A Credit Card Reader Can Be Used with Many Smartphones

question 31

True/False

A credit card reader can be used with many smartphones and tablets, making it possible to accept credit card payments wherever there is cell phone service.

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Definitions:

Contribution Margin

The gap between a product's sales revenue and its variable expenses, which serves to offset fixed costs and produce earnings.

Variable Cost

Expenses that adjust in direct correlation with changes in production or sales levels.

Fixed Costs

Expenses that do not change with the level of production or sales activities within a certain range, such as rent, salary, insurance, and loan payments.

Break-even Point

The break-even point is the level of production or sales at which total revenues equal total costs, resulting in no net profit or loss.