Review on Chapter 3 (Lessons 1-4) 11 ABM 2

The amount that is added to original cost of an item to arrive at a selling price

Refers to as the ratio of the markup to the original price.

Refers to reduction in the original selling price.

Refers to the decrease in the new selling price that does not decrease it below the original selling price.

It is usually associated with the terms revenue and expenses.

It is the amount of money that a company receives for its goods or services.

It is the amount of money that the company spends to either produce its goods or perform its services.

It occurs when the cost and expenses exceed the selling price or sales.

It s the point when the total cost of expenses and the total revenues are equal.

It is a one-time discount that is given to customers when they buy a product.