Match the Following Terms with Their Definitions A)No Profit, No Loss
B)Regular Expenses of Doing Business
C)Dollar

Multiple Choice

Match the following terms with their definitions.
-Assume markup is based on cost. Complete:
$$\begin{array} { | c | c | c | c | } \hline \text { Cost } & \% \text { of Markup } & \begin{array} { c } \text { Amount of } \\\text { Markup }\end{array} & \text { Selling Price } \\\hline \$ 500 & 30 \% & \text { A } & \text { B } \\\hline\end{array}$$

A) No profit, no loss
B) Regular expenses of doing business
C) Dollar profit
D) Goods or services with a limited life
E) Price reductions
F) Price paid to supplier
G) Cost is base
H) Selling price is base
I) Original selling price minus current price
J) Selling price minus cost
K) Net sales - cost of goods sold
L) Difference between selling price and variable cost
Difficulty: 1 Easy
Topic: LU 08-01 Markups Based on Cost (100%) ; LU 08-02 Markups Based on Selling Price (100%) ; LU 08-03 Markdowns and Perishables; LU 08-04 Breakeven Analysis
Learning Objective: 08-01 (1) Calculate dollar markup and percent markup on cost.; 08-02 (1) Calculate dollar markup and percent markup on selling price.; 08-03 (1) Calculate markdowns; compare markdowns and markups.; 08-03 (2) Price perishable items to cover spoilage loss.; 08-04 (1) Calculate contribution margin.; 08-04 (2) Calculate breakeven point.
Bloom's: Remember
Type: Static
Accessibility: Keyboard Navigation