1.3.2 Business revenues, costs and profits - Quiz

1. Which term describes the money a business earns from selling its goods or services over a set period of time?

Interest

Revenue

Profit

Total costs

2. What is meant by 'fixed costs'?

The full costs of running a business, found by adding fixed costs and variable costs together

Costs that do not change when the level of output changes

Costs that a business only pays once it has started making a profit

Costs that rise as the level of output rises

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