Answer
$x$-intercept: the number of minutes after which you finished typing words.
$y$-intercept: the initial number of words each person has to type
The slope represents the rate at which words are typed.
Work Step by Step
We are given two functions:
$$\begin{align*}
y_1&=1200-50x\\
y_2&=1400-50x.
\end{align*}$$
The $x$-intercept of any of these functions represents the number of minutes after which the person finished typing words.
The $y$-intercept of any of these functions represents the initial number of words each person has to type.
The slope represents the rate at which words are typed.
