I would use ratios because they give it to you as a ratio. They give you the ratio as 1:50,000. This means that distances in real life are 50,000 times greater than on the map. So to scale real world distances down we need to divide by 50,000, because we know they are 50,000 times greater than they are on the map. So the 400,000cm real world distance becomes 8cm on the map.
"50,000 x 4 = 200,000
200,000 / 100,000 (convert into cm from km)
= 2cm"
In your first step you are scaling a number in km upwards, so the result should be in km. In your second step you are dividing a number in km to convert to cm, but the number in cm should be larger, as you can fit a lot of cm in a km. It is probably easier and more accurate to break it down and do it step by step than by using a formula.