Other questions in this quiz

2. How do you calculate profit?

  • Subtracting total revenue from total costs.
  • Subtracting total costs from total revenue.
  • Multiplying the quantity sold by price.

3. How do you calculate total revenue?

  • Quantity sold x Average price.
  • Quantity sold x Average cost.
  • Quantity sold x Average profit.

4. 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.

5. What is revenue sometimes called?

  • Price.
  • Turnover.
  • Overheads.

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