ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Key Takeaways. A variable expense is any expense that can fluctuate in amount. Some examples of variable expenses include groceries, gas, and entertainment.

Detailed explanation-2: -Fixed expenses generally cost the same amount each month (such as rent, mortgage payments, or car payments), while variable expenses change from month to month (dining out, medical expenses, groceries, or anything you buy from a store).

Detailed explanation-3: -Variable costs are costs that change as the volume changes. Examples of variable costs are raw materials, piece-rate labor, production supplies, commissions, delivery costs, packaging supplies, and credit card fees.

Detailed explanation-4: -Variable costs include food, hourly wages, and utilities. These costs are harder to predict when opening a restaurant because they vary according to output.

Detailed explanation-5: -Cost of Goods Sold. Operating Expenses. Financial Expenses. Extraordinary Expenses. Non-Operating Expenses.