Question: Define the following terms: (i) Costing (2 marks) (ii) Fixed costs (2 marks) (iii) Variable costs (2 marks) (iv) Total Costs (2 marks) (v) Average

Define the following terms:

(i) Costing (2 marks)

(ii) Fixed costs (2 marks)

(iii) Variable costs (2 marks)

(iv) Total Costs (2 marks)

(v) Average cost (2 marks)

(vi) Breakeven point (2 marks)

(vii) Gross profit (2 marks)

(viii) Net profit (2 marks)

(ix) Margin (2 marks)

(x) Mark-up (2 marks)

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