Yelk Garage Uses Time and Materials Pricing

question 82

Multiple Choice

Yelk Garage uses time and materials pricing. It is setting prices for next year using the following information: What should Yelk set as the materials markup per dollar of materials used?

• A) 25%.
• B) 5%.
• C) 20%.
• D) 35%.
• E) 30%.

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Definitions:

Corporation

A legal entity recognized by law as separate from its owners, providing limited liability protection to its shareholders.

Legal Entity

A legal entity refers to any company or organization that has legal rights and obligations, including the ability to enter into contracts, sue, and be sued.

Sole Proprietorship

A business owned and operated by a single individual, with no legal distinction between the owner and the business entity.

Sole Proprietorship

A sole proprietorship is a type of business structure where one individual owns and operates the business, bearing sole responsibility for its assets and liabilities.