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16 Cards in this Set

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Cost
the expense incurred for goods or services when the goods are consumed or the services rendered
standard cost
the cost of goods or services identified, approved, and accepted by management
fixed costs
cost that is normally unaffected by changes in sales volume; a fixed cost does not increase or decrease significantly as business volume changes and thus is said to have a little direct relationship to the volume of business
variable cost
total cost that changes when sales volume changes. variable costs are linked to business volume, such that total variable cost increases as sales volume increases and decreases as sales volume decreases
semi-variable costs
cost that has both fixed and variable elements, such that one component would not change as sale volume changes, whereas the other component would
direct variable cost
cost that varies directly with sales volume, such that every change in sales volume brings a corresponding change in that cost
controllable cost
cost that can be changed by management in the short term. Examples include food cost, beverage cost, and labor cost
non controllable cost
cost that management cannot change in the short term. Examples include rent, real estate taxes and license fees
unit costs
cost of one of many like units, such as one portion of a particular menu item (one steak, one martini) or one hour of labor
total costs
the sum of all units for a given period of time
prime costs
sum of food cost, beverage cost, and labor cost for a given operating period
historical cost
past cost that has been documented in business records
planned cost
an anticipated cost, projected by management that reflects business plans for the future
sales
revenue resulting from the exchange of products and services for value
monetary
total sales - total volume in dollars
non monetary
total number sold - per item,helps spot trends