Costs, revenues and profits

The total income earned by a firm

The total expenses of a firm

The total amount of profit earned by a firm

Selling price

Quantity sold

Both selling price and quantity sold

Turnover

Overheads

Price

variable costs

overheads

direct costs

A £50 profit is made

A £20 profit is made

A £20 loss is made

Subtracting total costs from total revenue

Subtracting total revenue from total costs

Multiplying the quantity sold by price

Quantity sold x average price

Quantity sold x average cost

Quantity sold x average profit

When revenues are higher than costs

When revenues equal costs

When revenues are less than costs

When revenues are higher than costs

When revenues equal costs

When revenues are less than costs

There will be an increase in revenue

There could be an increase or decrease in revenue

There will be a decrease in revenue