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Y9 Business: Practice Questions (MCQ, Define)

Last updated 20 days 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

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Calculating Break-Even

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Congratulations! You have completed the Formative :)

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Question 54

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Question 56

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What is the formula to calculate profit?

Revenue ÷ Costs

Revenue × Costs

Revenue - Costs

Costs - Revenue

How do you calculate total revenue?

Price of product × Quantity  (how many) Sold

Price ÷ Quantity Sold

Price √ Quantity Sold

Price - Quantity Sold

Which formula calculates loss?

Costs × Revenue

Costs - Revenue

Costs ÷ Revenue

Revenue - Costs

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

True

False

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

True

False

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

True

False

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

True

False

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.

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.

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. 

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.

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.

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.

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.

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

What does the breakeven point indicate?

No profit or loss occurs at that sales level

The highest cost level

Profit maximization

Maximum sales potential

How is the margin of safety calculated?

Total fixed costs

Total variable costs

Actual sales - breakeven amount point

Profit margin percentage

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

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

Profit margin

Sales variance

Cost margin

Margin of safety

Breakeven is defined as?

Total revenue minus expenses

When total revenue equals total costs

Total costs divided by units sold

Total sales minus profit

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

What factors affect the breakeven point?

Customer demographics

Employee salaries

Marketing strategies

Fixed costs, variable costs, sales price

Question 52

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Question 53

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