BUSINESS ADMINISTRATION
BUSINESS MATHEMATICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Expenses
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Cost
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Buying
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Selling
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Detailed explanation-1: -Price is the amount paid for acquiring any product or service. Cost is the amount incurred in producing and maintaining the product.
Detailed explanation-2: -Expenses The cost which business incurs for producing goods and services or for using services is called expenses.
Detailed explanation-3: -the cost of your product or service is the amount you spend to produce it. the price is your financial reward for providing the product or service. the value is what your customer believes the product or service is worth to them.
Detailed explanation-4: -Product costs are costs that are incurred to create a product that is intended for sale to customers. Product costs include direct material (DM), direct labor (DL), and manufacturing overhead (MOH).
Detailed explanation-5: -Value-added is the difference between the price of a product or service and the cost of producing it. The price is determined by what customers are willing to pay based on their perceived value. Value is added or created in different ways.