Chapter 4.1 Exercise 27

Chapter 4.1 Exercise 27

9th Grade

10 Qs

quiz-placeholder

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Chapter 4.1 Exercise 27

Chapter 4.1 Exercise 27

Assessment

Quiz

Computers

9th Grade

Practice Problem

Medium

Created by

Ethan Kyle

Used 2+ times

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the income generated from the sale of goods and services called?

Markup

Revenue

Net Profit

Gross Profit

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What term describes the amount added to the cost of a product to determine the retail price?

Markdowns

Item Cost

Markup

Operating Expenses

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term refers to the direct costs associated with the production of a product, including the raw materials used to make it and the labor costs?

Cost of Goods Sold (COGS)

Gross Profit

Net Profit

Revenue

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between revenue and expenses of buying, producing, and operations?

Markup

Net Profit

Item Retail

Operating Expenses

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the term for the amount by which revenues from sales exceed business costs for all items?

Profit Margin Percentage

Markdowns

Item Cost

Revenue

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are reductions to the original selling price of items to encourage rapid sales called?

Markup

Markdowns

Operating Expenses

Gross Profit

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the amount paid by a retailer to the manufacturer or supplier for an item?

Item Cost

Revenue

Net Profit

Markup

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