Team 1
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Team 2
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Teams
Name
Score
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15
×
Which costs change with output?
Variable costs
Depreciation
Overheads
Fixed costs
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thief
Give points!
5
10
15
20
25
×
gift
Win 25 points!
Okay!
×
rocket
Go to first place!
Okay!
×
thief
Give points!
5
10
15
20
25
15
×
Which costs stay the same even if output changes?
Variable costs
Commission
Labour costs
Fixed costs
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×
seesaw
Swap points!
Oops!
×
star
Double points!
Okay!
×
shark
Other team loses 10 points!
Okay!
×
thief
Give points!
5
10
15
20
25
15
×
When a business is at break-even
Zero
what is the profit?
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15
×
What could cause break-even output to rise?
All of the above
Increase in variable costs
Decrease in selling price
Increase in fixed costs
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seesaw
Swap points!
Oops!
×
rocket
Go to first place!
Okay!
×
shark
Other team loses 25 points!
Okay!
×
lifesaver
Give 25 points!
Oops!
15
×
What is a budget?
A plan of expected income and spending for a period of time
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15
×
What is an advantage of budgeting?
Increases revenue
Guarantees profit
Stops competition
Helps control spending
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15
×
What happens if selling price increases (all other things stay the same)?
Variable costs rise
Fixed costs increase
Break-even output falls
Break-even output rises
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banana
Go to last place!
Oops!
×
shark
Other team loses 10 points!
Okay!
×
gift
Win 25 points!
Okay!
×
baam
Lose 10 points!
Oops!
15
×
What is the first step when calculating break-even?
Find margin of safety
Find total revenue
Find contribution per unit
Find profit margin
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15
×
What is total contribution?
Contribution per unit à number of units sold
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15
×
Break-even is when...
Total revenue = total costs
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15
×
What is a weakness of budgeting?
Budgets reduce profit
Budgets guarantee success
Budgets increase costs
Budgets may be unrealistic
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15
×
What is a variance in budgeting?
The difference between the budgeted and actual figures
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