2.2.2 Sales, Revenue and Costs

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11 Terms

1
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What is a sale?

The exchange of a commodity for money, the action of selling something

2
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What is revenue?

The income generated from sales of goods or services

3
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What is a cost?

The expenditure occurred in producing a product/proving a service

4
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What is sales volume?

The number of units sold

5
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Calculation for sales revenue

Price x quantity of output

6
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Calculation of sales volume

Sales revenue / selling price

7
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What is a variable cost?

A cost that changes with the level of output / production within a specific time

8
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What is a fixed cost?

A cost that does not change with the level of output

9
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Calculation for total costs

Fixed costs + variable costs

10
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Calculation for total variable costs

Output x variable cost per unit

11
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Calculation for fixed costs

Total costs - variable costs