What is break-even and why would it be important to a business owner?

2. Total costs = __________ + ____________.

3. Discuss the difference between fixed costs and variable costs.

4. What is break-even volume?

5. Break-even volume is also known as ____________.

6. How are break-even volume and break-even amount similar?

7. How are break-even volume and break-even amount different?

8. If a retailer has a large number of SKU's at a variety of price points, are they more likely to use break-even amount or break-even volume to measure break-even?

9. Describe the scarce resources faced by a business owner.

10. What is the point of a cost-benefit analysis and what are three tools that can be used to perform it?