1) What is break even? a) It is when a buisness sells enough units to cover the business ' costs b) It is when a business makes enough money to make a profit c) It is when a business makes a loss 2) Choose 2 options that are fixed costs a) Rent b) Electricity c) Ingredients d) Packaging 3) Choose 2 options that are variable costs a) Ingredients b) Electricity c) Packaging d) Owner's salary 4) How much is the sales revenue ?. A business sells 10 units and the selling price per unit is £5 a) 10 x £10 = £100 b) 10 x £5 = £100 c) 10 x £5 = £50 d) 10 x £20 = £50 5) How much is the Gross Profit? A business sales £100,000 and the Cost of Sales is £20,000 a) Gross profit = Sales (£20,000)- Cost of Sales (£100,000) = -£80,000 b) Gross Profit = Sales (£100,000)- Cost of Sales (£20,000) = £80,000 c) GP= Sales (£50,000)- Cost of Sales (£100,000) = -£80,000 6) How much is the Net Profit? Gross Profit of £100,000 and expenses of £30,000 a) Net Profit = Gross Profit (£50,000)- expenses(£100,000) = -£80,000 b) Net Profit= Gross Profit (£100,000)- expenses(£30,000) = £70,000 c) Net Profit= Gross Profit (£100,000)- expenses(£40,000) = £70,000 7) What is a balance sheet? a) It shows the current assets , the current liabilities and the equity of a business for a given time b) It does not show the current assets , the current liabilities and the equity of a business for a given time c) It shows much much sales and how much expenses a business has made during a whole year 8) What is a profit and loss account? a) It does not show the current assets , the current liabilities and the equity b) It shows the current assets , the current liabilities and the equity c) It shows much much sales and how much expenses a business 9) Choose some of the elements of a balance sheet a) Current assets b) Sales Revenue c) Current liabilities d) Cost of Sales e) Long term laibilities f) Non current liabilities 10) Choose the formula for the break even a) Variable cost per unit - Selling price per unit /(divided by) Fixed Costs b) elling price per unit - Variable cost per unit - (divided by) Fixed Costs c) Fixed Costs / (divided by ) Selling price per unit - Variable cost per unit 11) Choose the start up costs a) Till b) Desks c) Ingredients d) Packaging e) Signage (marketing) 12) Choose the running costs for a sandwich shop a) Till b) Desks c) Ingredients d) Packaging e) Signage (marketing)

Break Even and Costs Business Level 2

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