Several years ago I read the following explaination:
1/24th scale is 1/2 inch equals 1 foot. (1 inch equals 1 foot would be 1/12th scale)
The common scale that car designers and engineers used for models is 1/10 scale. The 1/25th scale is 2 1/2 times smaller than the engineering model.
Engineer scales are marked off in multiples of 10. The common scales in use are 1:10, 1:20, 1:30, 1:40, 1:50, 1:60. The metric system is simular but uses some other scales in addition to the even 10s: 1:25, and 1:75 for example.
If you were ever wondering about 1/32nd scale..... it works out to be 3/8 inch equal 1 foot.