Economics: Revenue, Costs, Profits, Productivity, EoS

Revenue less total costs = ?

• Average cost

• Share dividend

• Productivity

• Profit

Asda has the largest share of the UK Grocery Marketing

• True

• False

• Not sure

Businesses that are social enterprises are only interested in making as much profit as they can.

• True

• False

Which of the following is the best definition of REVENUE?

• The total amount of income a business makes from selling products or services
• The amount of money a business has LEFT over after paying for their costs.
• The total amount of money a business spends.
• The amount of money a business loses every month.

Which of the following is the best definition of COSTS?

• The total amount of income a business makes from selling products or services
• The amount of money a business has left over after paying for materials.
• The total amount of money a business spends.

Kelly makes and sells quilted blankets out of her home. She charges £50 per blanket. For each blanket she makes, she must spend £1 on thread, £2 in electricity and £12 on cloth. This month she made and sold 15 blankets. What is Kelly's total REVENUE?

• £25

• £225

• £375

• £750

Kelly makes and sells quilted blankets out of her home. She charges £50 per blanket. For each blanket she makes, she must spend £1 on thread, £2 in electricity and £12 on cloth. This month she made and sold 15 blankets. What is Kelly's total COST?

• £25

• £225

• £375

• £750

Your business rents a building on Main Street in Cedar Falls. Every month you pay exactly £750 to rent the building. This is an example of a...

• FIXED cost.

• VARIABLE cost.

You own a restaurant and every month you must pay your water bill. However, you never know how much that bill will be because the amount changes based upon how much water your business uses.  This is a...

• FIXED cost.
• VARIABLE cost.

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