Different Types of Costs

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Different Types of Costs
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Storyboard Text

  • So I hear you want to open up your own ice cream shop. I'm here to help you understand key terms and the types of different costs.
  • Ice Cream
  • Alright, what's first then?
  • Fixed Costs and Variable Costs.
  • Fixed costs are costs that never change regardless of the output. However, variable costs vary with the level of output.
  • Oh! So a fixed cost would be rent and a variable would be the ice cream cones.
  • Total Cost
  • Total cost is the variable costs and the fixed costs added together. It can be used to calculate profit or loss.
  • Exactly.
  • So total cost is how much I'm spending all together?
  • Revenue
  • Revenue is the amount of capital generation through sales. Essentially, it's how much money is made from selling your ice cream.
  • No. Revenue doesn't take your spending into account.
  • Would my revenue be affected by my total costs?:
  • Profit and Loss
  • Profit and Loss are very important. They are how much money your business will make when covering the total costs too.
  • Profit means you make more money than you spend, while loss means you make less money than you spend. It is calculated by: revenue - total costs
  • So what's the difference? And how do I calculate them?
  • Ice Cream
  • Thank you so much. I understand the importance of these key terms, and now I feel more ready than ever to start my business
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