Directions. Write TRUE if the statement is correct and FALSE if it is incorrect. Write your
answers in a separate sheet..
1. Production is the process of manufacturing raw materials for consumption
2. Selling price is the amount of money that a vendor sets for the items or
products for sale.
3. Price is the amount that a vendor sets in exchange for his or her products
or goods.
4. Markup is the difference between the expenses of the items to be sold and
the selling prices.
5. Markup percentage is used to determine the selling price of finished
products​