
Cost and Revenue Concepts
Flashcard
•
Business
•
12th Grade
•
Hard
Sharon Martin
Used 2+ times
FREE Resource
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23 questions
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1.
FLASHCARD QUESTION
Front
What is Total Cost (TC)?
Back
The sum of fixed costs (costs that do not change with output) and variable costs (costs that change with output).
2.
FLASHCARD QUESTION
Front
What are Fixed Costs (FC)?
Back
Costs that remain constant regardless of the level of output (e.g., rent, salaries).
3.
FLASHCARD QUESTION
Front
What are Variable Costs (VC)?
Back
Costs that vary with the level of output (e.g., raw materials, labor).
4.
FLASHCARD QUESTION
Front
What is the formula for Total Cost (TC)?
Back
TC = FC + VC
5.
FLASHCARD QUESTION
Front
What is the formula for Average Total Cost (ATC)?
Back
ATC = TC / Q
6.
FLASHCARD QUESTION
Front
What is Average Total Cost (ATC)?
Back
Total cost per unit of output.
7.
FLASHCARD QUESTION
Front
What is the formula for Average Fixed Cost (AFC)?
Back
AFC = FC / Q
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