Variable, Fixed and Semi Variable Expenses
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Please define and explain the following type of expenses and give an example of a business activity from your profession that may change the amount of variable expenses with each definition.
a) Variable expense:
b) Fixed expense:
d) Semi variable or Mixed expense:
Please identify if you would assign each of the following accounts as fixed, variable, or mixed and why.
a) Revenue:
b) Rent:
c) Supplies:
d) Labor positions:
- RN bedside
- Respiratory therapist
- Charge Nurse
- Nurse Manager
- Why is it important to know and understand each classification during the budget process?
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Solution Summary
Definition of variable, fixed and semi variable expenses. Identification of various costs into these categories.
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Financial statement
Please define and explain the following type of expenses and give an example of a business activity from your profession that may change the amount of variable expenses with each definition.
Variable expense
A cost to a hospital that is directly related to volume: as volume increases or decreases, the variable expense will follow. An example of a variable expense would be bandages and dressing for a patient.
Fixed expense
A fixed expense is a cost to a hospital that has to be paid even if there are no patients. This fixed expense is predetermined and does not relate to volume of patients. An example of a fixed expense would be building mortgage. With no volume, the mortgage must still be paid, but would signal a change necessary.
Semi variable ...
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