A Relative Ranking System Is Used When

question 4

Multiple Choice

A relative ranking system is used when

• A)students receive an A if they got 93% of the total points in a semester.
• B)students receive weighted grades during a semester,like: 20 of 25 points on a quiz worth 5% of the grade,and 10 of 15 on a quiz worth 3% of the grade.
• C)a college implements a system where 10% of the class will receive A,20% will receive B,70% will receive C,20% will receive D and 10% will receive F.
• D)a student must take all quizzes to receive a C,a student must take all quizzes and write a paper to receive a B,and a student must take all quizzes,write a paper and do a presentation to receive an A.

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Definitions:

Fixed Costs

Expenses that do not change in proportion to the level of production or sales, such as rent, salaries, and insurance.

Competition-Based Method

Pricing strategy where the price of goods or services is determined by considering the prices of competitors’ products.

Total Cost Method

An accounting method that involves recording all production costs to inventory until the goods are sold, at which point they are expensed.

Markup

The amount added to the cost of a product to determine its selling price, usually expressed as a percentage of the cost.