Examlex
Define control systems, and list the three characteristics of an effective control system.
Mark-Up Percentage
Mark-up percentage is the ratio of profit added to the cost price to determine the selling price.
Cost-Plus Pricing
A pricing method where the seller establishes the sale price by adding a defined markup to the cost per unit of the product.
Total Variable Cost
Total Variable Cost is the sum of all costs that vary directly with the level of production or sales volume; they increase as production increases and decrease as production decreases.
Mark-Up Percentage
A financial ratio indicating the percentage by which a product's selling price exceeds its cost, used to determine selling prices.
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