Understanding Fixed and Variable Costs (10th)

Understanding Fixed and Variable Costs (10th)

Assessment

Flashcard

Business

10th Grade

Practice Problem

Medium

Created by

RODOLFO KIRTEN

Used 3+ times

FREE Resource

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15 questions

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1.

FLASHCARD QUESTION

Front

Definition of Fixed Cost (FC)

Back

Fixed costs are those costs that do not change regardless of how much you produce or sell.

2.

FLASHCARD QUESTION

Front

Key Point about Fixed Costs

Back

You have to pay fixed costs even if you produce nothing.

3.

FLASHCARD QUESTION

Front

Fixed Costs Consistency

Back

Even if you produce 0 units or 1 million units, fixed costs remain the same.

4.

FLASHCARD QUESTION

Front

Examples of Variable Costs

Back

Raw materials, packaging or shipping costs, hourly wages for temporary workers, electricity or water bills.

5.

FLASHCARD QUESTION

Front

Variable Costs Behavior

Back

If you produce more, your variable costs go up. If you produce nothing, your variable costs are zero.

6.

FLASHCARD QUESTION

Front

Break-Even Point (BEP)

Back

The point where Total Revenue = Total Cost and Profit = $0 (No profit, no loss)

7.

FLASHCARD QUESTION

Front

Fixed Cost (FC)

Back

Costs that do not change (rent, salary, etc.)

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