wayground logo

Free Printable Worksheets

NEW

Font size

S
M
L
XL
Worksheets

Cost, Revenue and Profit - Year 9

Total questions: 55

Worksheet time: 41mins

Name
Class
Date
1.

What is a cost?

a)

Something the company receives

b)

The price of a product

c)

Something the company must pay

d)

Something the company sells

2.

What is a variable cost?

a)

A cost which does not change

b)

A cost which they must pay even if they produce nothing

c)

A cost which changes the more or less the business produces

d)

A cost the business pays when they start

3.

If Sam's Sandwiches use 25p of material for each sandwich, what will be their variable costs for 10 sandwiches

a)

10 x 0.25 = £2.50

b)

2.5 x 10 = £25

c)

25 x 10 = £250

d)

0.25/10 = 2.5p

4.

What is the formula for Revenue?

a)

Total Sales + Costs = Revenue

b)

Number of Sales x Price per unit = Revenue

c)

Price per unit x Total Costs = Revenue

d)

Number of Sales - Total Costs = Revenue

5.

If Wendy sells 50 hot dogs at £2 each. What is her revenue?

a)

£250

b)

£100

c)

£120

d)

£52

6.

If Wendy sells 50 hot dogs at £2 each. What is her revenue?

a)

£250

b)

£100

c)

£120

d)

£52

7.

Which cost is Fixed?

a)

Sandwiches

b)

Ingredients

c)

Utilities

d)

Stock

8.

How do you calculate revenue?

a)

sales x price

b)

price x cost

c)

cost + sales

d)

sales - total price

9.

How do you calculate "Total Costs"?

a)

fixed costs x sales

b)

sales + variable costs

c)

variable costs + fixed cost

d)

variable cost x fixed cost

10.

What is another name for a business' sales revenue?

a)

Sales

b)

Costs

c)

Sales turnover, turnover or revenue

d)

Profit and Loss

11.

If a business's costs exceeds it sales revenue, it will experience a ........?

a)

loan

b)

profit

c)

loss

d)

debt

12.

Which group is interested in a business's profit and loss account?

a)

Stillholders

b)

Stileholders

c)

Stakeholders

d)

Staleholders

13.

Per unit of good is called?

a)

Fixed cost

b)

Average cost

c)

Variable cost

d)

Unitary cost

14.

Even when the firm stops producing, they have to incur the loss of fixed costs

a)

True

b)

False

15.

This cost incurs when production actually starts

a)

Variable costs

b)

Fixed costs

c)

Average costs

d)

Marginal cost

16.

A boy had a bike for S32000 and was sold for S45000. What was the boy's profit? 

a)

S17000

b)

S12500

c)

S23500

d)

don't know

17.

If the cost price of an item is $10 and the selling price is $12, was a profit or a loss made?

a)

profit

b)

loss

c)

neither

18.

Find the loss of an item that cost $190 and sold for $175.

a)

$25

b)

$15

c)

-$15

d)

$30

19.
Which of the following is the best definition of REVENUE?
a)
The total amount of income a business makes from selling products or services
b)
The amount of money a business has LEFT over after paying for their costs.
c)
The total amount of money a business spends.
d)
The amount of money a business loses every month.
20.
Which of the following is the best definition of PROFIT?
a)
The total amount of income a business makes from selling products or services
b)
The amount of money a business has left over after paying for their costs.
c)
The total amount of money a business spends.
21.
Which of the following is the best definition of COSTS?
a)
The total amount of income a business makes from selling products or services
b)
The amount of money a business has left over after paying for materials.
c)
The total amount of money a business spends.
22.
Which of the following is the equation for figuring out PROFIT?
a)
Profit = Revenue - Cost
b)
Profit = Cost - Revenue
c)
Revenue = Profit - Cost
d)
Costs = Profit - Revenue
23.
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?
a)
$25
b)
$225
c)
$375
d)
$750
24.
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?
a)
$25
b)
$225
c)
$375
d)
$750
25.
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...
a)
FIXED cost.
b)
VARIABLE cost.
26.
If you own a home, you must pay for electricity you use.  The amount you pay changes every month depending on how much you use. This is an example of a...
a)
FIXED cost.
b)
VARIABLE cost.
27.
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...
a)
FIXED cost.
b)
VARIABLE cost.
28.
You own a lawn-care business and you have two employees.  You pay these employees a salary meaning you pay each of these workers $900 every month no matter how much they work. This is an example of a...
a)
FIXED cost.
b)
VARIABLE cost.
29.
You have a straight-talk cell phone plan.  This means that your cell phone bill is always changing depending on how many texts you send, how much internet you use, and how many calls you make.  This is an example of a...
a)
FIXED cost.
b)
VARIABLE cost.
30.
You have just bought a new car for your 16th birthday.  However, you didn't have enough money to pay for the whole car so you took out a loan.  Now, every month you must pay exactly $100 for a loan on your car. This is an example of a...
a)
FIXED cost.
b)
VARIABLE cost.
31.

