The Selling Price of a Widget Is $15 and the Fixed

question 18

Multiple Choice

The selling price of a widget is $15 and the fixed cost per month is $4,800. The variable cost per widget is $9. Calculate the net income on sales of 850 units per month.

• A) $12,750
• B) $7,950
• C) $5,100
• D) $1,150
• E) $300

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Definitions:

Partial Performance

The situation where a party to a contract completes some but not all tasks or obligations agreed upon, often debated in legal disputes regarding contract enforcement and compensation.

Prenuptial Agreement

An agreement two parties enter into before marriage that clearly states the ownership rights each party enjoys in the other party’s property. To be enforceable, it must be in writing.

Statute Of Frauds

A legal principle requiring certain contracts to be in writing and signed by the parties involved to be enforceable.

Statute Of Frauds

A legal concept that requires certain types of contracts to be executed in writing and signed by the party to be charged, in order to be enforceable.