1) Total Costs are made up of: a) Net profit - Costs b) Gross profit x sales c) Variable costs + Cost of sales d) Fixed Costs + Variable Costs e) Fixed costs / Gross Profit f) I don't have a donkey's 2) What is a Variable Cost? a) Costs that a business don't need to pay b) costs that increase directly with changes in production or output c) Costs that stay the same d) Costs that only count on Sundays e) Its far too confusing for me 3) Which is an example of a Variable Cost? a) Electricity b) Rent c) Rates d) Interest on loans e) Wood for toy horses being produced. f) Wouldn't have a baldies 4) What is a fixed cost? a) The most expensive costs to a business b) Costs that are always under £100 c) Costs that owners pay to fix property d) The opposite to a broken cost... e) costs that remain the same regardless of how many items you make or sell 5) What is the formula for variable cost a) Total cost x 100 b) Variable Costs = Cost of one unit x Number of Units produced c) Fixed cost x 200 d) Variable Costs = Cost of one unit x 100 e) variable cost = Net profit x number of costs f) number of ideas = none 6) What is Profit? a) Profit = Total Revenue – Total Costs b) Profit = Total Sales c) Profit = All the money in a business d) Profit = Total Costs x 5 e) Can i phone a friend? 7) Turnover is the amount of revenue a business makes in a period. It is figured out by... a) turning over the page b) price x quantity sold c) profit x quantity sold d) variable costs x sales e) Sales x Fixed costs f) Hmmmmm *skip* 8) What is Cost of Sales? a) The cost of selling ie. petrol b) Business costs that don't change c) The cost associated with making a product d) The amount of products x profit e) Cost of what now?

BTEC Enterprise Recap Quiz

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