Business expenses and Operating cost

Operating cost and business expenses are semantically related In some cases you can replace phrase "Operating cost" with "Business expenses", this phrases are similar.

Operating cost noun - The expense of maintaining property (e.g., paying property taxes and utilities and insurance); it does not include depreciation or the cost of financing or income taxes.

Business expenses and operating cost are semantically related in money needed to run a business topic. You can use "Business expenses" instead a noun phrase "Operating cost".