Fractions Should Never Be Reduced to Their Lowest Terms

question 65

True/False

Fractions should never be reduced to their lowest terms.

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Definitions:

Materials Markup

The sum included in the goods' cost price to cover both overhead expenses and profit.

Time and Materials Pricing

A pricing method where customers are charged based on the actual time spent and materials used on their project.

Labor Hours

The total amount of time, measured in hours, that workers spend on producing goods or providing services within a specific period.

Income Statement

A financial document that summarizes an organization's revenues and expenses over a specific period, showing net profit or loss.