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Business Math & Statistics - Ivy Software Prepworks Fundamentals of Economics questions with correct answers

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x^5 = 32 solve for x - ANSWx = 2 2^x = 16 solve for x - ANSWx = 4 Solve for x and y for these simultaneous equations: 3x = 14-5y 7x+2y = 23 - ANSWx = 3 y = 1 Equation for Total Cost - ANSWTotal costs = (variable cost per unit * number of units produced) + Fixed Costs Material $7...

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  • June 7, 2024
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  • 2023/2024
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Business Math & Statistics - Ivy Software Prepworks Fundamentals of Economics questions with correct answers ***** Business Math & Statistics **** x^5 = 32 solve for x - ✔✔ ANSW✔✔ x = 2 2^x = 16 solve for x - ✔✔ ANSW✔✔ x = 4 Solve for x and y for these simultaneous equations: 3x = 14 -5y 7x+2y = 23 - ✔✔ ANSW✔✔ x = 3 y = 1 Equation for Total Cost - ✔✔ ANSW✔✔ Total costs = (variable cost per unit * number of units produced) + Fixed Costs Material $75/television Direct Labor $40/television New Manufacturing Equipment $1,500,000 Modifications to Factory $3,000,000 If this compan y is considering building 10,000 units this year (and needs money for the entire year allotted to it now for this purpose), for how much should the president ask? - ✔✔ ANSW✔✔ $ 5,650,000 Contribution Margin - ✔✔ ANSW✔✔ (price per unit X * # of units sold) - (variable cost per unit X * units sold) Breakeven - ✔✔ ANSW✔✔ Breakeven = Fixed Costs/Contribution Margin per unit A company is making a product and has invested $100,000 on an advertising campaign and $75,000 each on five salespeople (annual salary, includ ing benefits and support). These are the only fixed costs that the company has assigned to the product, and the contribution margin per unit is $50. To cover those fixed costs, how many units will the company have to sell to breakeven? - ✔✔ ANSW✔✔ [($75,000* 5) + $100,000] / $50/unit = 9,500 (breakeven level in units) abscissa - ✔✔ ANSW✔✔ The x -coordinate of a point (independent variable) ordinate - ✔✔ ANSW✔✔ The y -coordinate of a point (dependent variable) True/False: the fixed costs for a certain project are $50 and it costs $2 to produce one unit. The equation that relates y (total costs) to x (total number of units produced) is y = 2 + 50x - ✔✔ ANSW✔✔ False. It would be y = 50 + 2x Which of the following is the monomial expression? A) 4x^3 + 6x^4 +12x^3 + 45x ^4 +6 B) 143x^4 + 3x^4 C) 143x^4 + 78x^4 + 6x^4 + 76 - ✔✔ ANSW✔✔ B) 143x^4 + 3x^4 - its the only term where the x's can be added together to get one term Write an equation to related total cost to number of driveways paved. Asphalt, tar & concrete/driveway = $7,000 Direct Labor/Driveway = $12,000 Office Expenses & Other Labor = $5,000 - ✔✔ ANSW✔✔ y = 19x + 5 Which of the following is the binomial expression? A) 4x^3 + 6x^4 +12x^3 + 45x^4 +6 B) 143x^4 + 3x^4 C) 143x^4 + 78x^4 + 6x^4 + 76 - ✔✔ ANSW✔✔ C) 143x^4 + 78x^4 + 6x^4 + 76 - tis the only term where the x's can be added together to get two terms Which of the following is the trinomial expression? A) 4x^3 + 6x^4 +12x^3 + 45x^4 +6 B) 143x^4 + 3x^4 C) 143x^4 + 78x^4 + 6x^4 + 76 - ✔✔ ANSW✔✔ A) 4x^3 + 6x^4 +12x^3 + 45x^4 +6 - its the only term where the x's can be added together to get three terms True/False: the Contribution Margin is the amount that can be contributed to fixed costs. - ✔✔ ANSW✔✔ True: the contribution margin is the amount the company receives from the sales of its product minus the product's variable costs. Therefore, the amount remaining (after variable costs) can be used to pay the company's fixed costs. True/False: When the following equation hold true, we are a t the breakeven level in dollars: Sales - Variable Costs = Fixed Costs - ✔✔ ANSW✔✔ True True/False: for the equation 2x - 3y = 6, the x and y intercepts are x=3, y= -2 - ✔✔ ANSW✔✔ True When solving for an unknown variable that has a number preceding it, you w ill divide both sides of the equation by this number, which is known as the: A) base B) power C) exponent D) coefficient E) none of the above - ✔✔ ANSW✔✔ D) coefficient To separate an unknown variable from its exponent one should: - ✔✔ ANSW✔✔ multiply the exponent by its inverse Which of the following are fixed costs: Sales, office payroll (receptionist & bookeeper), advertising, home remodeling, office remodeling, sales commission, interest expense - ✔✔ ANSW✔✔ office payroll, advertising, office remodeling, interest expense Given these two equations, solve for x and y: 8x = 2y + 36 and 9y = 3x + 3 - ✔✔ ANSW✔✔ (5,2) What is the correct order for separating, ordering and organizing of expressions? A) parentheses, brackets, braces, parentheses, and so on.... B) brackets, braces, parent heses, brackets, and so on.... C) braces, parentheses, brackets, braces, and so on.... - ✔✔ ANSW✔✔ A) parentheses, brackets, braces, parentheses, and so on.... The graph for the equation y = 2x would look like: a. a vertex. b. two straight lines. c. a parab ola. d. none of the above. - ✔✔ ANSW✔✔ d. none of the above. - it would be one straight line Solve for x: (2x + 3)/5 + (x +1)/4 =2 a. 13/20 b. -1 c. 23/13 d. 20/12 - ✔✔ ANSW✔✔ c. 23/13 True/False: The fixed costs for a certain project are $50 and it costs $2 to produce one unit. The equation that relates y (total costs) to x (total number of units produced) is y = 50 + 2x. - ✔✔ ANSW✔✔ True A man buys 3 burgers and 2 jumbo deluxe fries for $7.40. A woman buys one burger and 4 jumbo deluxe fries for $7.80. How m uch is the burger and how much are the fries? Select one: a. Burger = $1.40, Fries = $1.60 b. Burger = $1.50, Fries = $1.80 c. Burger = $2.80, Fries = $2.00 d. Burger = $2.00, Fries = $2.80 - ✔✔ ANSW✔✔ a. Burger = $1.40, Fries = $1.60 True/False: When the following equation holds true, we are not at the breakeven level in dollars: Sales - Variable Costs = Fixed Costs - ✔✔ ANSW✔✔ False

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