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Questions and Answers List

Question	Answer
the amount of sales expressed as a number of units sold	what is sales volume
the amount of sales expressed as the total sum of money spent by consumers	what is sales revenue
sales revenue / selling price	what is the formula to calculate sales volume
selling price x quantity sold	what is the formula to calculate sales revenue
the money coming in from the sale of goods and services	what is revenue
selling price x quanitity sold (same as sales revenue)	what is the formula to caluate revenue
£15 x 20000 = £300000	if a business sells 20000 units at a selling price of £15 per unit, what is the sales revenue made in total
stay the same regardless of output, they include interets on bank loans. thye can be shown as a straight horizontal line when on a graph	what is the definition of fixed costs
they change in relation to the number of items produced, variable costs sdtart at a 0 slop and go upwards when shown on a graph	what is the defintion of variable costs
average variable cost x number of units ( AVC X Q = TVC )	what is the formula to calculate total variable costs (tvc)
fixed cost + total variable cost ( FC + TVC = TC )	what is the formula to calculate total costs (tc)