Steve, Chevy and Martin Agree to Share Profits in the Ratio

question 44

Multiple Choice

Steve, Chevy and Martin agree to share profits in the ratio 3: 5: 2. This means:

• A) Steve is entitled to 3/5 of the profits.
• B) Chevy is entitled to 1/2 of the profits.
• C) Martin is entitled to 2/8 of the profits.
• D) Steve is entitled to 1/3 of the profits.

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Definitions:

Trade-In Allowance

A discount or credit granted for the return of something old when purchasing something new.

List Price

The manufacturer's suggested retail price (MSRP) of a product before any discounts, rebates, or special offers.

Buyer

An individual or organization that purchases goods or services for personal use, resale, or use in production or manufacturing.

Allowances

Monetary or other forms of compensation given in addition to regular income, often to cover specific needs or expenses.