222473
| Question | Answer |
| PRIME COST | raw (direct) materials + direct labour cost |
| TOTAL COST OF PRODUCTION | raw materials + direct labour + factory overhead costs |
| UNIT COST | total cost of production __________________ number of items produced |
| MARK - UP | profit made |
| SELLING PRICE | Cost price + mark up = selling price |
| BREAK EVEN POINT | Fixed costs _______________ (Selling price- Variable costs ) = no. of products |
| FIXED COSTS | Remain constant within a period of time irrrespective of the amount of goods produced (eg rent) |
| VARIABLE COSTS | Vary in proportion to the amount of goods produced (electricity & direct labour) |
Want to create your own Flashcards for free with GoConqr? Learn more.