TERMS Unit : Finance and accounts Chapter 15: Costs and revenues

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7 Terms

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revenue stream

a source of income received over time from the sale of a product

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fixed costs

costs that DO NOT VARY with output or sales in the short term

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variable costs

costs which VARY with output

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direct costs

costs that CAN BE CLEARLY IDENTIFIED with each unit of production and can be traced back or allocated to a cost centre

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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

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revenue (or sales turnover)

the value of sales made during the trading period = selling price x quantity sold

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total revenue

total income from the sale of all units of a product during a given time period