| What are Other Names for Revenue? | -Sales Revenue
-Sales Turnover
-Sales Income |
| What is Revenue? | -This is simply the Income made from the Business by Selling its Goods and Services [Cash Inflow] |
| What is the Formula for Revenue? What would it look on a Graph? | -Revenue = Selling Price per Unit x Quantity Sold
-On a Graph, the Revenue is Directly Proportional to the Amount Solid |
| Miranda will sell 400 Slices of Ham at 3 Pounds Each. What's the Revenue? | -Revenue = 400 x 3 = Revenue is 1,200 |
| What are Costs? | -This is simply the Spending, to make sure the Business can Exist |
| What are Fixed and Variable Costs? | -Fixed Costs are when the Costs DO NOT Change in Relation to the Output, like Rent and Insurance
-Variable Costs are when the Costs DO Change in Relation to the Output, like Raw Materials and Wages linked to Output |
| Give some Examples of Fixed Costs [FC] and Variable Costs [VC] | -Vans [FC]
-Advertising [FC]
-Development of Brand Name [FC]
-Stand Fees at Market [FC]
-Materials [VC]
-Staff in Relation to Output [VC] |
| Formula of Total Costs? | -Total Costs = Total Fixed Costs + Total Variable Costs |
| What is Profit? | -This is the Difference from the Revenue and the Costs
-Its a Reward for the Entrepreneurs after the Risks taken |
| Formula for Profits? What happens if its Negative? | -Profit = Total Sales [Revenue] - Total Costs
-If its Negative then that means you have made a Loss |
