Other questions in this quiz

2. When is a business making a profit?

  • When revenues are higher than costs.
  • When revenues equal costs.
  • When revenues are less than costs.

3. A firm sells 10 units at £5 each. Its total costs are £30. How much profit is made?

  • A £20 loss is made.
  • A £20 profit is made.
  • A £50 profit is made.

4. When is a business making loss?

  • When revenues are less than costs.
  • When revenues are less than costs.
  • When revenues equal costs.

5. What does 'total cost' mean?

  • The total expenses of a firm.
  • The total income earned by a firm.
  • The total amount of profit earned by a firm.

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all Finance resources »