To Work Out the Total Cost of an Automotive Service

question 68

Multiple Choice

To work out the total cost of an automotive service, you need to know:

• A) The total cost of labor.
• B) The total cost of parts.
• C) The cost of gas and consumables you used to service the vehicle.
• D) All of the answers listed

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Definitions:

CPI

The Consumer Price Index (CPI) calculates the average price of a specific set of consumer items and services, including food, transportation, and medical care, which is used to gauge inflation by examining their weighted average cost.

Government Agency

An organization operated by the government to execute specific functions or provide services to the public.

CPI

The Consumer Price Index, a measure that examines the weighted average of prices of a basket of consumer goods and services, used as an indicator of inflation.

Price Level

An index that measures the average prices of goods and services in an economy over a period of time.