Business - Finance 3.0 / 5 based on 1 rating ? Business StudiesFinanceGCSEAQA Created by: CharlotteCreated on: 08-05-13 18:12 What does 'total cost' mean? The total expenses of a firm 1 of 10 What does the amount of revenue a business earns each month depend on? Both selling price and quantity sold 2 of 10 What is revenue sometimes called? Turnover 3 of 10 An increase in output does NOT mean an increase in?; Overheads 4 of 10 How do you calculate profit? Revenue - costs 5 of 10 How do you calculate total revenue? The quantity sold x the average price 6 of 10 When is a business making a loss? When revenues are less than costs 7 of 10 When is a business making a profit? When revenues are higher than costs 8 of 10 A firm sells 10 units at £5 each. Its total costs are £30. How much profit is made? £20 9 of 10 If a company reduces a product's price, what does this mean for their revenue? Could lead to an increase or decrease in revenue. It will depend on how many products are sold 10 of 10
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