A Collection of Twenty College Students Was Asked How Much $\begin{array}{l|llll}0&5\\1&0&2&2\\2&2\\3&0&0&3&3&9\\4&0&0&0&2&3&5&6&6\\5&1\\6&7\end{array}$

question 43

Multiple Choice

A collection of twenty college students was asked how much cash they currently had in their possession. The data is summarized in the stemplot below. Typically, how much money does a student have in his or her possession? $\begin{array}{l|llll}0&5\\1&0&2&2\\2&2\\3&0&0&3&3&9\\4&0&0&0&2&3&5&6&6\\5&1\\6&7\end{array}$

• A) \(\$ 60 - \$ 70\)
• B) Not enough information available
• C) \(\$ 40 - \$ 50\)
• D) \(\$ 30 - \$ 40\)

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Definitions:

Contribution Margin Ratio

The percentage of each sales dollar that remains after variable costs have been deducted, contributing towards covering fixed costs and generating profit.

Net Operating Income

The total profit of a company after operating expenses are subtracted from gross profit but before income taxes and interest are deducted.

Fixed Monthly Expenses

Regularly occurring costs that remain the same each month, such as rent or salaries.

Contribution Format Income Statement

An income statement format that separates fixed costs from variable costs and is used to calculate the contribution margin.