3.2 Costs & revenues
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18 Terms
1
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Revenue stream
________: income that an organization gets from a particular activity.
2
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Revenue
________: income received from the sale of a product.
3
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Direct costs
costs which can be clearly identified with each unit of production and can be allocated to a cost centre
4
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Indirect costs
costs which cannot be identified with a unit of production or allocated accurately to a cost centre also known as overhead costs
5
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Fixed costs
costs that do not vary with output in the short run
6
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Variable costs
costs that vary with output
7
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Semi-variable costs
costs that have both a fixed and variable cost element
8
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Revenue
income received from the sale of a product
9
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Total revenue
total income from the sale of all units of the product = quantity x price
10
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Revenue stream
income that an organization gets from a particular activity
11
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Direct costs
Costs which can be clearly identified with each unit of production and can be allocated to a cost centre
12
New cards
Indirect costs
Costs which cannot be identified with a unit of production or allocated accurately to a cost centre also known as overhead costs
13
New cards
Fixed costs
Costs that do not vary with output in the short run
14
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Variable costs
Costs that vary with output
15
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Semi-variable costs
Costs that have both a fixed and variable cost element
16
New cards
Revenue
Income received from the sale of a product
17
New cards
Total revenue
Total income from the sale of all units of the product = quantity x price
18
New cards
Revenue stream
Income that an organization gets from a particular activity
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