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?

  • Price.
  • Turnover.
  • Overheads.

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