Question: How Do You Use Cost?

What is another word for expensive?

In this page you can discover 54 synonyms, antonyms, idiomatic expressions, and related words for expensive, like: costly, exorbitant, valuable, transactions, moderate, priceless, lavish, fancy, worth a pretty penny, steep and high-priced..

What is food cost control?

Food Cost and Food Cost Control To ascertain the food cost of particular item on the menu. To ascertain the total expenditure on food over a period of time. To control cost, price, profit margins and provide information for formulating an effective pricing policy.

What’s the difference between price and cost?

Cost is typically the expense incurred for making a product or service that is sold by a company. Price is the amount a customer is willing to pay for a product or service. The cost of producing a product has a direct impact on both the price of the product and the profit earned from its sale.

How do you spell cost?

Correct spelling for the English word “cost” is [kˈɒst], [kˈɒst], [k_ˈɒ_s_t] (IPA phonetic alphabet).

What are the types of cost?

Types of CostsFixed Costs (FC) The costs which don’t vary with changing output. … Variable Costs (VC) Costs which depend on the output produced. … Semi-Variable Cost. … Total Costs (TC) = Fixed + Variable Costs.Marginal Costs – Marginal cost is the cost of producing an extra unit.

How do you calculate cost in use?

The formula is relatively simple: first, price is divided by life expectancy, and the weight of the item is multiplied by the laundry cost per pound. Cost per use can then be calculated by adding the two results together.

What cost means?

Definition: In business and accounting, cost is the monetary value that has been spent by a company in order to produce something. This is the amount charged for a product by the seller, and it includes both the cost to make the product and the mark-up cost added by the seller to produce a profit. …

What is the difference between expensive and costly?

Costly is used for things that have a lot of price and it is much more than you have to pay. … Expensive is used for things that cost a lot of money and you can afford it.

Why is food cost important?

Food costing is important to know as it has a direct effect on the profitability of a restaurant. It is the cost of your ingredients and does not include other costs, such as labour and overheads. Food costing is an essential tool in determining whether food costs targets are being met.

What is very costly?

costing much; expensive; high in price: a costly emerald bracelet; costly medical care. resulting in great expense: The upkeep of such a large house is costly. resulting in great detriment: It was a costly mistake because no one ever trusted him again. of great value; very valuable; sumptuous. lavish; extravagant.

What are the 4 types of cost?

Following this summary of the different types of costs are some examples of how costs are used in different business applications.Fixed and Variable Costs.Direct and Indirect Costs. … Product and Period Costs. … Other Types of Costs. … Controllable and Uncontrollable Costs— … Out-of-pocket and Sunk Costs—More items…•

What is food cost formula?

Food cost percentage is calculated by taking the cost of good sold and dividing that by the revenue or sales generated from that finished dish. Cost of goods sold is the amount of money you’ve spent on ingredients and inventory in a given time period – we’ll show you how to calculate that, too.

What is costing in simple words?

Costing is any system for assigning costs to an element of a business. Costing is typically used to develop costs for any or all of the following: Customers. Distribution channels.

Which cost is known as work cost?

Also known as works cost, production or manufacturing cost, Factory costincludesprime cost along with works or factory overheads. Factory overheads include cost ofindirect material, indirect wages, and other indirect expenses incurred in the factory.

How do you use cost in a sentence?

Cost sentence examplesIt must have cost a fortune! … That must have cost you a pretty penny. … It would cost you a fortune. … I am simply curious at what cost you are willing to pursue your goal. … It would cost more than seven dollars to have them dry cleaned and pressed. … My ticket cost a whole lot less dough.More items…

What is cost and example?

In accounting, cost is defined as the cash amount (or the cash equivalent) given up for an asset. For example, the cost of an item in inventory also includes the item’s freight-in cost. … The cost of land includes all costs to get the land ready for its use.

What are the 3 types of cost?

Types of costsFixed costs. Fixed costs are costs that do not vary with the level of output in the short term.Variable costs. A variable cost varies in direct proportion with the level of output. … Semi-variable costs. … Total costs. … Direct costs. … Indirect costs.

What is the superlative form of costly?

adjective. /ˈkɒstli/ /ˈkɔːstli/ (comparative costlier, superlative costliest)