Solve. -Elaine Was Cooking Dinner for Some Friends. She Went Out

question 33

Multiple Choice

Solve.
-Elaine was cooking dinner for some friends. She went out to do the shopping and spent $120. She spent twice as much on food as on drinks. How much did she spend on each?

• A) Drinks: $30; food: $60
• B) Drinks: $30; food: $90
• C) Drinks: $40; food: $80
• D) Drinks: $60; food: $120

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Definitions:

Break-even Price

The price at which total costs and total revenue are equal, resulting in no net gain or loss.

Costing

The process of determining the cost associated with producing or providing a product or service.

Mark-up

The variance between the price at which a good or service is purchased and its retail price, shown as a proportion of the purchase cost.

Selling Price

The amount of money for which something is sold, not necessarily equal to its cost to produce.