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2.01
2.01 Glossary
| Term | Definition |
|---|---|
| Administrative Costs | expenses an organization incurs that are not directly tied to a specific function such as manufacturing , production or sales |
| benefits | advantages or payments employees receive in addition to their wages |
| cost of production | the total mount of money spent on costs of materials, labor , taxes, etc. . , to manufacture economic goods and services |
| costs of sales | the amount of money a business has paid for the product it has sold |
| costs | the expenses involved with the manufacturing , promoting, and distributing a product |
| professional fees | prices charged by individuals specially trained in specific fields or arts and sciences , such as doctors , architects, lawyers, and accountants |
| sales and marketing costs | all reasonable costs and expenses that are attributable to t he distribution, sale , promotion and marketing of a product, calculated on a fully burdened basis , including allocable overhead attributable thereto |
| start up cost | all of the expenses involved in setting up a new business or introducing a new product to the market |
| technology costs | expenses associated with the acquisition or development , implementation , deployment , and maintenance of technology assets including depreciation of R&D equipment and amortization of know now |
| wages | money payments for labor on an hourly , daily , or weekly basis |
| operating expenses | the ongoing , day to day expenses of running a business that are not directly related to production |
| fixed costs | operating costs that do not increase or decrease with changes in production |
| variable costs | operating costs that fluctuate with changes in production |
| semi variable expenses | expenses that are fixed until the company reaches a certain level of production , then become variable ; also called mixed costs or semi fixed costs |
| gross profit | a company's revenue after subtracting the costs of the products it has sold |
| break even point | the point at which a business total expenses ; the business has not yet made a profit but has not incurred any losses |
Created by:
felix.j529
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