the difference between your cost and the price at which you sell the product to your customers
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10
What is an example of a fixed cost?
Example Rent, Insurance or any flat charges that does not change with activity or production levels
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An item is being sold at $100 with a mark up of 20% how much is the mark up of the item?
$20 (20% x $100)
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What are unit costs?
A unit cost is a total expenditure incurred by a company to produce, store, and sell one unit of a particular product or service.
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What is financial accounting?
Accounting where financial statements produced through financial accounting are designed to disclose the firm's business performance and financial health
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baam
Lose 15 points!
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fairy
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rocket
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lifesaver
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What is costing?
Costing is ascertaining the cost of a product or service and providing information to be used by management
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What is an indirect cost?
An indirect cost cannot be directly attributable or traceable to a product or service.
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What is a markup?
Markup pricing refers to a pricing strategy wherein the price of a product or service is determined by calculating the sum of the products and a percentage of i
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What is the formula used to find unit cost of production?
Total Cost of production/Number of units produced.
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What are labor costs? and give one example
Labor- Wages and salaries paid to employees involved in manufacturing. For example a grass cutter for a landscaping company
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What is a variable cost?
A variable cost is a corporate expense that changes in proportion to production output. Variable costs increase or decrease depending on a company's production
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What are expense costs? and give one example
Expenses- regular operational expenses used for running the business and its activities ( example rent, rates and insurance)
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lifesaver
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gold
Win 50 points!
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fairy
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thief
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10
Which of the following is an example of an indirect expense? Water used in making orange juice, Flour used in baking pastries, electricity used powering a blender for seasoning