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Employees cannot deduct the cost of uniforms if the uniforms are also appropriate for normal wear.
Selling Price
The amount of money for which something is sold to a buyer, after considering production, marketing, and distribution costs.
Fixed Cost
Fixed costs, including rent, salaries, and insurance, stay the same no matter how much is produced or sold.
Contribution Margin
The amount remaining from sales revenue after variable costs are deducted, contributing towards covering fixed costs and earning profit.
Break Even Point
The point at which total costs and total revenue are equal, meaning the business is neither making a loss nor a profit.
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