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BTEC Business Studies Formulas and Keywords Unit 2 Questions And Answers 2023
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BTEC Business Studies Formulas and Keywords Unit 2 Questions And Answers 2023
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BTEC Business Studies Formulas andKeywords Unit 2 Questions And
Answers 2023
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 Even
Income Budget - Answer Plan the money from sales
Expenditure budget - Answer How much you are spending
Profit budget - Answer How much you expect to make
Net Cash Flow - Answer Total inflows- total outflows
Opening Balance - Answer The closing balance of the previous month
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