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Ell obj 2.01
| Question | Answer |
|---|---|
| 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 receive 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 | The 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 cost and expenses (including labor) that are attributed to the distribution, sale and marketing of a product(including all prelaunch activities) , 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 acquisition 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. |
| Operation expenses | The ongoing day to day expenses of running a business that are not directly related to production. |
| fixed costs | Operation costs that do not increase or decrease with change in production |
| variable costs | Operating costs that fluctuate with changes in production |
| semi-variable costs | Expenses that are fixed until the company reaches 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:
joecorbett
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