Last Month a Manager's Operation Achieved $60,000 in Food Sales

question 20

Multiple Choice

Last month a manager's operation achieved $60,000 in food sales and $40,000 in beverage sales. The manager's cost of sales for food was $15,000 and cost of sales for beverages was $8,000. What was the manager's cost of sales percentage for food last month?

• A) 20%
• B) 25%
• C) 30%
• D) 35%

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Definitions:

Portfolio

A group of investment vehicles comprising stocks, bonds, commodities, as well as cash and its equivalents, together with mutual funds and ETFs.

Adverse Selection

Adverse selection refers to a situation where sellers have information that buyers do not, or vice versa, about some aspect of product quality.

Utility Function

A mathematical representation of how consumers rank different bundles of goods according to their level of satisfaction or utility.

Wealth

The presence of significant financial assets or tangible property that can be transformed into a medium suitable for trade.