Understanding Cost and Price

Understanding Cost and Price

1st Grade

15 Qs

quiz-placeholder

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Understanding Cost and Price

Understanding Cost and Price

Assessment

Quiz

Business

1st Grade

Hard

Created by

Tabassum Mumtaz

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does cost typically refer to?

The profit from selling a product

The expense incurred for making a product or service

The amount a customer is willing to pay

The time taken to sell a product

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What company is mentioned in the example?

Ford Motor Company

Apple Inc.

Google

Amazon

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the cost of parts used to build a car considered as?

Direct cost

Indirect cost

Hidden cost

Imaginary cost

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main topic of the text?

Direct cost

Indirect cost

Traveling

Cooking

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the text say about indirect costs?

They are always related to a product

They cannot be easily traced to a product

They are the same as direct costs

They are not important

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term "fixed cost" imply about the cost's behavior?

It varies with production

It remains constant over the short term

It decreases with more production

It increases with less production

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Does the lease payment change with the number of products made?

Yes

No

Sometimes

Only if production stops

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