What is a fixed cost?

What are material costs? and give one example of such cost

What is costing?

What is an indirect cost?

What are labor costs? and give one example

Which of the following is not an example of a direct cost? Metal used to produce cars, Wood used to make tables, cloth used to make sheets or paper used in the accounting department

What are unit costs?

What is a variable cost?

Which of the following is an example of an indirect expense? Water used in making orange juice, Flour used in baking pastries, electricity used powering a blender for seasoning

What is an example of a variable cost?

What is a direct cost?

Give one reason why it is important to know the cost of something from the perspective of a business manager