Putting an idea into practice (Edexcel GCSE Business): Quizzes
📚Quizzes
Practise the questions
11 questions from this quiz
ShowHide
Practise the questions
11 questions from this quiz
What is the formula for calculating revenue?
What is the formula for calculating revenue?
Revenue = Price × Quantity
Which terms mean the same as revenue?
Which terms mean the same as revenue?
Sales revenue and turnover
What is the key characteristic of fixed costs?
What is the key characteristic of fixed costs?
They stay constant regardless of output
How do variable costs behave as production increases?
How do variable costs behave as production increases?
They increase with production levels
Which of these is an example of a fixed cost?
Which of these is an example of a fixed cost?
Rent payments
Which is an example of a variable cost?
Which is an example of a variable cost?
Raw materials
What is the formula for total costs?
What is the formula for total costs?
Fixed costs + Variable costs
What happens to fixed cost per unit as production increases?
What happens to fixed cost per unit as production increases?
It decreases
Which type of cost is more flexible?
Which type of cost is more flexible?
Variable costs
A pottery business sells 150 pots at £10 each. What is the revenue?
A pottery business sells 150 pots at £10 each. What is the revenue?
£1,500
Fixed costs are £500, variable costs are £300. What are total costs?
Fixed costs are £500, variable costs are £300. What are total costs?
£800