(English Medium) ICSE Class 10 - CISCE Question Bank Solutions

Total variable cost per unit increases ______.

The cost remains same at all levels of output is called ______ cost.

Which cost decreases with increase in the volume of output?

Which of the following cost is time based?

It refers to the expenses incurred on those items which are not directly chargeable to production. Salaries of timekeeper, foremen and watchmen are examples of this cost. This cost is incurred for the concern as a whole rather than a particular product.

Which definition best describes indirect costs?

Wages paid to a labour who was engaged in the production activities can be termed as ______.

Which of the following best describes a fixed cost?

Fixed cost is a cost which remains same at ______.

Direct cost increases when ______.

What is opportunity cost?

Explain the following:

Sunk cost

Distinguish between controllable and uncontrollable costs.

Distinguish between direct costs and indirect costs.

Distinguish between shut down cost and sunk cost.

Distinguish between Direct Labour cost and Indirect Labour cost.

Why customer is not a stakeholder in a firm?

Who are customers?

The customer is the foundation of business and keeps it in existence but they are not the stakeholders of the firm. Why?

Explain the expectations of customers from a firm.