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11 questions
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- 1. Multiple Choice
Which of the following is NOT a reason why costs are important to a business
to charge right price for the product
to keep the employees motivated
to calculate whether a new business will make profit or not
to help managers to take major decisions
- 2. Multiple Choice
Which one of the following is NOT considered to be a cost?
rent
salary
sales revenue
insurance
- 3. Multiple Choice
The price at which goods or services are offered to their customers by a business is called:
selling price
cost
inventory
variable cost
- 4. Multiple Choice
Costs that do not change in the short term, regardless of output are called:
variable costs
fixed costs
average costs
total costs
- 5. Multiple Choice
Fixed cost + variable cost =
average costs
total costs
marginal costs
unit costs
- 6. Multiple Choice
Costs that change based on the amount of goods and services produced
total costs
fixed costs
variable costs
average costs
- 7. Multiple Choice
Rent, administrative costs, advertising, employee salary are examples of:
costs
total costs
variable costs
fixed costs
- 8. Multiple Choice
Raw materials, packaging, labour costs, are examples of:
fixed costs
variable costs
total costs
profit
- 9. Multiple Choice
Average cost of production = Total cost of production/Total output. TRUE or FALSE?
TRUE
FALSE
- 10. Multiple Choice
Costs are the only factor to consider while deciding on the best location for a new factory. Is this statement TRUE or FALSE?
TRUE
FALSE
- 11. Poll
How do you rate today's lesson?
Inspiring
Motivating
Understandable
Informative
- Answer choicesTagsAnswer choicesTags