BTEC Business Studies Formulas and Keywords Unit 2 Questions And Answers Rated A+ New Update Assured Satisfaction

Revenue - Answer-The money coming into the business Fixed Costs - Answer-Costs that stay the same Variable Costs - Answer-Costs that change with output Total Costs - Answer-= Fixed Costs + Variable Costs Total Variable Costs - Answer-= Variable Cost * Quantity Profit formula - Answer-=Revenue - Total Costs Profit - Answer-Money made by the business Budget - Answer-A financial plan for the future Revenue formula - Answer-= Selling price * quantity sold Break Even - Answer-When a business makes neither a loss nor a profit Break Even formula - Answer-=Fixed costs / Contribution Contribution - Answer-Selling Price - Variable Costs Margin of Safety - Answer-Amount a business sells over its break even point Margin of Safety Formula - Answer-= Quantity Sold - Break EvenIncome Budget - Answer-Plan the money from sales Expenditure budget - Answer-How much you are spending Profit budget - Answer-How much you expect to make