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Revenue (income) is calculated by

• costs - selling price

• quantity sold x selling price

• sales x fixed costs

If we make a distinction between start up costs and running costs, then wages would be an example of.....

• running costs

• other costs

• totally not this answer costs

• start up costs

Fixed costs are called fixed costs because

• They don't change when more staff join the company.

• They are fixed to the selling price of goods sold.

• If the company sells more or less these costs stay the same.

• They are subject to change in any and all circumstances.

As a personal trainer i make my money selling private sessions and selling training plans. If i sold 17 sessions for £20 a session and 4 training plans for £40 each, what is my total revenue (income).

• £500

• £480

• £440

• £520

Profit is calculated by

• fixed costs x selling price

• Revenue (income) - costs

• Costs x Costs / costs - costs.

• Variable costs x selling price

Variable costs are

• costs that are sometimes called running costs.

• costs that change based on the amount produced.

• costs that typically encountered during the start up phase.

• costs that don't change based on the amount produced.