WorksheetsCosts
Total questions: 34
Worksheet time: 17mins
Under 18’s cannot work more than
9 hours a day or 40 hours a week
8 hours a day or 40 hours a week
Remuneration means
Financial reward for working e.g wages, tips
Financial reward for working tips only
If you earn a salary, are you paid by the hour or a fixed amount each month?
Fixed amount each month
Paid by the hour
Paid weekly
Paid only for overtime
Money is needed for which of these when running a business?
Cleaning materials
Waste disposal
Staff wages
All of the above
If a business does not make enough money to cover costs, then there will be _________.
no profit
extra income
huge sales
more investment
What will happen if a business does not make enough money to cover its costs?
The business will expand
The business will make a profit
This will lead to a closure of the business
The business will hire more employees
These are mainly things that get 'used up' by customers or employees and need to be replaced regularly. Fill in the blank: ________ are used up and need to be replaced regularly in establishments.
Ingredients
Napkins
Beverages
Equipment
Fill in the blank: ________ is a material needed by residential establishments.
Shampoo
Sandpaper
Engine Oil
Paint Thinner
What is included in the total amount paid by a business in labour costs?
Wages
Payroll taxes
Employee benefits
All of the above
Labour costs can vary due to the skills of the employee. For example, a head chef will have a ______ wage than a chef de partie.
higher
lower
equal
fixed
Labour costs can change when there are changes to the national minimum wage.
True
False
What are regular bills that a business must pay to continue running? Fill in the blank: Regular bills include rent, electricity, water, and _____.
gas
internet
wages
ingredients
Establishments need to be able to pay their bills on time.
True
False
Which of the following is an example of an overhead cost?
Waste disposal
Marketing
Product development
Customer service
Classify the following item into the correct category: Rent
A) Materials
B) Labour
C) Overheads
Classify the following item into the correct category: Wages
Materials
Labour
Overheads
Classify the following item into the correct category: Coffee
Materials
Labour
Overheads
Classify the following item into the correct category: Cleaning materials
Materials
Labour
Overheads
Classify the following item into the correct category: Maintenance of equipment
Materials
Labour
Overheads
Business’s need to make a profit __
to be successful
to pay taxes
to hire employees
What is an example of an overhead cost?
rent, water, gas, maintenance, pest control
raw materials used in production
direct labor wages for manufacturing
sales commissions for each product sold
Name an example of Overhead.
Electricity cost
Raw material cost
Sales revenue
Employee salary
Name an example of Labour.
Wages of factory workers
Rent of land
Interest on capital
Profit of entrepreneur
Name an example of Material.
Raw materials like steel
Running shoes
Electricity
Mathematics
What is the term used when a business makes money?
Revenue
Loss
Profit
Expense
What is the formula for Gross profit?
Sales - food costs
Sales - all costs
Sales + food costs
Sales + all costs
Gross profit is the money left over when the materials cost is taken off.
True
False
What is the formula for Net profit?
Sales - food costs
Sales - all costs
Sales + food costs
Sales + all costs
If the selling price of a chocolate tart is £5.50 and the ingredients cost £2.00, what is the gross profit?
£3.50
£7.50
£2.00
£5.00
Calculate the net profit for sticky toffee pudding using the formula: Net profit = Sales - all costs. Selling price is £6.50 and total costs are £5.10.
£1.40
£2.00
£0.90
£1.00
Why does a business need to make a profit?
It needs to make money to stay in business
To avoid paying taxes
To increase the number of employees
To reduce competition
Correct ordering of ingredients/materials affects the amount of profit made by a business.
True
False
Good or bad reviews from customers affect the amount of profit made by a business.
True
False
What must a business do to make a profit and be successful according to the passage?
Ignore changing factors
Adapt to changing factors
Focus only on profit
Avoid competition
