Cost & Revenue

Business StudiesIntermediate Level

10 flashcards

Card 1 of 1010%

Question

What is the difference between fixed costs and variable costs?

Click or tap to reveal answer

Answer

Definition

Fixed costs do not change with the level of production, while variable costs increase or decrease with production levels.

Example

A factory's rent is a fixed cost, whereas the cost of raw materials is a variable cost.

Quick Tip

Fixed = static; Variable = changing.

Explore More Business Studies Topics

Continue studying Business Studies with these related topics:

Want to Create Your Own Flashcards?

These pre-made flashcards are just a preview of what you can do with FlashRecall. In the app, you can create your own flashcards from:

  • Images - Take photos of notes, whiteboards, or textbook pages
  • YouTube Videos - Extract key concepts from educational videos
  • Text - Paste any text and let AI create flashcards automatically
  • Audio - Record lectures or conversations and turn them into flashcards
  • PDFs - Upload study materials and generate flashcards instantly

Plus, with the app you get:

  • Spaced Repetition - The app automatically schedules reviews at optimal intervals to maximize retention
  • Progress Tracking - Save your progress and see your improvement over time
  • Study Anywhere - Access your flashcards offline, anytime, anywhere

If you're serious about getting good grades and studying like top students, download the app now!