Starter & Plenary on Costs and Types of Cost

• Business Studies
• Further Education (Key Stage 5)

Something a business has to pay in order to operate

1. Costs
2. Payments

Three types of Cost

1. Average, Marginal and Total
2. Fixed, Variable and Total
3. Fixed, Variable and Semi-variable Cost

A cost that remains the same no matter how many products a business produces

1. Fixed
2. Semi-variable
3. Variable

Salaries and Insurance are examples of ………………… costs

1. Fixed
2. Variable
3. Semi-variable

The cost will increase if the business produces more

1. Fixed
2. Semi-variable
3. Variable

Raw materials and Packaging are examples of ……………………. Costs

1. Fixed
2. Semi-variable
3. Variable

…………………………costs are Partly fixed and Partly variable.

Total Variable Cost = Average Variable Cost Per Unit x …………………….

1. No. of units produced
2. No. of units packed
3. No. of units sold

Total Cost = Total Fixed Cost + ………………………

1. Total Profit
2. Total Variable Cost
3. Total Average Cost

Electricity bill is an example of ……………………….. Costs

1. Fixed
2. Semi-variable
3. Variable

Total Cost = ..................... + Average variable cost per unit * No. of units produced

1. Total Fixed Cost
2. Average Fixed Cost
3. Total Variable Cost

How interesting was the quiz ?

😒🙁😐🙂😃