Break-even analysis and cost-volume-profit analysis are used to determine and express the interCOST-VOLUME- relationships of different volumes of activity (sales), costs, sales prices, and sales mix with earnings. More specifically, the analysis is concerned with the effect on earnings of changes in sales CONCEPTS AND volume, sales prices, sales mix, and costs. : pg56

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Required: a Certain terms are fundamental to cost-volume-profit analysis. Explain the meaning of each of the following terms: 1 Fixed costs 2 Variable costs 3 Relevant range 4 Break-even point 5 Sales (product) mix