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G10 T2 End of Term Review

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  • How do we calculate the total cost of a business? a. fixed costs/ output b. fixed costs + variable costs
    fixed costs + variable costs
  • For a business, which one is a result of a low quality product? Loss of customers or increased sales?
    loss of customers
  • Give one disadvantage of low quality products for a business?
    increase costs, loss of customers, bad reputation
  • What is the meaning of loss?
    the business has not made any money
  • Afra's customers think poorly of her coffee business because the coffee do not taste nice. What is this an example of? Bad reputation or increased costs?
    bad reputation
  • Which one is a benefit of good quality products? Increased costs or increased sales?
    increased sales
  • Give an example of a variable cost.
    delivery, materials, part-time employees, water, electricity
  • What is the break-even point? a. Revenue is more than costs. b. Revenue and costs are the same.
    Revenue and costs are the same.
  • What is the formula for total average cost?
    total costs / number of output
  • Which method of production can we use for graduation cakes for a student called Roodah? a. job b. batch c. flow
    a. job
  • An example of fixed costs is the cost of materials. True or false?
    false
  • How do we calculate variable cost per unit? a. total output/variable input b. total variable costs/ output
    total variable costs/ output
  • What is the second calculation for break-even cost? a. selling price - variable cost per unit b. fixed costs / contribution per unit
    fixed costs / contribution per unit
  • Give one benefit of good quality products for a business?
    brand loyalty, increased sales, good reputation, new customers
  • What is the meaning of profit? a. revenue is more than costs b. costs is more than revenue
    revenue is more than costs
  • What is flow production? and which product do we make with flow method?
    production in a line - phones
  • What is the meaning of quality?
    how good something is
  • What does the marketing department do?
    research what customers want and advertise products
  • What is the meaning of value?
    how useful a product or service is
  • Why is the break-even point important? a. It tells you how many products to sell to make a profit. b. It tells you about your competitors.
    It tells you how many products to sell to make a profit.
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