RE: SLC | S21W1 | Costs for entrepreneurs - Introduction to cost.
Greetings @okere-blessing
1.- You talk about cost as "the amount spent to buy or acquire something!" However, it must be seen as an investment, since it is everything that is used in the production of a good or the provision of a service.
2.- You have explained to us some differences between costs and expenses. Costs are everything that is used in the production of a product, while expenses are payments made for aspects that are not directly related to production.
Salary expenses are expenses as long as they are not linked to the production process or the provision of services.
3.- You have shared with us the importance of costs for the profitability of a business, and how good management of them can help to have a solid business.
4.- You have explained to us some aspects for calculating the cost of the goods that you offer in your business. It is important to keep in mind that for the cost of production, aspects such as labor, raw materials, among others, must be included.
Below I share the summary of the evaluation.
Descripción | Evaluación |
---|---|
Calidad | 2.2/3 |
Cumplimiento de reglas | 3/3 |
Presentación | 2/2 |
Originalidad | 1.3/2 |
Libre de plagio | ✅ |
Humano / IA | Humano |
Total | 8.5 |
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