Table 1 contains information about a small business for one month. The business sold 340 units in this month. Table 1 (c) Using the information in Table 1, calculate the total costs for one month. You are advised to show your workings. square (d) Explain one possible non-financial aim an entrepreneur may have when starting a small business.

Question

Table 1 contains information about a small business for one month. The business sold 340 units in this month. Table 1 (c) Using the information in Table 1, calculate the total costs for one month. You are advised to show your workings. square (d) Explain one possible non-financial aim an entrepreneur may have when starting a small business.

Answer 1

The total costs for the business for one month are £6660 (£3600 + (340 x £9)).As for the non-financial aim an entrepreneur may have when starting a small business, it could be to provide a solution to a problem in the community, to fulfill a personal passion or interest, or to achieve a work-life balance.

Answer 2

## Step 1: Calculate the total variable costsThe total variable costs can be calculated by multiplying the number of units sold by the variable cost per unit. In this case, the business sold 340 units and the variable cost per unit is £9. ###

## Step 2: Calculate the total costsThe total costs for the business can be calculated by adding the total fixed costs and the total variable costs. The fixed costs are £3600 and the total variable costs were calculated in the previous step.### \(Total \ Costs = Fixed \ Costs + Total \ Variable \ Costs = £3600 + (340 \times £9)\)

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