MIDTERM EXAMINATION

Semi-variable cost is a cost composed of a mixture of both fixed and variable components.

The Company’s efforts to increase output will probably necessitate more power or energy, which will lead to a decrease in variable utility costs.

The Cost of goods sold are expenses that remain the same regardless of production output.

Profit is calculated as total revenue less total expenses.

Net income is the result of several calculations that start with revenue and include all costs and sources of income for a specific period.

Fixed cost is a type of business expense that fluctuates according to how much a company produces or sells.

Raw materials are the direct goods purchased that are eventually turned into a final product.

Sales revenues are paid to a corporation as additional remuneration for direct work are sometimes expressed as a percentage.

The Company cannot increase its profits by decreasing its total costs.

As the production output of cakes increases, the bakery’s variable costs also increase.