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Keywords Mastery Topic Fixed Costs, Variable Costs, Total Costs R064 – Exam Keywords Mastery Topic 5 Do Now: You have just opened your own bakery shop! Make a list of all the different things that you need to take into account cost wise. Think about the cost of producing the baked goods, the cost of selling them, the building costs.

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  • Keywords

    Mastery Topic 5

    Fixed Costs, Variable Costs, Total Costs

    R064 – Exam

    Keywords

    Mastery Topic 5

    Do Now: 

    You have just opened your own bakery shop!

    Make a list of all the different things that you need to take into account cost wise. 

    Think about the cost of producing the baked goods, the cost of selling them, the building costs.

  • Keywords

    Mastery Topic 5

    Fixed Costs, Variable Costs, Total Costs

    R064 – Exam

    Keywords

    Mastery Topic 5

  • Keywords

    Mastery Topic 5

    Fixed Costs, Variable Costs, Total Costs

    R064 – Exam

    Keywords

    Mastery Topic 5

    Topics covered:

    1. Cost of producing the product or service. 

    2. Revenue generated by sales of the product or service. 

    3. Use of break‐even as an aid to decision making. 

    4. Profit level.

  • Keywords

    Mastery Topic 5

    Fixed Costs, Variable Costs, Total Costs

    R064 – Exam

    Keywords

    Mastery Topic 5

    Keywords: 

    Fixed Costs: Costs that remain unchanged when the output of a business changes. 

    Variable Costs: Costs that vary directly with the level of output.

    Total Costs: Calculated by adding together all the businesses’ costs for a particular level of output.

  • Keywords

    Mastery Topic 5

    Fixed Costs, Variable Costs, Total Costs

    R064 – Exam

    Keywords

    Mastery Topic 5

    Fixed Costs: Costs that remain unchanged when the output of a business changes. 

    Fixed Costs

    Rent on a business premises

    Loan repayments made to financial institutions.

    Advertising of products and services.

    Insurance

    Salaries and wages paid to employees

    Utilities – electricity/water

  • Keywords

    Mastery Topic 5

    Fixed Costs, Variable Costs, Total Costs

    R064 – Exam

    Keywords

    Mastery Topic 5

    Fixed Costs – Graph.

  • Keywords

    Mastery Topic 5

    Fixed Costs, Variable Costs, Total Costs

    R064 – Exam

    Keywords

    Mastery Topic 5

    Variable Costs: Costs that vary directly with the level of output.

    Variable Costs

    Stock

    Raw Materials

    Components

    Packaging Costs

  • Keywords

    Mastery Topic 5

    Fixed Costs, Variable Costs, Total Costs

    R064 – Exam

    Keywords

    Mastery Topic 5

    Variable Costs: Graphs 

    Stepped 

    Variable Costs

  • Keywords

    Mastery Topic 5

    Fixed Costs, Variable Costs, Total Costs

    R064 – Exam

    Keywords

    Mastery Topic 5

    Calculations: 

    Total Variable Costs = Variable cost per unit x Output level

  • Keywords

    Mastery Topic 5

    Fixed Costs, Variable Costs, Total Costs

    R064 – Exam

    Keywords

    Mastery Topic 5

    Activity: 

    Consider our school – John Smeaton Academy. 

    • Make a list of the costs our school will incur during one year. 

    • Categories these costs as either fixed or variable costs.

  • Keywords

    Mastery Topic 5

    Fixed Costs, Variable Costs, Total Costs

    R064 – Exam

    Keywords

    Mastery Topic 5

    Total Costs: Calculated by adding together all the businesses’ costs for a particular level of output.

    Total Costs = Fixed Costs + Variable Costs 

    Variable Costs

    Fixed Costs

  • Keywords

    Mastery Topic 5

    Fixed Costs, Variable Costs, Total Costs

    R064 – Exam

    Keywords

    Mastery Topic 5

    Activity: 

    Sunny Beach Supplies sells bucket and spades to holiday makers in Scarborough. The owner, Jim, has provided the following information. 

    For an output level of 100 buckets and spades, the fixed costs are £3000 and the variable costs are £500.

    1. Calculate the total costs for an output of 100 buckets and spades.

    2. Calculate the variable costs for one bucket and spade.

    3. Calculate total costs if output increased to 150 buckets and spades.

    Total Costs = Fixed Costs + Variable Costs 


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