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E II 2.01 Glossary

TermDefinition
Administrative Costs Expenses an organization incurs that are not directly tied to a specific function such as manufacturing, production or sales.
Benefits Advantages or payments employees recieve in addition to their wages (e.g., sick time, holiday pay, health insurance).
Cost of Production the total amount of money spent on costs of materials, labor, taxes, etc., to manufacture economic goods and services.
Cost of Sales he amount of money a business has paid for the product (good or service) it has sold.
Costs The expenses involved with manufacturing, promoting, and distributing a product.
Professional Fees Prices charged by individuals specially trained in specific fields of arts and sciences, such as doctors, architects, lawyers, and accountants.
Sales and Marketing Costs All reasonable costs and expenses that are attributable to the distribution, sale, promotion and marketing of a Product, calculated on a fully burdened basis, including Allocable Overhead attributable thereto.
Start-up Costs All of the expenses involved in setting up a new business or introducing a new product to the market.
Technology Costs Expenses associated with acquisiton or development, implementation, deployment, and maintenance of technology assets, including depreciation of R&D equipment and amortization of know how.
Wages Money payments for labor on an hourly, daily, or weekly basis.
Operating Expenses The ongoing, day-to-day expenses of running a business that are not directly related to production
Fixed Costs Operating costs that do not increase or decreases with changes in production
Variable Costs Operating costs that fluctuate with changes in production
Semi-variable Costs Expenses that are fixed until the company reached a certain level of production, then become variable; also called mixed costs or semi-fixed costs
Gross profit A company's revenue after subtracting the costs of the products it has sold
Break-even Point The point at which a business's total sales equal total expenses; the business has not yet made a profit but has not incurred any losses.
Created by: johnatan.r716
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