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finance and accounting recap
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a recap of finance and accounting part 3
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Financial management
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Flashcards
37 Flashcards
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Some examples from this set of practice questions
1.
what are fixed costs?
Answer: costs that do not change in relation to the output level
2.
what are variable costs?
Answer: costs that do change in relation to the output level
3.
formula for total cost calculation:
Answer: fixed cost + number of unit\'s x variable cost per unit
4.
formula for fixed cost:
Answer: total cost - variable cost
5.
costs =?
Answer: selling it to the costumer
6.
expenses =?
Answer: pay straight away
7.
revenues =?
Answer: sent the product, get the money later
8.
receipts = ?
Answer: getting the money
9.
contribution margin formulas
Answer: turnover - total variable cost fixed cost+ profit
10.
break even = ?
Answer: when cost and sales revenue are in balance
Content preview
Fixed and variable costs: Fixed costs = do not change in relation to the output level
Variable costs = change in relation to the output level
Cost behavior when output level increases:
Total costs Unit costs
Fixed costs Remain equal Decrease
Proportionally variable Increase Remain equal
costs
Other types of variable costs:
Degressively Progressively Proportionele
variable variable variable
Costs costs costs
Behavior of fixed and variable costs for increasing output level:
Total cost Unit cost
Fixed costs Remain equal Reduce
Proportionally variable Increase Remain equal
costs
Digressively variable Increase Reduce
costs
Progressively variable Increase increase
costs
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