Business Math & Statistics - Ivy Software
UPDATED ACTUAL Questions and
CORRECT Answers
x^5 = 32
solve for x - CORRECT ANSWER -x=2
2^x = 16
solve for x - CORRECT ANSWER -x=4
Solve for x and y for these simultaneous equations:
3x = 14-5y
7x+2y = 23 - CORRECT ANSWER -x=3
y=1
Equation for Total Cost - CORRECT ANSWER - Total costs = (variable cost per unit *
number of units produced) + Fixed Costs
Material $75/television
Direct Labor $40/television
New Manufacturing Equipment $1,500,000
Modifications to Factory $3,000,000
If this company is considering building 10,000 units this year (and needs money for the entire
year allotted to it now for this purpose), for how much should the president ask? - CORRECT
ANSWER - $ 5,650,000
Contribution Margin - CORRECT ANSWER - (price per unit X * # of units sold) -
(variable cost per unit X * units sold)
,Breakeven - CORRECT ANSWER - Breakeven = Fixed Costs/Contribution Margin per
unit
A company is making a product and has invested $100,000 on an advertising campaign and
$75,000 each on five salespeople (annual salary, including benefits and support). These are the
only fixed costs that the company has assigned to the product, and the contribution margin per
unit is $50. To cover those fixed costs, how many units will the company have to sell to
breakeven? - CORRECT ANSWER - [($75,000*5) + $100,000] / $50/unit = 9,500
(breakeven level in units)
abscissa - CORRECT ANSWER - The x-coordinate of a point (independent variable)
ordinate - CORRECT ANSWER - The y-coordinate of a point (dependent variable)
True/False: the fixed costs for a certain project are $50 and it costs $2 to produce one unit. The
equation that relates y (total costs) to x (total number of units produced) is y = 2 + 50x -
CORRECT ANSWER - False. It would be y = 50 + 2x
Which of the following is the monomial expression?
A) 4x^3 + 6x^4 +12x^3 + 45x^4 +6
B) 143x^4 + 3x^4
C) 143x^4 + 78x^4 + 6x^4 + 76 - CORRECT ANSWER - B) 143x^4 + 3x^4 - its the only
term where the x's can be added together to get one term
Write an equation to related total cost to number of driveways paved.
Asphalt, tar & concrete/driveway = $7,000
Direct Labor/Driveway = $12,000
Office Expenses & Other Labor = $5,000 - CORRECT ANSWER - y = 19x + 5
Which of the following is the binomial expression?
A) 4x^3 + 6x^4 +12x^3 + 45x^4 +6
, B) 143x^4 + 3x^4
C) 143x^4 + 78x^4 + 6x^4 + 76 - CORRECT ANSWER - C) 143x^4 + 78x^4 + 6x^4 + 76
- tis the only term where the x's can be added together to get two terms
Which of the following is the trinomial expression?
A) 4x^3 + 6x^4 +12x^3 + 45x^4 +6
B) 143x^4 + 3x^4
C) 143x^4 + 78x^4 + 6x^4 + 76 - CORRECT ANSWER - A) 4x^3 + 6x^4 +12x^3 +
45x^4 +6 - its the only term where the x's can be added together to get three terms
True/False: the Contribution Margin is the amount that can be contributed to fixed costs. -
CORRECT ANSWER - True: the contribution margin is the amount the company receives
from the sales of its product minus the product's variable costs. Therefore, the amount remaining
(after variable costs) can be used to pay the company's fixed costs.
