Understanding Fixed and Variable Costs

Understanding Fixed and Variable Costs

6th Grade

5 Qs

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Understanding Fixed and Variable Costs

Understanding Fixed and Variable Costs

Assessment

Quiz

Financial Education

6th Grade

Practice Problem

Hard

Created by

Fallon Parker

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5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a fixed cost?

A cost that changes every month

A cost that remains the same every month

A cost that only occurs once a year

A cost that depends on the weather

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an example of a variable cost?

Rent

Electricity bill

Mortgage payment

Car insurance

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If your monthly rent is $500, what type of cost is this?

Variable cost

Fixed cost

Occasional cost

Seasonal cost

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following statements is true about variable costs?

They are always higher than fixed costs

They can change based on usage or consumption

They are paid annually

They never change

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fixed cost

Variable cost

Annual cost

One-time cost