Cost, Revenue, and Profit (Grades 11-12)
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Cost, Revenue, and Profit
1.
A cost or obligation that occurs infrequently and varies in amount spent from month to month (entertainment, clothing, gas for your car).
- Fixed Expense
- Surcharge
- Variable Expense
- Tax
2.
Which expenditure is a fixed cost for an electronics manufacturer?
- fees for building maintenance
- monthly rent for a factory
- overtime pay for employees
- snack foods for managers
3.
What's revenue?
- costs of selling products or services
- expense to run business
- sales of products or services
- distributions to stockholders
- Assets purchased to run business
4.
is the money left over after the costs of producing a good have been subtracted from the revenue gained by selling that good.
5.
To calculate the net income of a business one must complete which math equation?
- Revenue - Liabilities
- Revenue - Expenses
- Revenue - Assets
- Assets - Liabilities
- Liabilities + Expenses
6.
A manufacturer that seeks to maximize its profits will increase production as long as -
- marginal revenue exceeds marginal costs
- total revenue exceeds total costs
- fixed costs exceed variable costs
- gross revenue exceeds net revenue
7.
Which term describes the situation when a country's imports exceed its exports?
- Budget deficit
- Budget surplus
- Trade deficit
- Trade surplus
8.
Which of these is an essential feature of capitalism?
- Government ownership
- Price controls
- Central planning
- Free markets
9.
How can a business reduce its fixed cost per item sold?
10.
Dan's Sandwich Shop sells 100 sandwiches per day at a cost of $5.50 each. What is his daily total revenue?
- $5.50
- $55.00
- $550.00
- $100
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