True/False: When the following equation hold true, we are at the breakeven level in dollars:
Sales - Variable Costs = Fixed Costs - CORRECT ANSWER - True
True/False: for the equation 2x - 3y = 6, the x and y intercepts are x=3, y=-2 - CORRECT
ANSWER - True
When solving for an unknown variable that has a number preceding it, you will divide both sides
of the equation by this number, which is known as the:
A) base
B) power
C) exponent
D) coefficient
E) none of the above - CORRECT ANSWER - D) coefficient
UPDATED ACTUAL Questions and
CORRECT Answers
x^5 = 32
solve for x - CORRECT ANSWER -x=2
2^x = 16
solve for x - CORRECT ANSWER -x=4
Solve for x and y for these simultaneous equations:
3x = 14-5y
7x+2y = 23 - CORRECT ANSWER -x=3
y=1
Equation for Total Cost - CORRECT ANSWER - Total costs = (variable cost per unit *
number of units produced) + Fixed Costs
Material $75/television
Direct Labor $40/television
New Manufacturing Equipment $1,500,000
Modifications to Factory $3,000,000
If this company is considering building 10,000 units this year (and needs money for the entire
year allotted to it now for this purpose), for how much should the president ask? - CORRECT
ANSWER - $ 5,650,000
Contribution Margin - CORRECT ANSWER - (price per unit X * # of units sold) -
(variable cost per unit X * units sold)
,Breakeven - CORRECT ANSWER - Breakeven = Fixed Costs/Contribution Margin per
unit
A company is making a product and has invested $100,000 on an advertising campaign and
$75,000 each on five salespeople (annual salary, including benefits and support). These are the
only fixed costs that the company has assigned to the product, and the contribution margin per
unit is $50. To cover those fixed costs, how many units will the company have to sell to
breakeven? - CORRECT ANSWER - [($75,000*5) + $100,000] / $50/unit = 9,500
(breakeven level in units)
abscissa - CORRECT ANSWER - The x-coordinate of a point (independent variable)
ordinate - CORRECT ANSWER - The y-coordinate of a point (dependent variable)
True/False: the fixed costs for a certain project are $50 and it costs $2 to produce one unit. The
equation that relates y (total costs) to x (total number of units produced) is y = 2 + 50x -
CORRECT ANSWER - False. It would be y = 50 + 2x
Which of the following is the monomial expression?
A) 4x^3 + 6x^4 +12x^3 + 45x^4 +6
B) 143x^4 + 3x^4
C) 143x^4 + 78x^4 + 6x^4 + 76 - CORRECT ANSWER - B) 143x^4 + 3x^4 - its the only
term where the x's can be added together to get one term
Write an equation to related total cost to number of driveways paved.
Asphalt, tar & concrete/driveway = $7,000
Direct Labor/Driveway = $12,000
Office Expenses & Other Labor = $5,000 - CORRECT ANSWER - y = 19x + 5
Which of the following is the binomial expression?
A) 4x^3 + 6x^4 +12x^3 + 45x^4 +6
, B) 143x^4 + 3x^4
C) 143x^4 + 78x^4 + 6x^4 + 76 - CORRECT ANSWER - C) 143x^4 + 78x^4 + 6x^4 + 76
- tis the only term where the x's can be added together to get two terms
Which of the following is the trinomial expression?
A) 4x^3 + 6x^4 +12x^3 + 45x^4 +6
B) 143x^4 + 3x^4
C) 143x^4 + 78x^4 + 6x^4 + 76 - CORRECT ANSWER - A) 4x^3 + 6x^4 +12x^3 +
45x^4 +6 - its the only term where the x's can be added together to get three terms
True/False: the Contribution Margin is the amount that can be contributed to fixed costs. -
CORRECT ANSWER - True: the contribution margin is the amount the company receives
from the sales of its product minus the product's variable costs. Therefore, the amount remaining
(after variable costs) can be used to pay the company's fixed costs.
True/False: When the following equation hold true, we are at the breakeven level in dollars:
Sales - Variable Costs = Fixed Costs - CORRECT ANSWER - True
True/False: for the equation 2x - 3y = 6, the x and y intercepts are x=3, y=-2 - CORRECT
ANSWER - True
When solving for an unknown variable that has a number preceding it, you will divide both sides
of the equation by this number, which is known as the:
A) base
B) power
C) exponent
D) coefficient
E) none of the above - CORRECT ANSWER - D) coefficient
