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Business Studies Finance

Total questions: 30

Worksheet time: 28mins

Name
Class
Date
1.

Classify the following cost as either fixed or variable:

Materials

a)

Fixed

b)

Variable

2.
Which one of the following costs is most likely to be variable for a fast food restaurant?
a)
the salary of the manager
b)
the rent of the restaurant
c)
the cost of the food supplies
d)
the machinery used to cook the food
3.
The total revenue of a business is:
a)
the same as profit
b)
equal to total costs
c)
quantity of units produced times unit production cost
d)
quantity of units sold multiplied by the sellingprice.
4.

A cash flow is useful for

a)

Informing the business about its profits

b)

Helping the business see where cash shortages may occur

c)

Seeing the flow of cash from the business to the bank

d)

Choosing the best method of finance to expand the business

5.

A cash flow shortage in a business is often solved by arranging

a)

An overdraft

b)

A loan

c)

Crowdfunding

d)

Selling shares

6.

What is the net cash flow?

a)

-£16,000

b)

-£7,000

c)

£12,000

d)

£26,000

7.

What is the closing balance?

a)

-£12,000

b)

-£2,000

c)

£9,000

d)

£26,000

8.
How do you calculate 'Revenue'?
a)
Price per unit x Quantity Sold
b)
Total income x Quantity
c)
Income - Total Costs
9.
How do you calculate 'Gross Profit'?
a)
Revenue - Total costs
b)
Revenue - Fixed Costs
c)
Revenue - Cost of Sales
10.

How do you calculate 'Total Costs'?

a)

Fixed Costs - Variable costs

b)

Fixed costs + Variable costs

c)

Fixed Costs / Direct Costs

11.

How do you calculate 'Net cash flow'?

a)

Inflow - Outflow

b)

Inflow + Closing Balance

c)

Inflow + Outflow

12.
How do you calculate 'Closing Balance'?
a)
Opening Balance + Net Cash Flow
b)
Net Cash Flow + Payments
c)
Opening Balance - Payments
13.

Which of the following are examples of Factory Overhead. Check all that apply

a)

Salaries of Management

b)

Raw Materials

c)

Maintenance

d)

Rent

e)

Salaries of Direct Labor

14.

When income from sales equals the total cost of producing, and selling goods.

a)

Breakeven Point

b)

loss

c)

profit

d)

I would do the math

15.
The Income Statement lists a businesses:
a)
Assets and Expenses
b)
Owner's Equity and Revenue
c)
Revenue, cost of goods and Expenses
d)
Expenses and Net Assets
16.
Which of the following is not a type of revenue?
a)
Sales
b)
Commission
c)
Service Fee
d)
Rent paid
17.
A Net Profit occurs if:
a)
Gross Profit is greater than expenses
b)
Expenses greater than Gross Profit
c)
None of the listed choices
18.
An expense is...
a)
money a business spends on the general operation of business
b)
money the business owes to other organisations and people
c)
money Owed to the Business
d)
None of the above
19.
________is the movement of cash into and out of a business.
a)
Cash Flow
b)
Balance Sheet
c)
Income Statement
d)
Tim Hall for President
20.
______is a financial statement that reports a business's assets, liabilities, and capital on a specific date.
a)
Balance Sheet
b)
Income Statement
c)
Statement of Cash Flows
d)
None of the Above
21.
Is a staff's salary a fixed or variable cost?
a)
It's a fixed cost
b)
Its a variable cost
c)
Its a fixed cost 
d)
It's a variable cost
22.
If the total cost of making 13 cars is £26,000 then what is the average cost?
a)
£2000
b)
£1000
c)
$2000
d)
$1000
23.
What is the definition of variable costs?
a)
a cost that varies with the level of output
b)
a cost that varies
c)
a worker's wages
d)
The range of Jaffa cake's elasticity
24.
If the total variable costs = £562 and the total fixed costs = 473 then what is the total cost?
a)
£1045
b)
£1035
c)
£1037
d)
£1033
25.
If the total revenue = £489 and the total costs = £241 what is the profit made?
a)
£248
b)
£246
c)
£258
d)
$248
26.
If the total revenue = £639 and the total costs = £427 what is the profit made?
a)
£212
b)
£202
c)
£222
d)
$212
27.

On this chart at which point does this business break even?

a)

190

b)

200

c)

$2,000

d)

$1,000

28.

Using this diagram what line is G?

a)

Total Revenue

b)

Variable Costs

c)

Total Costs

d)

Fixed Costs

29.

Using this diagram what line is F?

a)

Total Revenue

b)

Variable Costs

c)

Total Costs

d)

Fixed Costs

30.

If you have an increase in sales what effect would that have on the break-even point?

a)

Increase

b)

Decrease

c)

Stay the same

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