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Java Games: Flashcards, matching, concentration, and word search. |
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CIM Lesson 1.3 Terms
This activity is a review for Lesson 1.3 Terms.
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| Fixed Costs | A periodic cost that remains (more or less) unchanged irrespective of the output level or sales revenue of a firm. |
| Non-Value Added (NVA) | Typically generates a zero or negative return on the investment of resources and usually can be eliminated without impairing a process. |
| Overhead | The general, fixed cost of running a business, such as rent, lighting, and heating expenses, which cannot be charged or attributed to a specific product or part of the work operation. |
| Profit | The monetary surplus left to a producer or employer after deducting wages, rent, cost of raw materials, etc. |
| Raw Materials | Basic substance in its natural, modified, or semi-processed state, used as an input to a production process for subsequent modification or transformation into a finished good. |
| Value-Added | The difference between the price at which goods are sold and the cost of the materials used to make them. |
| Variable Cost | Periodic cost that varies, more or less, in step with the output or the sales revenue of a firm. Such costs include raw material, energy usage, labor (wages), distribution costs, etc. |
| Schematic | A diagram that uses special symbols in place of actual pictures. In a wiring schematic, for example, a squiggly line is used to represent a resistor. |
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SREB Instructor |
Anderson Institute of Technology |
| Anderson, SC |
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