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WorksheetsBTEC L2 U2 - Revenue, Costs and Profit
Total questions: 15
Worksheet time: 7mins
Start up costs are...
the amount of money spent setting up a business
money spent on a regular basis to keep a business running
Fixed Costs + Variable Costs
costs which change with output
Variable costs are...
the amount of money spent setting up a business
money spent on a regular basis to keep a business running
Fixed Costs + Variable Costs
costs which change with output
Total costs are...
the amount of money spent setting up a business
money spent on a regular basis to keep a business running
Fixed Costs + Variable Costs
costs which change with output
Running costs are...
the amount of money spent setting up a business
money spent on a regular basis to keep a business running
Fixed Costs + Variable Costs
costs which change with output
Fixed costs are...
Costs that do not change with output
Costs directly involved with making the product
Costs that are essential but not directly related to manufacturing
money spent on a regular basis
Direct costs are...
Costs that do not change with output
Costs directly involved with making the product
Costs that are essential but not directly related to manufacturing
money spent on a regular basis
Indirect costs are...
Costs that do not change with output
Costs directly involved with making the product
Costs that are essential but not directly related to manufacturing
money spent on a regular basis
Running costs are...
Costs that do not change with output
Costs directly involved with making the product
Costs that are essential but not directly related to manufacturing
money spent on a regular basis
Revenue is
price x output (sales)
price x costs
Fixed costs x variable costs
Price x breakeven
Which of the following are sources of revenue?
Interest from savings
Investment
Rent
Loans
Which of the following are variable costs?
Material
Labour
Machinery
Building
Which of the following are considered direct costs?
Wages
Material
Marketing
Salaries
Which is the correct method to work out profit?
Sales Revenue - Fixed Costs
Sales Revenue - Variable Costs
Fixed Costs + Variable Costs
Sales Revenue - Total Costs
Fixed Costs are the same as Indirect Costs
True
False
If a business makes 100 products. Sells them for £2 each and each one costs £1. What is the total variable costs?
£200
£100
£150
£300
