1) What is the formula to calculate total costs? a) Fixed costs - variable costs b) fixed costs +variable costs c) fixed costs x variable costs d) fixed costs /variable costs 2) which one of these costs is a start-up cost? a) Rent b) Electricity Costs c) Wages d) Advertising 3) George runs a taxi business, which one of these will be a running cost for him? a) Buying the Taxi b) Fuel c) Advertising d) Map 4) Where the total costs line crosses the total revenue line, this shows... a) The break-even point b) The margin of safety c) The loss made d) The profit made 5) Which of the following is a fixed cost for a restaurant? a) Ingredients b) Rent 6) Which of these is a variable cost for a restaurant? a) Ingredients b) Rent 7) If a business had fixed costs of £400 per month and variable costs are £100, what are the total costs? a) £300 b) £500 c) £400 d) £40,000 8) The formula for calculating variable costs is: a) total cost - fixed cost b) fixed cost X cost of one unit c) fixed cost X number of units d) cost of one unit X number of units 9) Which one of the following is a source of revenue for a charity shop? a) Advertising the shop b) Donations from the public c) Paying rent for the shop d) Collecting items to sell 10) What is the formula for calculating revenue? a) Number of sales X price per unit b) Number of sales + price per unit c) Price per unit - expenditure d) Number of sales + expenditure 11) At a village fete Wendy sold 250 burgers at £1.50 each. What is her revenue? a) £37.50 b) £550 c) £375 12) A small business sells personalised T-shirts. Each one sells for £15 and they sold 10,000 t-shirts last year. Calculate their revenue a) £15,000 b) £150,000 c) £1,500 d) £175,000 13) The term 'Expenditure' means: a) Money the business pays out b) Money the business collects c) Money made from sales 14) Which one of these is an item of expenditure for a Greengrocer? a) Sales revenue b) Interest on savings in the bank c) A bank loan d) Stock for the shop 15) When revenue is more than expenditure... a) The business has made a profit b) The business has made a loss c) The business has broke even 16) The amount by which sales would have to fall before reaching break-even is... a) The point at which the business has made a loss b) The break-even point c) The margin of safety d) The point at which the business has made a profit
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