Match the Following Terms with Their Definitions

question 107

Multiple Choice

Match the following terms with their definitions.
-Overhead

• A)No profit, no loss
• B)Regular expenses of doing business
• C)Dollar profit
• D)Goods or services with a limited life
• E)Price reductions
• F)Price paid to supplier
• G)Cost is base
• H)Selling price is base
• I)Original selling price minus current price
• J)Selling price minus cost
• K)Net sales - cost of goods sold
• L)Difference between selling price and variable cost
• Difficulty: 1 Easy
• Topic: LU 08-01 Markups Based on Cost (100%); LU 08-02 Markups Based on Selling Price (100%); LU 08-03 Markdowns and Perishables; LU 08-04 Breakeven Analysis
• Learning Objective: 08-01 (1)Calculate dollar markup and percent markup on cost.; 08-02 (1)Calculate dollar markup and percent markup on selling price.; 08-03 (1)Calculate markdowns; compare markdowns and markups.; 08-03 (2)Price perishable items to cover spoilage loss.; 08-04 (1)Calculate contribution margin.; 08-04 (2)Calculate breakeven point.
• Bloom's: Remember
• Type: Static
• Accessibility: Keyboard Navigation

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Definitions:

Brand Position

The distinctive place a brand occupies in the minds of consumers, relative to competing brands, based on its unique values and attributes.

Liquid

broadly refers to assets or investments that can be quickly converted into cash without significant loss of value or to materials that flow and have no fixed shape.

Power Distance

A cultural dimension that reflects the extent to which less powerful members of organizations and societies accept and expect that power is distributed unequally.

Equality

The state of being equal, especially in status, rights, and opportunities, advocating for the same treatment and absence of discrimination.