Font size
WorksheetsTypes of Costs
Total questions: 18
Worksheet time: 9mins
The total costs are calculated as the sum of the (a) costs and the variable costs.
(a) costs don't vary as the business changes its output
(a) costs change directly with output.
Fixed or Variable?
Wages paid for factory labour?
Fixed
Variable
Fixed or Variable?
Raw materials
Fixed
Variable
Fixed or Variable?
Transport costs
Fixed
Variable
Fixed or Variable?
Office rent
Fixed
Variable
Fixed or Variable?
Insurance
Fixed
Variable
Fixed or Variable?
Salaries
Fixed
Variable
A loan payment is a fixed expense.
True
False
Dara makes bracelets and sells them in her shop. Which are fixed expenses for Dara’s business?
the cost of the beads
the cost of the string
the cost of advertising
rent for her shop
If Sam's Sandwiches use 25p of material for each sandwich, what will be their variable costs for 10 sandwiches
10 x 0.25 = £2.50
2.5 x 10 = £25
25 x 10 = £250
0.25/10 = 2.5p
Materials used to produce goods are an example of ___.
Fixed Costs
Variable Costs
Total Revenue = $50,000
Total Cost = $35,000
Which statement is correct?
The business made a loss of $15,000.
The business made a profit of $15,000.
The business made a profit of $85,000.
The business made a loss of $85,000.
A ___ is made when total revenue is greater than total cost.
Profit
Loss
Fixed Cost
Variable Cost
A ___ is made when total revenue is less than total cost.
Profit
Loss
Fixed Cost
Variable Cost
A business that wishes to make a profit will strive to ___ revenue and ___ costs.
minimise, maximise
minimise, minimise
maximise, maximise
maximise, minimise
