WorksheetsEconomics: Cost, Revenue and Profit
Total questions: 9
Worksheet time: 6mins
Which is the odd one out?
Revenue
Turnover
Income
Profit
Electricity, Materials used in production, Transporting goods to customers, are all types of :-
Fixed costs
Variable costs
Stock items
Tangible products
The (a) cost is the total cost divided by the number of items produced. Which word is missing?
Market Share is the amount of profit a company makes compared to its competitors.
True
False
Not sure
Profit Maximisation, Sales Growth and increasing Market Share are all examples of what?
Business objectives
Economies of scale
Variable costs
Fixed costs
Increasing Market Share might be achieved by (chose all that apply) ........
Reducing prices
Increasing availability/distribution of a product or service
Investing more in advertising
A company reducing its sales team
Rent, Rates, Salaries, Plant and Machinery, should be considered as what .......
Variable costs
Total costs
Fixed costs
Average costs
How confident are you that you understand the differences between types of costs that a business has?
100%
75%
50%
10%
A product sells for £10, it's variable costs are £ 3.50. Which of the following statements is correct?
This is a total profit of £ 6.50
This is margin of £ 6.50
This is a margin of 65%
This is a £ 6.50 contribution to fixed costs.
