12 Math Lit Flashcard 1

Front

Is 4,000 mg greater than, less than, or equal to 4 g?

Back

equal to

Front

Calculate the percentage profit if an item is bought for $42 and sold for $52.50.

Back

25%

Front

What is the break-even point?

Back

where total revenue equals total costs

Front

Write an equation for cost and income at a local ballpark where tickets are $10 each, player salaries are $4000, and souvenirs cost $6 each.

Back

cost: y = 6x + 4000; income: y = 10x

Front

What is NOT an example of Fixed costs?

Back

Distribution/transport of goods

Front

Define Fixed Costs.

Back

Costs that do not change with the level of output, such as rent and salaries.

Front

Define Variable Costs.

Back

Costs that vary with the level of output, such as materials and labor.

Front

What is the formula for calculating profit?

Back

Profit = Total Revenue - Total Costs

Front

What is the formula for calculating percentage profit?

Back

Percentage Profit = (Profit / Cost Price) x 100

Front

What does 'break-even' mean in business?

Back

The point at which total revenue equals total costs, resulting in no profit or loss.