Example Rent, Insurance or any flat charges that does not change with activity or production levels
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10
What is financial accounting?
Accounting whereย financial statementsย produced through financial accounting are designed to disclose the firm's business performance and financial health
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10
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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10
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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baam
Lose 10 points!
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rocket
Go to first place!
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shark
Other team loses 25 points!
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baam
Lose 25 points!
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10
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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heart
Other team wins 25 points!
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fairy
Take points!
5
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25
fairy
Take points!
5
10
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25
baam
Lose 25 points!
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10
What is a marginal price?
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 indirect cost?
An indirect cost cannot be directly attributable or traceable to a product or service.
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10
What is managerial accounting?
Accounting where there is the use of information that encourages strategic planning, helps them set realistic goals, and encourages an efficient directing o
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10
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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10
What are material costs? and give one example of such cost
Materials costs are the tangible goods used in producing the product example using plastic to make water bottles
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10
Give one reason why it is important to know the cost of something from the perspective of a business manager
to decisions -controlling expenditure - planning and budgeting for the future
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10
What is a fixed cost?
A fixed cost is a cost that does not change over the short-term, even if a business experiences changes in its sales volume or other activity levels.
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baam
Lose 20 points!
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rocket
Go to first place!
Okay!
gift
Win 20 points!
Okay!
baam
Lose 15 points!
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10
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.