Ivy Software Business Math & Stats Exam
Questions with Correct Answers 2026
Equation - CORRECT ANSWER -Mathematical statement in which 2 expression are set equal to
each other
Coefficient - CORRECT ANSWER -number in front of unknown variable
Monomial - CORRECT ANSWER -expression with one term, 7x^2
Polynomial - CORRECT ANSWER -expression with more than one term, 7x^4+10x^2+8
simultaneous equations - CORRECT ANSWER -2 or more variables to solve given 2 or more
equations
variable cost - CORRECT ANSWER -incurred by a company depending on how much is produced,
varies with production
direct labor - CORRECT ANSWER -certain labor is considered a variable cost when the need for
that labor is dependent on whether a product is built or not, ex. wages of workers
indirect labor - CORRECT ANSWER -labor not dependent on product being built ex. salaries of
accounting staff
fixed cost - CORRECT ANSWER -incurred regardless of level of production
total costs - CORRECT ANSWER -company's fixed and variable costs. Total costs= (variable costs
per unit x units of production) + fixed costs
Questions with Correct Answers 2026
Equation - CORRECT ANSWER -Mathematical statement in which 2 expression are set equal to
each other
Coefficient - CORRECT ANSWER -number in front of unknown variable
Monomial - CORRECT ANSWER -expression with one term, 7x^2
Polynomial - CORRECT ANSWER -expression with more than one term, 7x^4+10x^2+8
simultaneous equations - CORRECT ANSWER -2 or more variables to solve given 2 or more
equations
variable cost - CORRECT ANSWER -incurred by a company depending on how much is produced,
varies with production
direct labor - CORRECT ANSWER -certain labor is considered a variable cost when the need for
that labor is dependent on whether a product is built or not, ex. wages of workers
indirect labor - CORRECT ANSWER -labor not dependent on product being built ex. salaries of
accounting staff
fixed cost - CORRECT ANSWER -incurred regardless of level of production
total costs - CORRECT ANSWER -company's fixed and variable costs. Total costs= (variable costs
per unit x units of production) + fixed costs
