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Transcript of business studies
total costs are the costs added up by fixed + variable costs
START UP AND RUNNING COSTS
Start up cost are the costs that you pay at the start of the business such as tills , equipment and advertising before business. Running costs are the costs that you pay throughout the business such as rent,replenishing of stock and advertisment throughout the business
Revenue means the total amount of money brought in by a business.The way to find out revenue is by adding the number of sales x cost per unit.
FIXED AND VARIABLE COSTS
Fixed costs are indirect it doesn't matter how much the how much you spend on stock and sell because they are things like rent and other bills that dont change
Variable costs are direct costs and it does matter how much you spend because these costs need to be paid upfront NO MATTER WHAT!
by Ben Lennon