How do you calculate revenue?

a)

sales x price

b)

price x cost

c)

cost + sales

d)

sales - total price

32.

How do you calculate "total variable cost"?

a)

variable cost per unit

b)

variable cost per unit + expenses

c)

revenue x variable cost per unit

d)

sales x variable cost per unit

33.

How do you calculate "Total Costs"?

a)

fixed costs x sales

b)

sales + variable costs

c)

variable costs + fixed cost

d)

variable cost x fixed cost

34.

If Illuminate Lights Ltd sells 20,000 light bulbs at £2 each, what will their sales revenue be?

a)

£20,000

b)

£40,000

c)

£30,000

d)

£50,000

35.

What is a cost?

a)

Something the company receives

b)

The price of a product

c)

Something the company must pay

d)

Something the company sells

36.
Is the electricity bill a fixed cost or a variable cost?
a)
Its a fixed cost 
b)
Its a variable cost
c)
Its a fixed cost 
d)
It's a variable cost
37.
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
38.
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
39.
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
40.
If the total revenue = £489 and the total costs = £241 what is the profit made?
a)
£248
b)
£246
c)
£258
d)
$248
41.
If the total revenue = £639 and the total costs = £427 what is the profit made?
a)
£212
b)
£202
c)
£222
d)
$212
42.
Remembering that revenue means earnings (or income)...what is revenue in the example?
a)
£1
b)
£1.50
c)
£2.50
d)
£5
43.
Remembering that revenue means earnings (or income)...what is revenue in the example?
a)
£10
b)
£40
c)
£50
d)
£100
44.
Remembering that revenue means earnings (or income)...what is revenue in the example?
a)
£1
b)
£2
c)
£4
d)
£6
45.
Remembering that profit is income minus costs...what is profit in the example?
a)
£10
b)
£40
c)
£50
d)
£100
46.
Remembering that profit is income minus costs...what is profit in the example?
a)
£1
b)
£2
c)
£4
d)
£6
47.
Remembering that costs are total money spent...what is total costs in the example?
a)
£1
b)
£1.50
c)
£2.50
d)
£5
48.
If variable costs change (based on how many you make/sell)...which is a variable cost?
a)
Renting burger shop
b)
Buying in burgers
49.

the difference between revenue and expenses

a)

revenue

b)

profit

c)

money

d)

expenses

50.

The amount of money you get from selling a good or service

a)

revenue

b)

profit

c)

expense

51.

you want your expense to be ______

a)

High

b)

Low

52.

buying beads for a bracelet business

a)

expense

b)

revenue

c)

profit

53.

the money you ACTUALLY make

a)

Profit

b)

expense

c)

money

54.

your sales

a)

expenses

b)

profit

c)

revenue

55.

earning $45 from selling hot dogs

a)

profit

b)

revenue

c)

expense

Similar Resources on Wayground

Unit link sertifikasi

60 questions

Unit link sertifikasi

quiz

Worksheet

•

1st Grade

Post Test SG Konsumtif 2021

50 questions

Post Test SG Konsumtif 2021

quiz

Worksheet

•

1st - 3rd Grade

Fundamentals of Accounting 2

50 questions

Fundamentals of Accounting 2

quiz

Worksheet

•

1st - 12th Grade

metode penelitian s2

60 questions

metode penelitian s2

quiz

Worksheet

•

1st - 5th Grade

untitled

50 questions

untitled

quiz

Worksheet

•

1st Grade - Professio...