Estimating Revenues, Costs & Profits

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Presentation transcript:

Estimating Revenues, Costs & Profits Unit 1 Topic 1.3.3

Lesson Objectives Must learn: how businesses forecast sales volumes and selling prices Should learn: how to determine fixed and variable costs Could learn: the impact of profits and losses on a business and its owners

Starter Why do businesses need to keep a check on the financial aspect of their business? Write down as many reasons as you can possible think of……... .

Key Terms

Key Terms

Key Terms

Money in Business

Revenue

Different Sources of Revenue

Calculating Revenue

Forecasting Revenue

Costs

Running Costs

Total Costs

Example of Total Costs

Calculating Profit & Loss

Defining Profit & Loss

Plenary

Plenary

Homework Explain the reasons why might a business estimate revenue, costs and profits. Tip: consider all topics learnt in todays lesson.