Cost & Price 2

Question 1

Profit

Answer 1

Revenue minus total cost

Question 2

Contribution Income

Answer 2

Difference between what you charge your customer and the cost of labor and material

Question 3

Break-even point

Answer 3

Quantity at which total revenue equals total cost; profit is 0

Question 4

Variable Cost

Answer 4

Increases or decreases with respect to each change in activity level

Question 5

Fixed Cost

Answer 5

Remains constant, even as activity level changes

Question 6

Right-Skewed Curve

Answer 6

Tail to the right
MEAN > MEDIAN
Positively skewed distribution

Question 7

Left-Skewed Curve

Answer 7

Tail to the left
MEAN < MEDIAN
Negatively skewed distribution

Question 8

Normal Distribution

Answer 8

When the mean is equal to the median

Question 9

Mean

Answer 9

Arithmetic average; sum of value in a set of numbers divided by the number of values in the set

Question 10

Median

Answer 10

The middle value in a set of numbers

Question 11

Mode

Answer 11

The number that appears the most in a set of numbers