If the Target Selling Price Is $120 and the Target

question 82

Multiple Choice

If the target selling price is $120 and the target profit margin is a 40 per cent mark-up on cost, what is the target cost?

• A) $48
• B) $72
• C) $85.70
• D) $34.30

---

Definitions:

Critical Value

The threshold value that a test statistic must exceed to reject the null hypothesis in a hypothesis test.

Percentage Rates

A mathematical representation of a part or portion of a whole, expressed as a fraction of 100.

Fisher's LSD

Fisher's Least Significant Difference is a statistical method used for comparing the means of three or more groups to find if there are significant differences between them, assuming equal variances.

LSD Value

A measure in statistics known as the "Least Significant Difference," which is used to conduct post hoc tests after ANOVA to find significant differences between group means.