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- Multiple ChoicePlease save your changes before editing any questions.
What is a sole trader?
A person who is the exclusive owner of a business.
Two people who own a business.
A group of people who own a business
- Multiple ChoicePlease save your changes before editing any questions.An entrepreneur is someoneSomeone who works for a new businessSomeone who starts a new businessSomeone who takes over an existing businessSomeone who does not want to work
- Multiple ChoicePlease save your changes before editing any questions.
Start up costs are...
the amount of money spent setting up a business
money spent on a regular basis to keep a business running
Fixed Costs + Variable Costs
costs which change with output
- Multiple ChoicePlease save your changes before editing any questions.
What is an operating cost?
Something a business pays before the company starts
Something the company receives
Something the company pays for their day to day running
Something the company cant afford
- Multiple ChoicePlease save your changes before editing any questions.Which industry sector is an advertising agency part of?The primary sectorThe secondary sectorThe tertiary sector
- Multiple ChoicePlease save your changes before editing any questions.Which industry sector are raw materials a part of?The primary sectorThe secondary sectorThe tertiary sector
- Multiple ChoicePlease save your changes before editing any questions.What is a car an example of?A costA serviceA product
- Multiple ChoicePlease save your changes before editing any questions.Which of the following describes the money going into a business?An inputRevenueAn output
- Multiple ChoicePlease save your changes before editing any questions.Which of these is a method of product differentiation?Having a unique selling pointSelling a product in multiple territoriesIntroducing a product at a low price
- Multiple ChoicePlease save your changes before editing any questions.What helps to create brand identity?Having multiple productsAn increase in profitsCreating a logo for the company/product
- Multiple ChoicePlease save your changes before editing any questions.
Which 3 of these are costs?
Fixed
Variable
Operating
Revenue
- Multiple ChoicePlease save your changes before editing any questions.
What is a variable cost?
A cost which does not change
A cost which they must pay even if they produce nothing
A cost which changes the more or less the business produces
A cost the business pays when they start
- Multiple ChoicePlease save your changes before editing any questions.Which of the following is the best definition of PROFIT?The total amount of income a business makes from selling products or servicesThe amount of money a business has left over after paying for their costs.The total amount of money a business spends.
- Multiple ChoicePlease save your changes before editing any questions.
If a business's costs exceeds it sales revenue, it will experience a ........?
loan
profit
loss
debt
- Multiple ChoicePlease save your changes before editing any questions.
Expenses can be referred to as 'Overheads'.
True
False
- Multiple ChoicePlease save your changes before editing any questions.
Which 3 of the following costs would be considered as expenses?
Rent
Utility bills
Materials
Tax
- Multiple ChoicePlease save your changes before editing any questions.
Expenses are...
The cost of producing a product, otherwise called direct costs
Other costs that are not related to producing the product, otherwise known as indirect costs
Cost that do not change with output
Running costs
- Multiple ChoicePlease save your changes before editing any questions.What is the formula for Revenue?Output x Selling PriceOutput x CostSelling Price x CostsSelling Price x Total sales
- Multiple ChoicePlease save your changes before editing any questions.What is the formula for Profit?Revenue - SalesRevenue - CostsRevenue - Fixed CostsRevenue - Gross Profit
- Multiple ChoicePlease save your changes before editing any questions.What is the definition of a fixed cost?A cost that varies with outputA cost that does not vary with outputCosts that do not changeCosts that change only when agreed