When Using Cost-Plus Pricing, the Markup Is Added to the Job

question 194

Multiple Choice

When using cost-plus pricing, the markup is added to the job cost to help

• A)cover operating expenses.
• B)generate a profit.
• C)determine the price to charge for the job.
• D)all of the above.

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Definitions:

Accurately Measures

The ability to correctly quantify or assess dimensions, quantities, or capacities using instruments or techniques.

Percentile

A statistical value that indicates the relative position of a number in a dataset, showing what percentage of the data lies below that value.

Test Norms

Statistical standards that allow the comparison of scores on a test to a larger, well-defined population.

Derived Score

A statistical measure calculated from raw data, often used to compare individual performance to a normative group.