Business: keeping track of money

A business make a record of the money that comes in and goes out. What do we call this record?

• Revenue

• Accounts

• Costs

• Profit

A person who makes a record of money coming in and going out is called an ..

• Clerk

• Leader

• Lawyer

• Accountant

What might happen to a business if it didn't keep track of money? [choose TWO]

• It might be unable to pay its workers

• It might achieve what it planned to achieve

• It might be unable to pay for materials

Which of the following is a source of revenue for a business? [choose ONE]

• Spending on materials

• Spending on wages

• Sales

• Spending on advertising

Which of the following are costs? [choose TWO]

• Revenue from customers

• Rent of buildings

• Interest payments on loans

• Income from savings

What is a fixed cost?

• A cost that the business has to pay even if it is closed for holidays

• A cost that increases when the business produces more

Which of the following are variable costs? [choose TWO]

• Cost of raw materials

• Employee salaries

• Transport costs

• Rent

A business sells 1000 items at $1.50 per item. What is the total revenue?

• $150

• $15000

• $1500

• $15

The business increases its price from $1.50 to $1.60. It sells another 1000 units. How much MORE revenue does it receive than before? [when it sold 1000 units at $1.50 per unit]

• $1000

• $100

• $10

• $1

If the cost of producing 1000 units is $500, how much does it cost to produce each unit?

• $50

• $5.00

• $0.05

• $0.50