Chapter 15: Costs and revenues

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revenue stream

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7 Terms

1

revenue stream

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

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2

fixed costs

costs that do not vary with output or sales in the short term

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3

variable costs

costs which vary with output

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4

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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5

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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6

revenue (or sales turnover)

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

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7

total revenue

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

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