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- 1. Multiple Choice
What are fixed expenses?
Irregular expenses that change from week to week or month to month
The amount of money in your bank account
The amount of cash in your purse or wallet
Expenses that stay the same from week to week or month to month
- 2. Multiple Choice
What are variable expenses?
Irregular expenses that change from week to week or month to month
The amount of money in your bank account
Costs that do not fluctuate from week to week or month to month
The amount of cash in your purse/wallet
- 3. Multiple Choice
A loan payment is a fixed expense.
True
False
- 4. Multiple Choice
Dara makes bracelets and sells them in her shop. Which is a fixed expense for Dara’s business?
the cost of the beads
the cost of the string
the cost of advertising
rent for her shop
- 5. Multiple Choice
Rent PaymentFixed ExpenseVariable Expense - 6. Multiple Choice
What is a cost?
Something the company receives
The price of a product
Something the company must pay
Something the company sells
- 7. Multiple Choice
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
- 8. Multiple Choice
If Sam's Sandwiches use 25p of material for each sandwich, what will be their variable costs for 10 sandwiches
10 x 0.25 = £2.50
2.5 x 10 = £25
25 x 10 = £250
0.25/10 = 2.5p
- 9. Multiple Choice
If fixed costs are £300 and Variable costs for making one sandwich are 50p, how would you work out total costs for 200 sandwiches?
200 x 300 x 0.50 = Total Sales
300 + 0.5 X 200 = Total Sales
200 + 0.5 x 300 = Total Sales
300 x 50 + 200 = Total Sales
- 10. Multiple Choice
What is the formula for Revenue?
Total Sales + Costs = Revenue
Number of Sales x Price per unit = Revenue
Price per unit x Total Costs = Revenue
Number of Sales - Total Costs = Revenue
- 11. Multiple Choice
If Wendy sells 50 hot dogs at £2 each. What is her revenue?
£250
£100
£120
£52
- 12. 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
- 13. 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
- 14. Multiple Choice
Rent, administrative costs, employee salary are examples of ...
Variable costs
Fixed costs
Costs
Prices
- 15. Multiple Choice
Raw materials, packaging, wages/labour costs are examples of
Total costs
Fixed costs
Variable costs
Benefits
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