5 Questions
What is the term for the gain in business; the amount left from the sales after all costs have been deducted?
Profit
What is the term for the amount of money that the firm receives for the sale of goods or payment for the services they render?
Revenue/Sales
Which type of cost depends on the volume of production?
Variable cost
What is the difference between selling price and cost price called?
Mark up
When does a firm use a temporary mark up to take advantage of high demand during peak sales?
Mark on
Test your understanding of cost production and revenue concepts including variable cost, fixed cost, revenue, and cost. Evaluate your knowledge of the terminology related to the amount of money received for goods sold and the expenses incurred by a firm.
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