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- 1. Multiple Choice
The price at which goods or services are offered by a business to their customers is called
Selling price
Cost
Variable cost
Currency
- 2. Multiple Choice
Costs that must be paid regardless of how much of a good or service is produced. They do not change in the short term, regardless of output are called
Variable costs
Fixed costs
Total costs
The costs
- 3. Multiple Choice
Fixed Cost + Variable Cost =
Breakeven point
Total costs
Fixed costs
Variable costs
- 4. Multiple Choice
A negative difference between the revenues taken in by a business and the costs of operating a business (when a business spends more than it makes) :(
Profit
Breakeven
Loss
Closed
- 5. Multiple Choice
Costs that change based on the amount of goods and services produced.
Total costs
Fixed costs
Variable costs
Costs
- 6. Multiple Choice
A positive difference between the revenues taken in by a business and the costs of operating a business (when a business makes more than it spends). :D
Loss
Profit
Breakeven
Sales
- 7. Multiple Choice
Rent, administrative costs, insurance, employee salary are examples of ...
Variable costs
Fixed costs
Costs
Prices
- 8. Multiple Choice
Raw materials, packaging, wages/labour costs are examples of
Total costs
Fixed costs
Variable costs
Benefits
- 9. Multiple Choice
The income (amount of money) a business receives for in exchange for a product or service
Costs
Profit
Loss
Sales revenue
- 10. Multiple ChoiceWhat is the equation for revenue?Price x QuantityPrice x ProfitProfit x QuantityPrice + Quantity
- 11. Multiple Choice
Which two of the following are variable costs
Raw materials
Rent
Insurance
Water
Salary
- 12. Multiple Choice
Revenue = £100,000
Cost of sales = £50,000
Other expenses = £25,000
What is the gross profit?
£25,000
£50,000
£100,000
£75,000
- 13. Multiple Choice
Revenue = £80,000
Cost of sales = £30,000
Other expenses = £10,000
What is the total net profit?
£70,000
£65,000
£50,000
£40,000
- 14. Multiple Choice
What is meant by the term net profit?
It is what is left over after gross profits have been deducted
It is what is left over after all costs have been deducted
It is what is left over after cost of sales have been deducted
It is what is left over after operating costs have been deducted
- 15. Multiple Choice
Raw materials: £100
Rent: £200
Interest on a bank loan £50
Cost of packaging £30
Total operational expenses: ?
£380
£250
£130
£280
- Answer choicesTagsAnswer choicesTags