Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Terminology Assignment It is very important to understand various terms associated with the calculation of break-even. Lets practice understanding this terminology by assuming that you

Terminology Assignment
It is very important to understand various terms associated with the calculation of break-even. Lets practice understanding this terminology by assuming that you own a dog grooming business. You will use the dog grooming service as a basis when answering the following questions; this assignment does not pertain to the health care business that you are creating for this class:
1. Research the concept of break-even point. Why is it important for you to know how many dogs must be groomed each week in order for you to reach your break-even point? What would be the effect if you did not know this number? (4 points)
2. Research the concept of fixed costs. Give two examples of fixed costs for your dog grooming service. (4 points)
3. Research the concept of variable costs. Give two examples of variable costs for your dog grooming service. (4 points)
4. How are the fixed costs and the variable costs in your business affected by changes in productivity levels? What might you do to reduce both the fixed and variable costs as the owner of the dog grooming service? (6 points)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Managerial Finance

Authors: Scott Besley, Eugene F. Brigham

13th Edition

0324258755, 9780324258752

More Books

Students also viewed these Finance questions

Question

2.1 Explain how employment-related issues are governed in Canada.

Answered: 1 week ago

Question

2.3 Describe the requirements for reasonable accommodation.

Answered: 1 week ago