2.01 Project Pricing

Front

What is the term for the money a business earns after deducting expenses?

Back

Profit

Front

What is an example of a direct cost in project pricing?

Back

Labor

Front

What is the term for the ratio of profit to the cost of the project?

Back

Profit margin

Front

What do we call the total financial resources allocated for a project?

Back

Budget

Front

What is the term for costs associated with multiple projects that are not directly tied to a single project?

Back

Indirect cost

Tags

NGSS.HS-ETS1-3

Front

How do you calculate profit margin?

Back

Profit margin is calculated by dividing profit by the total cost of the project.

Front

What is the difference between direct costs and indirect costs?

Back

Direct costs can be directly attributed to a specific project, while indirect costs are shared across multiple projects.

Front

Why is understanding profit important for project pricing?

Back

Understanding profit helps businesses determine pricing strategies and assess the financial viability of projects.

Front

What factors can affect the budget of a project?

Back

Factors include labor costs, materials, overhead, and unexpected expenses.

Tags

NGSS.MS-ETS1-2

Front

How can a business improve its profit margin?

Back

A business can improve its profit margin by reducing costs, increasing prices, or enhancing efficiency.