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Operating expenses refer to expenditures that are not directly tied to the production of goods or services.
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The gross profit is a profitability measure that evaluates how efficient a company is in managing its labor and supplies in the production process.Ĭost of sales is also referred to as costs of goods sold, or just COGS, or Direct costs. The COGS is an important metric on the financial statements as it is subtracted from a company’s revenues to determine its gross profit. If you're not sure whether a cost is a Cost Of Sales, here's a good rule of thumb, if you want to know if an expense falls under COGS, ask: "Would this expense have been an expense even if no sales were generated?" Meaning if you sold no product at all this month, would you still have this cost to pay? If the answer to that question is no, then the cost is most likely a cost of sales. Here's where the subject of personnel cost of sales comes into play as well this is also called direct labor. For example, if an employee is hired to work on a project, either exclusively or for an assigned number of hours, their labor on that project is a personnel cost of sales. If you sell hair salon services, for example, you might need to spend money on hair products such as shampoo, conditioner, and hair dyes. Service-based businesses often have a smaller number of direct costs than product-based businesses, but they still have direct costs in most cases. If you're a restaurant, you'll have to spend money on raw ingredients and servers. If you're a retailer, you'll likely have to spend money buying products wholesale. If you manufacture your product, for example, you'll have to spend money on raw materials and labor. It excludes indirect expenses, such as distribution costs and sales force costs. To deliver your product or service to your customers, you'll incur some necessary costs. This amount includes the cost of the materials and labor directly used to create the good. The Cost of sales of the Cost Of Goods Sold (COGS) refers to the direct costs of producing the goods sold by a company. This article will help you decide when to use each one in your forecast.
#Whats another word for variable cost update
Update : you can find a follow up post here, with a more in-depth look at synonyms for culture, plus a name for the process of inventing imaginary cultures.What is the difference between cost of sales and expenses?Īs part of financial forecasting activities, there are crucial aspects you should understand the difference between the cost of sales(Direct costs) and expenses (Operating expenses or indirect costs) to put your financials on the path to success. They are used for different purposes and calculate into your financials differently. Unless some brilliant worldbuilder or anthropologist can suggest another term that’s as comprehensive as “culture”, but without all the contemporary cultural baggage? That’s going to be a lot of tags! And some of those will still be lightning rod words, like “Religion”
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I may just end up breaking the “culture” tags into smaller and more specific labels: customs, religion, crafts, traditions, etc. What’s a worldbuilding blogger to do? I’m already trying out a change of the “culture” tag to “alien cultures” which should at least warn off the culture warriors but it probably will also discourage fantasy worldbuilders, since “alien” usually is equated with “extraterrestrial.” The Mayans had a culture and a civilization the Lakota have a culture, but not a civilization. “Society” means the same as “culture” to most people (the implied sequel being “…and what’s wrong with it”) “folkways” might do, though it seems mainly to be a label for preindustrial traditions and crafts that have survived into modern times “culture patterns” still has that word “culture” in it “customs” is too narrow and “civilization” isn’t equivalent to culture. So what else can I use? My thesaurus suggests “society” “folkways” “customs” “culture patterns” “civilization.” None of these really fits. So I need another term for what I mean when I say “culture.” Trouble is, “culture” is indeed the correct term for that whole field of study. Someone who clicks on my “culture” tag looking for posts about the “culture wars” is not going to find what they’re looking for here! The trouble is, bloggers who use it and blog readers who click on it, almost always mean only one thing by it: contemporary culture, perhaps even just the culture reflected in contemporary media and implicitly, whichever aspect of contemporary culture most interests or offends them.įor us worldbuilders, “culture” means the entire body of tradition, shared knowledge, religious belief and practice, art (in the broadest sense), language and behavior that distinguishes a particular group of people from other groups. I have both a tag and a category labeled “culture.” I’m thinking of changing it, if I can only think of a different word.