Description
Mind Map by amy_leyland, updated more than 1 year ago
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Created by amy_leyland
almost 11 years ago
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Costs and Revenues
- Costs can be divided
into four areas
- Fixed costs
- Dont change with the level of output ( stay the same)
- Dont change with the level of output ( stay the same)
- Variable costs
- change with the
level of output
- change with the
level of output
- Total costs
- All costs added
together
- All costs added
together
- Semi variable costs
- include an element of
fixed and variable costs,
will change in relation to
output
- include an element of
fixed and variable costs,
will change in relation to
output
- Fixed costs
- Revenue is the actual amount of income a
business receives from selling their products or
service before any costs are taken into
consideration.
- Profit is the amount of money a business is
left with after the costs of producing the
product or service has been deducted. the
company willl make a loss if the costs are
greater than the revenue
- formulas
- revenue
- selling price x amount sold
- selling price x amount sold
- profit
- revenue- total costs
- revenue- total costs
- total costs
- variable + fixed
- variable + fixed
- revenue
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