
Price Determination Vocabulary Quiz
Authored by Ross Gibson
Business
10th Grade
Used 1+ times

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30 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the best definition of fixed costs?
Costs that change depending on how many items are sold
Costs that only occur if sales are high
Costs that stay the same regardless of the level of sales
Costs paid in even fixed amounts
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are variable costs?
One-off payments made by the owner
Costs that increase as more fish is sold
Monthly payments that never change
Advertising and insurance costs
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of a direct cost?
Shop rent
Electricity bill
Fish used in each portion sold
Staff training costs
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is meant by the term revenue?
The money left after all costs are paid
The amount of money spent on marketing
The total income from selling goods or services
The price paid to suppliers
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does profit mean?
Revenue minus expenses
Costs plus tax
The amount of money needed to break even
The price set by customers
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is break-even important in pricing decisions?
It tells the owner how much stock to order
It shows how much to charge customers
It helps calculate how many items must be sold to cover costs
It measures how popular the product is
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does 'Cost of Goods Sold (COGS)' refer to in your assessment?
The price customers pay for fish
The total cost of making and selling the fish that has been sold
The rent paid by the fish and chip shop
The amount of money spent on advertising
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