Liz Edwards Is a Sales Associate for a Major Retailer

question 161

Multiple Choice

Liz Edwards is a sales associate for a major retailer of high-quality cooking supplies, housewares, and furniture. She is paid an hourly wage, plus she gets an additional sum of money that is a percentage of the dollar sales of all the sales associates combined during the hours that she works. Liz is working under a(n) ________________________ compensation plan.

• A) Straight salary
• B) Combination
• C) Straight commission
• D) Incentive
• E) None of these is a good answer

Determine the selling price for units by marking up unit product costs.

Understand how to calculate the amount of overhead applied to specific jobs.

Calculate the selling price for products by applying a markup to unit product costs.

Determine the total job cost for specific jobs.

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Definitions:

Civil Law

A legal system based on written codes or statutes, in contrast to common law, which is based on judicial decisions and precedents.

Criminal Law

The body of law that relates to crime and prescribes conduct perceived as threatening, harmful, or otherwise endangering to property, health, safety, and moral welfare of people.

Preponderance Of Evidence

A standard of proof in civil cases, requiring that a party's evidence be more convincing than the opponent's evidence to win the case.

Civil Law

A legal system originating in Europe, characterized by its codification of laws, that is distinguished from common law and covers areas such as contracts, family matters, and property.