1. 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.
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Other questions in this quiz
2. What does 'total cost' mean?
- The total amount of profit earned by a firm.
- The total expenses of a firm.
- The total income earned by a firm.
3. How do you calculate total revenue?
- Quantity sold x Average profit.
- Quantity sold x Average price.
- Quantity sold x Average cost.
4. When is a business making a profit?
- When revenues are less than costs.
- When revenues are higher than costs.
- When revenues equal costs.
5. What is revenue sometimes called?