Examlex
The reasonable person test is used to judge contracts involving mechanical fitness.
Variable Costs
Expenses that change in proportion to the production output or sales amount.
Target Costing
A pricing strategy in which the selling price of a product is set first, and then the target cost is determined by subtracting a desired profit margin from the selling price.
Return on Investment
A performance measure used to evaluate the efficiency or profitability of an investment, calculated as net income divided by the cost of the investment.
Selling Price
The price at which a product or service is offered to customers, often determined by costs, market demand, and competition.
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