2.1 How to use profitability data

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7 Terms

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Costs

The amount of money businesses spend on goods and services

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Two types of costs

Fixed and variable

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Fixed costs

Costs that do not change according to sales

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Examples of fixed costs

Rent, rates, insurance

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Variable costs

Costs that change depending on the level of output

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Example of variable costs

Raw materials, direct labour

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formula for total costs

Total costs = Fixed costs + Variable costs