2.2.2 Sales, Revenue and Costs
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11 Terms
What is a sale?
The exchange of a commodity for money, the action of selling something
What is revenue?
The income generated from sales of goods or services
What is a cost?
The expenditure occurred in producing a product/proving a service
What is sales volume?
The number of units sold
Calculation for sales revenue
Price x quantity of output
Calculation of sales volume
Sales revenue / selling price
What is a variable cost?
A cost that changes with the level of output / production within a specific time
What is a fixed cost?
A cost that does not change with the level of output
Calculation for total costs
Fixed costs + variable costs
Calculation for total variable costs
Output x variable cost per unit
Calculation for fixed costs
Total costs - variable costs