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Chapter 18: Costs & Revenues

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  • 1. Multiple Choice
    30 seconds
    1 pt
    Which of the following is a reason for managers knowing the costs of the business?
    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.
  • 2. Multiple Choice
    30 seconds
    1 pt
    Which one of the following costs is most likely to be variable for a fast food restaurant?
    the salary of the manager
    the rent of the restaurant
    the cost of the food supplies
    the machinery used to cook the food
  • 3. Multiple Choice
    30 seconds
    1 pt
    The best definition of variable costs is:
    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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