5.4 Costs Flashcards

5.4 Costs Flashcards

Assessment

Flashcard

Business

12th Grade

Easy

Created by

Joyce Leong

Used 1+ times

FREE Resource

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15 questions

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1.

FLASHCARD QUESTION

Front

Costs

Back

are expenses that a business has to pay to engage in its trading activities.

2.

FLASHCARD QUESTION

Front

Revenue

Back

is the income a business receives from selling its goods or services.

3.

FLASHCARD QUESTION

Front

Direct costs

Back

can be related to the production of a

particular product and vary directly with the level of output.

4.

FLASHCARD QUESTION

Front

Indirect costs

Back

are overheads that cannot be allocated to

the production of a particular product and relate to the business as a whole.

5.

FLASHCARD QUESTION

Front

Full costing

Back

allocates all the costs of production for the

whole business. Therefore, these costs are absorbed into each output unit.

This is also known as absorption costing.

6.

FLASHCARD QUESTION

Front

Contribution

Back

can be defined as the difference between

sales revenue and variable costs of production.

7.

FLASHCARD QUESTION

Front

Break-even

Back

is the level of production or output at which a

business’ sales or total revenue is exactly equal to its total costs of production.

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