Cost and Revenue Quiz!

What is a fixed cost?

• 
  A cost that changes depending on the level of output

• A cost that doesn't change, no matter what the level of output

• 
  A cost that sometimes changes, and sometimes stay the same

Raw materials are an example of a...

Fixed costs are shown as a straight horizontal line when shown on a graph

• True

• False

Semi-Variable costs are...

• partly fixed costs and partly variable costs

• the same as fixed costs

• the total cost

• partly total costs and partly variable costs

Variable costs change in relation to...

• the manager's salary

• the amount of fixed costs

• the number of items produced

• the number of offices being rented

Total costs are calculated as...

• Fixed costs + Total Variable costs

• Fixed costs + Variable costs + Semi-Variable costs

• Fixed costs - Variable costs

• Variable costs x Raw materials

Revenue is calculated as...

• Price x Quantity

• Price - Total costs

• Quantity + Fixed costs

• Fixed costs + Variable costs

Revenue is...

• the money spent on materials

• the money coming in from suppliers

• the money leaving the business after a sale

• the money coming in from the sales of goods and services

Fixed costs are shown as a straight horizontal line when shown on a graph

• True

• False

• It depends

Revenue can also be referred to as...

• Turnover

• Sales

• Sales Revenue

• Total Revenue