Business Revision-

Direct Costs

Direct costs are costs that are directly involved in producing products. For example raw materials.

Indirect Costs

Indirect costs are costs that do not directly go into the producing of products. For example overheads.

Fixed Costs

Fixed costs are those that are not dependant on the level of production. I.e. Telephone bills.

Variable Costs

Variable are costs that change dependant of the level of output. For example raw materials.

Break Even

The break even point is the point where a businesses outputs will just cover it's cost. Calculating the break even point: fixed costs/(selling price – variable costs)

Internal Finance

Five sources:
Retained Profit (Putting profit back in)
Fixed Assets (Selling them)
Re-invest savings

External Finance

Short term (less than 1 year):
Overdraft
Personal Savings

Medium-term (1-5 years):
Bank loan
Lease assets instead of buying
Grants

Long-term(>5 years):
Mortgage......

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