True: Revenue is income earned from selling products and services, A variable costs changes directly in proportion to output, A fixed cost remains constant and does not change in proportion to output, Rent is an example of a fixed cost, Profit is revenue minus total costs, Total costs are total variable costs plus fixed costs, Total variable costs are variable cost per unit x output, Revenue is selling price x quantity sold, False: Raw materials are a fixed cost, Total costs do not change with output, Sales revenue does not change with sales, Profit is revenue minus variable costs, Variable costs do not change with output, A not for profit business aims to make a loss,

Revenues and Costs

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