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E II 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 recieve in addition to their wages (e.g., sick time, holiday pay, health insurance). |
| Cost of Production | the total amount of money spent on costs of materials, labor, taxes, etc., to manufacture economic goods and services. |
| Cost of Sales | he amount of money a business has paid for the product (good or service) it has sold. |
| Costs | The expenses involved with manufacturing, promoting, and distributing a product. |
| Professional Fees | Prices charged by individuals specially trained in specific fields of arts and sciences, such as doctors, architects, lawyers, and accountants. |
| Sales and Marketing Costs | All reasonable costs and expenses that are attributable to the distribution, sale, promotion and marketing of a Product, calculated on a fully burdened basis, including Allocable Overhead attributable thereto. |
| Start-up Costs | All of the expenses involved in setting up a new business or introducing a new product to the market. |
| Technology Costs | Expenses associated with acquisiton or development, implementation, deployment, and maintenance of technology assets, including depreciation of R&D equipment and amortization of know how. |
| 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 decreases with changes in production |
| Variable Costs | Operating costs that fluctuate with changes in production |
| Semi-variable Costs | Expenses that are fixed until the company reached 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's total sales equal total expenses; the business has not yet made a profit but has not incurred any losses. |
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johnatan.r716
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