Business 125
Markup
selling price - cost
(selling price - cost) / cost x100%
If your product cost $50
Selling price $75
The Markup percentage is 50%
($75-$50) / $50 = .50 x100 = 50%
pay schedule -piece rate
Pay rate is based on a schedule of units completed.
Abby produced 300 dolls
Units Produced Amount per unit
First 50-> 1-50 $.50
Next 100-> 50-150 $.62
Next 50-> 151-200 $.75
Over 200 $1.25
(50.50)+(100.62)+(50.75)+(1001.25)
$25.00 + $62.00 + $37.50 + $125.00 = 249.50
Brainpower
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Which of the following transactions would cause the company's checkbook balance to be higher
than the bank balance?
Deposit in transit -
is known by the customer and not the bank. This would cause the company's checkbook
balance to be higher than the bank balance.
Simple interest concepts apply when you are paying ? or ? interest.
interest
receiving interest
Formula for finding Principal
Principal = Interest
Rate*Time
The U.S. Rule states that when a partial payment is made, first the ?, is covered, then the
balance goes to reduce the loan ?
Interest
Principal
When a business marks up their goods based on selling price, the base is:
selling price
*Markup based on selling price means that the selling price is the 100%.
The profit remaining after subtracting the cost of bringing the goods into the store and the
operating expenses from the sale of the goods is the:
net profit or net income
Selling price - Variable costs =
contribution margin (CM)= $2.00(S) - $.80(VC)
CM = $1.20
Markup
selling price - cost
(selling price - cost) / cost x100%
If your product cost $50
Selling price $75
The Markup percentage is 50%
($75-$50) / $50 = .50 x100 = 50%
pay schedule -piece rate
Pay rate is based on a schedule of units completed.
Abby produced 300 dolls
Units Produced Amount per unit
First 50-> 1-50 $.50
Next 100-> 50-150 $.62
Next 50-> 151-200 $.75
Over 200 $1.25
(50.50)+(100.62)+(50.75)+(1001.25)
$25.00 + $62.00 + $37.50 + $125.00 = 249.50
Brainpower
Read More
Previous
Play
Next
Rewind 10 seconds
Move forward 10 seconds
Unmute
0:00
/
, 0:15
Full screen
Which of the following transactions would cause the company's checkbook balance to be higher
than the bank balance?
Deposit in transit -
is known by the customer and not the bank. This would cause the company's checkbook
balance to be higher than the bank balance.
Simple interest concepts apply when you are paying ? or ? interest.
interest
receiving interest
Formula for finding Principal
Principal = Interest
Rate*Time
The U.S. Rule states that when a partial payment is made, first the ?, is covered, then the
balance goes to reduce the loan ?
Interest
Principal
When a business marks up their goods based on selling price, the base is:
selling price
*Markup based on selling price means that the selling price is the 100%.
The profit remaining after subtracting the cost of bringing the goods into the store and the
operating expenses from the sale of the goods is the:
net profit or net income
Selling price - Variable costs =
contribution margin (CM)= $2.00(S) - $.80(VC)
CM = $1.20
