11th Grade Cost Theory Quizzes, Questions & Answers

11th Grade

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the Business Costs and Revenue Quiz Part- II

This is part- II to The Business Costs And Revenue Quiz. When running a business it is important while planning to ensure that the costs do not exceed total revenues you get. Do you think you are well informed on the balance...

Questions: 15 | Attempts: 926 | Last updated: Mar 22, 2025

Sample Question 1
Which of the following is a reason for managers knowing the costs of the business?

They will be able to increase output.

It will help them fix the price of the product(s).

The information would have to be published to shareholders.

Costs will tell the managers, without any other information, what the profits of the business are.

Sample Question 2
Which one of the following costs is most likely to be variable for a fast food restaurant?

The salary of the manager

The rent of the restaurant

The cost of the food supplies

The machinery used to cook the food

Sample Question 3
The best definition of variable costs is:

They vary with the number of units produced.

They vary over time.

They vary with the prices charged by suppliers.

They vary with tax rates set by government.

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Trade Offs Opportunity Cost Quiz

Questions: 8 | Attempts: 1016 | Last updated: Aug 9, 2025

Sample Question
Tradeoffs are options that the consumer has and can choose to take.

True

False

Opportunity Cost Economics Quiz

Questions: 15 | Attempts: 4809 | Last updated: Oct 22, 2025

Sample Question
If a business invests in research and development instead of marketing, the potential increase in sales from marketing is the:

Direct cost

Opportunity cost

Marginal cost

Fixed cost

Can You Pass This Basic Economics Test? Quiz

Questions: 11 | Attempts: 1105 | Last updated: Mar 20, 2025

Sample Question
1. Which of the following decisions must be made by all economies?

A. How much to produce? When to produce? How much does it cost?

B. What is the price? Who will produce it? Who will consume it?

C. What to produce? How to produce? For whom to produce?

D. none of the above.

11th Grade Cost Theory Quizzes, Questions & Answers

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