Identifying Fixed Costs & Variable Costs for Producers Video

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Caribbean Constructions is planning to expand a complex of resort condos in the Bahama Islands. Which of these is a fixed cost for their project?

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1. Sandra is a veterinarian who is planning to start a new practice in Columbus, Ohio. Which of these is a variable cost of starting her business?

2. Which business do you think would have the highest fixed cost?

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About This Quiz & Worksheet

In this quiz and worksheet, you will learn how much you know about the definition of fixed costs and variable costs, and be asked to give examples of both. The quiz will also test your knowledge of how various industries are affected by these two types of costs.

Quiz & Worksheet Goals

In these assessments you'll be tested on:

  • What is a fixed cost
  • Examples of variable costs to producers
  • Industries that have the highest variable costs
  • Businesses with high fixed costs
  • Reason for sharp rises in a business' variable costs

Skills Practiced

  • Making connections - use your understanding of fixed and variable costs to identify examples of each
  • Knowledge application - use your knowledge of fixed and variable costs to explain how businesses are affected by each
  • Defining key concepts - ensure that you can accurately define main phrases, such as fixed cost and variable cost

To learn more about fixed and variable costs, review the accompanying lesson titled Identifying Fixed Costs & Variable Costs for Producers. This lesson covers the following topics:

  • Types of costs to producers
  • Fixed costs and their effect on a business
  • Variable costs and what they mean for different industries
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