Finance 1.0 / 5 based on 1 rating ? Business StudiesFinanceGCSEEdexcel Created by: Megan MiguelCreated on: 17-02-14 19:04 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 A firm sells 10 units at £5 each. Its total costs are £30. How much profit is made? A £20 profit is made. 5 of 10 How do you calculate profit? Subtracting total costs from total revenue. 6 of 10 How do you calculate total revenue? Quantity sold x Average price. 7 of 10 When is a business making loss? When revenues are less than costs. 8 of 10 When is a business making a profit? When revenues are higher than costs. 9 of 10 If a company reduces a product's price, what does this mean for their revenue? There could be an increase or decrease in revenue. 10 of 10
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