Profit and loss (Edexcel GCSE Business): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
ShowHide
Practise the questions
12 questions from this quiz
What is profit?
What is profit?
Revenue exceeds costs
What is a loss?
What is a loss?
Costs exceed revenue
A shop has £2,000 revenue & £1,400 costs. What is the profit?
A shop has £2,000 revenue & £1,400 costs. What is the profit?
£600
What is interest?
What is interest?
Cost of borrowing money
A firm borrows £5,000 & repays £5,750. What is the interest rate?
A firm borrows £5,000 & repays £5,750. What is the interest rate?
15%
What happens to businesses that consistently spend more than they earn?
What happens to businesses that consistently spend more than they earn?
They will eventually fail
How does profit provide financial security for businesses?
How does profit provide financial security for businesses?
By building savings for unexpected costs
Which is a way profit rewards stakeholders?
Which is a way profit rewards stakeholders?
Paying dividends to investors
What are the two ways to increase profit?
What are the two ways to increase profit?
Increase revenue or decrease costs
Which strategy would reduce costs for a pottery business?
Which strategy would reduce costs for a pottery business?
Find cheaper suppliers
A firm has £10k materials, £30k fixed costs & £7.5k variable costs. What are total costs?
A firm has £10k materials, £30k fixed costs & £7.5k variable costs. What are total costs?
£47,500
If raw materials drop 10% from £10k to £9k & other costs stay at £37.5k, what's new profit (£50k rev)?
If raw materials drop 10% from £10k to £9k & other costs stay at £37.5k, what's new profit (£50k rev)?
£3,500