Chapter 18: Costs & Revenues | Other Quiz

Chapter 18: Costs & Revenues

10th - 11th grade

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2 years ago

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11 QuestionsShow answers

Question 1
SURVEY
30 seconds
Q. Which of the following is a reason for managers knowing the costs of the business?
answer choices
They will be able to increase output.
It will help them fix the price of the product(s).
The information would have to be published to shareholders.
Costs will tell the managers what the firm's profits are.
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Question 2
SURVEY
30 seconds
Q. Which one of the following costs is most likely to be variable for a fast food restaurant?
answer choices
the salary of the manager
the rent of the restaurant
the cost of the food supplies
the machinery used to cook the food
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Question 3
SURVEY
30 seconds
Q. The best definition of variable costs is:
answer choices
They vary with the number of units produced.
They vary over time.
They vary with the prices charged by suppliers.
They vary with tax rates set by government.
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Question 4
SURVEY
30 seconds
Q. If variable costs are $6 per unit,then total variable costs of producing 7,000 units will be:
answer choices
$7,000
$70,000
$2,100
$21,000
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Question 5
SURVEY
30 seconds
Q. The best definition of fixed costs are those that do not vary with:
answer choices
time
seasons
output
number of workers.
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Question 6
SURVEY
30 seconds
Q. The total revenue of a business is:
answer choices
the same as profit
equal to total costs
quantity of units produced times unit production cost
quantity of units sold multiplied by the sellingprice.
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Question 7
SURVEY
30 seconds
Q. The break-even level of output is that number of units where:
answer choices
profit is at its highest level
variable costs equal revenue
total costs equal revenue
variable costs equal fixed costs
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Question 8
SURVEY
30 seconds
Q. A product sells for $14. Variable costs are $6.Fixed costs are $120,000. Break-even output is:
answer choices
15,000 units
120,000 units
40,000 units
we cannot tell from the information given.
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Question 9
SURVEY
30 seconds
Q. The best definition of the contribution made by a product is:
answer choices
the profit made on each item sold
the revenue gained from selling each item
the difference between price and variable cost
the difference between price and fixed cost
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Question 10
SURVEY
30 seconds
Q. Which of the following is the best definition of economies of scale?
answer choices
Costs fall as output increases.
Costs per unit fall as the firm expands.
Average costs rise as the firm expands.
Fixed costs fall as output increases.
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Question 11
SURVEY
30 seconds
Q. ‘A detailed financial plan for the future’ is a definition of which of the following terms?
answer choices
scatter diagram
sales revenue forecast
a budget
estimate of production costs.
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