This Exercise is out of $15$ pts in total. The extra credit question is optional. However, if

you correctly answer all questions including the $$xtra credit, you may earn up to $16$

pts$.$ There are two attempts for this Exercise, and your latest attempt will be used in

final grading.

$1$

$1$ point

Section $1$: Multiple Choice $(1$ pt$.$ each$)$

Please read each statement carefully and choose the answer choice that best fits the

question and course materials.

The following equations represent relationships between cost variables. Which of the

following equations is False?

Contribution Margin $=$ Sales $-$ Food Costs

Prime Costs $=$ Costs of Food and Beverages Sold $+$ Labor Costs

Contribution Margin $+$ Variable Costs $=$Sales $($Revenue$)$

Contribution Rate$=($Fixed Costs $+$ Profits$)/$sales