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J837 - TA3

What makes a product financially viable

TermDefinition
Costs Expenses that business incur when producing and selling their products
Fixed costs Costs that stay the same regardless of any change in output
Advertising costs Fixed cost to pay for advertising materials e.g. posters and flyers
Insurance Fixed cost to protect the business and employees
Loan interest Fixed cost for the interest added to money borrowed from lenders
Rent Fixed cost to pay for the rental of an office, shop or factory
Salaries Fixed cost for employees yearly wage
Utilities Fixed cost to pay for water, gas and electric
Variable cost Costs that varies with a change in output
Raw materials Variable cost for the actual materials required to make a product e.g. leather, plastic
Components Variable cost for the actual components in a product e.g. screws and nails
Packaging costs Variable cost for the packagine for each product e.g. box, wrapping
Wages Variable cost for the actual hourly rate paid to employees
Semi–variable costs A combination of a fixed cost with variable costs e.g. phone bills
Total costs Total fixed costs + Total Variable costs
Revenue Amount of money coming in from selling products or services
Formula to calculate Revenue Quantity * Selling price
Total Revenue the amount of money made in total
Total revenue formula selling price per unit * output level
Formula to calculate profit/loss REVENUE –TOTAL COSTS
Profit when revenue is BIGGER than total costs
Loss when revenue is smaller than total costs
Break–even occurs when total costs equal total revenue
Cash flow the money paid into and spent by a business
Lack of cash Lack of cash can have consequences like not being able to buy new materials or spend on advertising
Created by: weirdog
Popular Business sets

 

 



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