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Y9 Business: Practice Questions (MCQ, Define)

Last updated about 2 hours ago

56 questions

Profit, Loss & Revenue

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Business Objectives

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Types of Costs for a Business

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Marketing

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Communication within the Business

1

Calculating Break-Even

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Congratulations! You have completed the Formative :)

Question 1

1.

What is the formula to calculate profit?

Revenue ÷ Costs

Revenue × Costs

Revenue - Costs

Costs - Revenue

Question 2

2.

How do you calculate total revenue?

Price of product × Quantity  (how many) Sold

Price ÷ Quantity Sold

Price √ Quantity Sold

Price - Quantity Sold

Question 3

3.

Which formula calculates loss?

Costs × Revenue

Costs - Revenue

Costs ÷ Revenue

Revenue - Costs

1

Question 4

4.

1

Question 5

5.

1

Question 6

6.

Question 7

7.

Question 8

8.

A business objective is a specific goal that a business aims to achieve

True

False

Question 9

9.

All businesses, regardless of size, type of product, or their mission, will have the same goal of the most profit

True

False

Question 10

10.

Business objectives can vary based on the type of business and its market environment.

True

False

Question 11

11.

Only large businesses need to set business objectives, while small businesses can operate without them.

True

False

Question 12

12.

Question 13

13.

Question 14

14.

Question 15

15.

Question 16

16.

What is a business cost?

Profits after selling products.

Expenses for employees only.

The money spent to run a business.

All earnings from a business.

Question 17

17.

What defines a variable cost?

Costs that remain constant regardless of output.

Costs that change with production levels. The more of a product that is made, the higher the cost will be. 

Total costs added up over time.

Costs for rent and salaries.

Question 18

18.

What is a fixed cost?

Overall expenses for a month.

Costs that rise with sales volume.

Variable costs combined with revenue.

Costs that do not change with production amount. The cost is the same whether 1 product or 100 are made. 

Question 19

19.

What is total cost in a business context?

Only fixed costs in a business.

Revenue minus total expenses.

The sum of fixed and variable costs.

Only variable costs incurred.

Question 20

20.

1

Question 21

21.

Question 22

22.

Question 23

23.

Question 24

24.

1

Question 25

25.

Question 26

26.

Question 27

27.

What is marketing primarily used for in a business?

To manage finances effectively.

To hire new employees.

To produce goods and services.

To promote products and create brand awareness.

Question 28

28.

What does brand awareness help a company achieve?

Less competition in the market.

Customers recognize and remember the brand.

Higher product quality overall.

Better prices for products.

Question 29

29.

Which of the following is a goal of marketing?

To reduce overall business costs.

To hire a better sales team.

To decrease product variety available.

To increase sales and attract more customers.

Question 30

30.

Question 31

31.

Question 32

32.

Question 33

33.

Question 34

34.

Question 35

35.

Question 36

36.

Question 37

37.

Question 38

38.

Question 39

39.

Question 40

40.

Question 41

41.

Question 42

42.

What is breakeven analysis used for?

To determine sales needed to cover costs

To calculate taxes owed

To set profit goals

To measure customer satisfaction

Question 43

43.

What does the breakeven point indicate?

No profit or loss occurs at that sales level

The highest cost level

Profit maximization

Maximum sales potential

Question 44

44.

How is the margin of safety calculated?

Total fixed costs

Total variable costs

Actual sales - breakeven amount point

Profit margin percentage

Question 45

45.

Why is breakeven analysis important for businesses?

It eliminates all costs

It guarantees profits

It assesses employee performance

Helps them know how many units they need to make and sell

Question 46

46.

What term describes the difference between actual sales and breakeven sales?

Profit margin

Sales variance

Cost margin

Margin of safety

Question 47

47.

Breakeven is defined as?

Total revenue minus expenses

When total revenue equals total costs

Total costs divided by units sold

Total sales minus profit

Question 48

48.

Which is a limitation of breakeven analysis?

Reflects market trends

Calculates future profits accurately

Includes all indirect costs

Assumes variable costs remain constant but they might change over time

Question 49

49.

What factors affect the breakeven point?

Customer demographics

Employee salaries

Marketing strategies

Fixed costs, variable costs, sales price

Question 50

50.

Question 51

51.

1

Question 52

52.

A

B

1

Question 54

54.

Question 55

55.

1

Question 56

56.

C

D

Question 53

53.

A

B

C

D