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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).
  1. Fixed Expense
  2. Surcharge
  3. Variable Expense
  4. Tax
2. 
Which expenditure is a fixed cost for an electronics manufacturer?
  1. fees for building maintenance
  2. monthly rent for a factory
  3. overtime pay for employees
  4. snack foods for managers
3. 
What's revenue?
  1. costs of selling products or services
  2. expense to run business
  3. sales of products or services
  4. distributions to stockholders
  5. 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?
  1. Revenue - Liabilities
  2. Revenue - Expenses
  3. Revenue - Assets
  4. Assets - Liabilities
  5. Liabilities + Expenses
6. 
A manufacturer that seeks to maximize its profits will increase production as long as -
  1. marginal revenue exceeds marginal costs
  2. total revenue exceeds total costs
  3. fixed costs exceed variable costs
  4. gross revenue exceeds net revenue
7. 
Which term describes the situation when a country's imports exceed its exports?
  1. Budget deficit
  2. Budget surplus
  3. Trade deficit
  4. Trade surplus
8. 
Which of these is an essential feature of capitalism?
  1. Government ownership
  2. Price controls
  3. Central planning
  4. 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?
  1. $5.50
  2. $55.00
  3. $550.00
  4. $100

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