Calculate the Price Per Hour for a Service Business Based

question 5

Multiple Choice

Calculate the price per hour for a service business based on 75% profit with cost per hour of $30.

• A) $120
• B) $130
• C) $100
• D) $140
• E) $90

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Definitions:

Normal Debit Balance

The expected balance type of an account that is increased by a debit, typical for assets, expenses, and losses.

Withdrawals

Money taken out from a bank account, or the act of taking out funds from a business by its owners for personal use.

Expenses

Outflows or other uses of assets or incurrences of liabilities during a period from delivering or producing goods, rendering services, or carrying out other activities that constitute the entity's ongoing major operations.

Formal Account

An organized financial record of transactions over a period for an individual, company, or entity, maintained in a structured format.