AS Business Studies- Costs, Profit and Revenue

Small Quiz on costs, profit and revenue

• Created by: Tally
• Created on: 17-11-10 10:37
What is the name given to costs that do not change with the level of output?
Fixed
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What is the profit if Total costs are £157,000 and Revenue is £150,000?
(7,000)
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What is an example of a Variable cost?
Raw materials
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The formula for calculating revenue is:
Quantity sold x Average selling price
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Other cards in this set

Card 2

Front

What is the profit if Total costs are £157,000 and Revenue is £150,000?

(7,000)

Card 3

Front

What is an example of a Variable cost?

Card 4

Front

The formula for calculating revenue is:

Back

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wages are a variable cost.

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100%!

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eden wrote:

They can be, this does depend on whether they obtain bonuses but yeah they are variable

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Yeaaah 100% :D

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100% easy

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100% YAY!

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100% that was pretty easy ;)

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100%

well easy

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why does a bracket mean minus???????????????

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Wages are definately variable costs

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Wages are a variable cost, salary is a fixed cost.

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in an exam, unless the case study specifically said the wages would change, they would not be considered a variable cost; be careful.