Ch 1 Ivy Software Business Math & Stats
UPDATED ACTUAL Questions and
CORRECT Answers
Equation - CORRECT ANSWER - Mathematical statement in which 2 expression are set
equal to each other
Coefficient - CORRECT ANSWER - number in front of unknown variable
Monomial - CORRECT ANSWER - expression with one term, 7x^2
Polynomial - CORRECT ANSWER - expression with more than one term, 7x^4+10x^2+8
simultaneous equations - CORRECT ANSWER - 2 or more variables to solve given 2 or
more equations
variable cost - CORRECT ANSWER - incurred by a company depending on how much is
produced, varies with production
direct labor - CORRECT ANSWER - certain labor is considered a variable cost when the
need for that labor is dependent on whether a product is built or not, ex. wages of workers
indirect labor - CORRECT ANSWER - labor not dependent on product being built ex.
salaries of accounting staff
fixed cost - CORRECT ANSWER - incurred regardless of level of production
total costs - CORRECT ANSWER - company's fixed and variable costs. Total costs=
(variable costs per unit x units of production) + fixed costs
UPDATED ACTUAL Questions and
CORRECT Answers
Equation - CORRECT ANSWER - Mathematical statement in which 2 expression are set
equal to each other
Coefficient - CORRECT ANSWER - number in front of unknown variable
Monomial - CORRECT ANSWER - expression with one term, 7x^2
Polynomial - CORRECT ANSWER - expression with more than one term, 7x^4+10x^2+8
simultaneous equations - CORRECT ANSWER - 2 or more variables to solve given 2 or
more equations
variable cost - CORRECT ANSWER - incurred by a company depending on how much is
produced, varies with production
direct labor - CORRECT ANSWER - certain labor is considered a variable cost when the
need for that labor is dependent on whether a product is built or not, ex. wages of workers
indirect labor - CORRECT ANSWER - labor not dependent on product being built ex.
salaries of accounting staff
fixed cost - CORRECT ANSWER - incurred regardless of level of production
total costs - CORRECT ANSWER - company's fixed and variable costs. Total costs=
(variable costs per unit x units of production) + fixed costs
