Chapter 15: Costs and revenues
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Last updated 5:25 PM on 3/25/24
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7 Terms
1
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revenue stream
a source of income received over time from the sale of a product
2
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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
6
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revenue (or sales turnover)
the value of sales made during the trading period = selling price * quantity sold
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total revenue
total income from the sale of all units of a product during a given time period
