WorksheetsReview_01
Total questions: 50
Worksheet time: 25mins
A Business that breaks even has total revenue of US$5 600 000 and fixed costs of US$2 000 000. Therefore the value of variable cost?
US$ 2 000 000
UD$5 600 000
US$7 600 000
US$3 600 000
A business charges US$25 per unit for its output. Fixed costs are US$1000 000 and variable costs are US$5 per unit. How much should the business produce and sell to break even?
US$ 50 000
Us$20
20 units
50 000 units
A Business breaks even when 5000 Units are produced. If price = US$20 and fixed costs are US$20000, then variable cost per unit is?
US$ 16 per unit
UsS50 per unit
US$ 20 per unit
US$ 4 per unit
An increase in fixed cost will do which of the following?
Shift the break even point to the left
make the total cost function steeper
Shift the break even point to the right
make the total cost function flatter
Wages paid to production workers is an example of which of the following?
Current Asset
Finance cost
Business expense
Cost of sales
A Business has revenue of US$239 500 cost of sales of US$ 154 000 and expenses of US$65 000. therefore, the value of operating profit is?
US$ 20 500
US$ 85 500
US$ 393 500
US$ 239 500
A statement of comprehensive income might be used to do which of the following?
Calculate labour turnover
Help make investment decisions
Measure the value of assets in a business
Calculate the liquidity ratio
Which of the following is a function of profit?
A measure of global economic success
Used to calculate the break even point
Measure of business performance
Measure of labour productivity
Gross profit is equal to which of the following?
Operating profit + Revenue
Revenue - Cost of Sales
Revenue - operating profit
Revenue + Cost of sales
(a) is payment for work, usually paid weekly.
(a) is payment for work, usually paid monthly.
(a) is payment relating to the number of sales made.
(a) is an additional amount of payment above basic pay as a reward for good work.
(a) involves workers swapping around and doing each specific task for only a limited time and then changing around again.
(a) involves using groups of workers and allocating specific tasks and responsibilities to them.
(a) is the process of improving a worker’s skills.
(a) is the advancement of an employee in an organization, for example, to a higher job/managerial level.
(a) is the reason why employees want to work hard and work effectively for the business.
(a) refers to a diagram that outlines the internal management structure.
(a) is the total value of the output of goods and services in a country in one year.
(a) is when there is a period of falling GDP.
(a) is the increase in the average price level of goods and services over time.
(a) exists when people who are willing and able to work cannot find a job.
(a) is when a country’s GDP increases, more goods and services are produced than in the previous year.
(a) are goods and services sold from one country to other countries.
(a) are goods and services bought in by one country from other countries.
(a) is the price of one currency in terms of another, for example, £1 : $1.5.
What does scarcity mean to humans?
that we have to act irrationally
that we need to use up all our resources for our comfort
that we have to use our resources efficiently so that needs and wants are satisfied
that we have to not use our resources at all because we will run out them if we keep using them
Work specialization is the same as _____.
Departmentalization
Division of labor
Decentralization
Job grouping
1. A tall organizational structure would be:
Many levels in hierarchy + wide spans of control.
Few layers in hierarchy + narrow spans of control.
Few levels in hierarchy + wide span of control.
Many levels in hierarchy + narrow span of control.
Which of the following is a type of training provided when a new employee begins work?
On-The-Job
Induction
Off-The-Job
When products are checked throughout the production process this is called
Quality Circles
Quality Assurance
Quality Control
A business checks products after they are made. What is this an example of?
Quality Control
Quality Circles
Quality Assurance
Making different varieties of identical products. The production process is broken into stages
Job
Batch
Flow
Job
Batch
Flow
Which of the following Pricing Strategies describes when you take the cost of producing a good and add on a percentage of profit to arrive at the selling price?
Cost-plus pricing
Low pricing
Promotional Pricing
High pricing
Which of the following presents the strongest reason that markup pricing generally does NOT make sense?
Sellers earn a fair return on their investment.
By tying the price to cost, sellers simplify pricing.
When all firms in the industry use this pricing method, prices tend to be similar.
This method ignores demand.
With a standard markup, consumers know when they are being overcharged.
E-Commerce is the process of buying, selling or exchanging products, services or information via computer.
Yes
No
A direct channel of distribution has:
Three intermediaries
Two intermediaries
One intermediary
No intermediaries
(a) is a good or service which people would like to have, but which is not essential for living.
(a) are those resources needed to produce goods or services.
(a) is the cash inflows and outflows over a period of time.
A good or service that is essential for living is called
Want
Needs
Interest
Desire
Which of the following is NOT the example of Capital
Money
Building
Staff
Machinery
