Entrepreneurship 2 H Unit 2 Vocab

the cost of the inventory sold during a period

• administrative costs

• marketing costs

• technology costs

• cost of sales

those costs that are based only on professional services

• administrative costs

• cost of sales

• professional fees

• wages

forms of pay other than salary or wages

• benefits

• professional fees

• administrative costs

• gross profit

a financial gain, esp. the difference between the amount earned and the amount spent in buying, operating, or producing something

• profit

• gross profit

• revenue

• variable-cost margin

Sales are also referred to as revenue.

• False

• True

All executive, organizational, and clerical costs associated with the general management of an organization rather than with manufacturing or selling

• professional fees

• administrative costs

• marketing costs

• capital expenditures

computer hardware and software, cellphones, printers, internet, IT support

• marketing costs

• administrative costs

• variable costs

• technology costs

Costs that do not vary with the quantity of output produced

• semi-variable costs

• variable costs

• markup

• fixed costs

the point at which the costs of producing a product equal the revenue made from selling the product

• cost-based pricing

• price-based pricing

• break-even point

• capital expenditures

Major investments in either tangible long-term assets such as land, buildings, and equipment or intangible assets such as patents, trademarks, and copyrights.

• capital expenditures

• variable costs

• benefits

• variable-cost margin