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02 Dec 2024, 09:38
Kudos
Bookmarks
The following email is from the accountant of a certain television store to the store's head of sales.
I've heard that you're trying to establish sales goals for your team. I thought this information could be useful. As I'm sure you know, our televisions are sold at a price of $250. We purchase the televisions from the manufacturer at a price of $100 and pay shipping costs of $50 per television. Our rent is a flat rate of $140,000 per year. Hopefully, that will help.
I've heard that you're trying to establish sales goals for your team. I thought this information could be useful. As I'm sure you know, our televisions are sold at a price of $250. We purchase the televisions from the manufacturer at a price of $100 and pay shipping costs of $50 per television. Our rent is a flat rate of $140,000 per year. Hopefully, that will help.
In 2001, the profit from television sales exceeded the cost of the rent.: No
More televisions were sold in 2004 than were sold in the next two years combined.: Yes
The store makes a gross profit of $100 per television.: Yes
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
55%
(hard)
Question Stats:
61% (02:14) correct
39%
(02:19)
wrong
based on 642
sessions
History
Date
Time
Result
Not Attempted Yet
1. Can the following statements be inferred from the information given? Select Yes if the statement can be inferred. Otherwise, select No.
| Yes | No | |
| In 2001, the profit from television sales exceeded the cost of the rent. | ||
| More televisions were sold in 2004 than were sold in the next two years combined. | ||
| The store makes a gross profit of $100 per television. |
ShowHide Answer
Official Answer
In 2001, the profit from television sales exceeded the cost of the rent.: No
More televisions were sold in 2004 than were sold in the next two years combined.: Yes
The store makes a gross profit of $100 per television.: Yes
The profit made from television sales failed to exceed the cost of rent in less than 1/4 of the years shown.: False
The number of televisions sold in 2003 increased by exactly 1/6 from the previous year.: False
The total of the shipping cost and manufacturer's price of a television is exactly 2/5 of the price at which the store sells the television.: False
Be sure to select an answer first to save it in the Error Log before revealing the correct answer (OA)!
Difficulty:
45%
(medium)
Question Stats:
67% (02:22) correct
33%
(02:40)
wrong
based on 537
sessions
History
Date
Time
Result
Not Attempted Yet
2. Determine whether each of the following statements is true based on the information above. Select True if the statement is true. Otherwise, select False.
| True | False | |
| The profit made from television sales failed to exceed the cost of rent in less than 1/4 of the years shown. | ||
| The number of televisions sold in 2003 increased by exactly 1/6 from the previous year. | ||
| The total of the shipping cost and manufacturer's price of a television is exactly 2/5 of the price at which the store sells the television. |
ShowHide Answer
Official Answer
The profit made from television sales failed to exceed the cost of rent in less than 1/4 of the years shown.: False
The number of televisions sold in 2003 increased by exactly 1/6 from the previous year.: False
The total of the shipping cost and manufacturer's price of a television is exactly 2/5 of the price at which the store sells the television.: False
Attachment:
2.jpg [ 40.48 KiB | Viewed 3820 times ]
03 Dec 2024, 11:00
Kudos
Bookmarks
1. We have to find which statements can be inferred using the information given.
- In 2001, the profit from television sales exceeded the cost of the rent. The profit per tv is $250 - $100 - $50 = $100. In 2001 the total profit was $100 \(*\) 1000 = $100,000. However, this is less than the rent: $140,000. So, this statement cannot be inferred.
- More televisions were sold in 2004 than were sold in the next two years combined. 2200 tvs were sold in 2004 and 1200 + 900 = 2100 tvs were sold in the next two years. So, this statement can be inferred.
- The store makes a gross profit of $100 per television. Profit per tv = Selling price - Manufacturing price - Shipping cost = $250 - $100 - $50 = $100. So, this statement can be inferred.
2. This question asks us to figure out which statements are true or false.
- The profit made from television sales failed to exceed the cost of rent in less than 1/4 of the years shown. Exceeding the cost rent means that at least \(\frac{140000}{100} = 1400\) tvs were sold. 2001, 2005, 2006, and 2010 clearly are beneath 1400. 4/10 is larger than 1/4. So, this statement is false.
- The number of televisions sold in 2003 increased by exactly 1/6 from the previous year. The number of tvs went from 1500 to 1800. That means the increase was \(\frac{1800 - 1500}{1500} = \frac{3}{15} = \frac{1}{5} \neq \frac{1}{6}\). So, this statement is false.
- The total of the shipping cost and manufacturer's price of a television is exactly 2/5 of the price at which the store sells the television. This is equal to: \(\frac{50 + 100}{250} = \frac{15}{25} = \frac{3}{5} \neq \frac{2}{5}\). So, this statement is false.
- In 2001, the profit from television sales exceeded the cost of the rent. The profit per tv is $250 - $100 - $50 = $100. In 2001 the total profit was $100 \(*\) 1000 = $100,000. However, this is less than the rent: $140,000. So, this statement cannot be inferred.
- More televisions were sold in 2004 than were sold in the next two years combined. 2200 tvs were sold in 2004 and 1200 + 900 = 2100 tvs were sold in the next two years. So, this statement can be inferred.
- The store makes a gross profit of $100 per television. Profit per tv = Selling price - Manufacturing price - Shipping cost = $250 - $100 - $50 = $100. So, this statement can be inferred.
2. This question asks us to figure out which statements are true or false.
- The profit made from television sales failed to exceed the cost of rent in less than 1/4 of the years shown. Exceeding the cost rent means that at least \(\frac{140000}{100} = 1400\) tvs were sold. 2001, 2005, 2006, and 2010 clearly are beneath 1400. 4/10 is larger than 1/4. So, this statement is false.
- The number of televisions sold in 2003 increased by exactly 1/6 from the previous year. The number of tvs went from 1500 to 1800. That means the increase was \(\frac{1800 - 1500}{1500} = \frac{3}{15} = \frac{1}{5} \neq \frac{1}{6}\). So, this statement is false.
- The total of the shipping cost and manufacturer's price of a television is exactly 2/5 of the price at which the store sells the television. This is equal to: \(\frac{50 + 100}{250} = \frac{15}{25} = \frac{3}{5} \neq \frac{2}{5}\). So, this statement is false.
03 Dec 2024, 14:01
Kudos
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Hi Bismuth83,
In Q1, it asks whether the information can be "inferred". If I understand it correctly, it asks if we have enough information to verify the statements in question regardless they're correct or incorrect, right? However, the answer shouldn't matter and we need to select "yes" in case enough information is available to verify the given statement or "no" in case of the other.
But from your solution, it seems that the question is asking to input "yes" when the statement is true or "no" when the statement is false. Kindly shed some light. TIA.
In Q1, it asks whether the information can be "inferred". If I understand it correctly, it asks if we have enough information to verify the statements in question regardless they're correct or incorrect, right? However, the answer shouldn't matter and we need to select "yes" in case enough information is available to verify the given statement or "no" in case of the other.
But from your solution, it seems that the question is asking to input "yes" when the statement is true or "no" when the statement is false. Kindly shed some light. TIA.
