1) What are fixed costs? a) These increases when the business increases its activities or output. b) Costs that can change even thought the business still needs to pay them.  c) The costs that a business has to pay regardless of how well it is doing. 2) What are the example of fixed costs? a) Rent, salary, supplies b) Business rates, wages, loan repayment c) Rent, salary, insurance d) Advertisement, wage, heating bills 3) What are variable costs? a) Costs that can change even though the business still needs to pay them. b) Cost that varies with the level of production. c) Costs that can change at the end of an agreement. 4) What are the examples of variable costs? a) Advertisement, wages, supplies b) Business rates, mortgage, wages c) Rent, insurance, salary d) Supplies, rent, business rates 5) What are semi-variable costs? a) Cost that changes every month. b) Costs composed of the mixture of both fixed and variable costs. c) Costs that stay the same at the end of an agreement. 6) What are some examples of semi-variable costs? a) Loan, suppliers, wages b) Mortgages, loan repayment, energy bills c) Insurance, loan repayment, advertisement 7) What is the definition of break even? a) When a business makes a profit. b) When a business is in deficit. c) When a business makes neither profit nor loss. d) When a business sells more products than predicted in the forecast 8) What is margin of safety? a) Actual sales in units - break-even level of output b) Selling price - variable costs per unit c) Sales - costs of sales d) Fixed costs : contribution per unit 9) What is gross profit? a) Total inflows - total outflows b) Retained profit - expenses c) Sales - costs of sales d) Net profit + Retained profit

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