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Business Math Ch. 10
Vocabulary
| Question | Answer |
|---|---|
| Total pay for a day or week of a worker paid on an hourly rate basis. | Wages |
| Goods or supplies on hand; shares of ownership in a corporation. | Stock |
| Inventory costs that include the expenses connected with creating and sending a purchase order to a supplier and handling stock. | Ordering Costs |
| A method used to find the value of ending inventory when the exact cost is not known. Inventory is priced at the average price per unit of the beginning inventory plus the cost of all purchases during the fiscal year. | Weighted Average Method |
| A method to find the value of ending inventory when the exact cost is not known. Merchandise purchased last is used first so inventory is based on the costs of goods purchased first. | Last In, Last Out (LIFO) |
| A method used to find the value of ending inventory when the exact cost is not known. Merchandise purchased first is used first and the value of the ending inventory is based on the cost of the most recently purchased items. | First In, First Out (FIFO) |
| The minimum stock level at which an order must be placed. | Reorder Point |
| The system of keeping a running balance of stock on hand. | Perpetual Inventory |
| Shows how much of a particular item has been received and issued and how much remains on hand. | Stock Record |
| Employees who work less than 40 hours per week. | Part-Time Employees |
| Employees get part of the profit earned by a company. | Profit Sharing |
| Pay given to reward employees who make a significant contribution to the success of the company or whose work record is exceptional. | Bonus |
| People hired to find full0time employees for management or specialized technical positions; headhunters. | Executive Recruiters |
| Employees who are paid by the hour and get paid overtime. | Nonexempt Employees |
| Paid a salary and do not qualify for overtime pay. | Exempt Employees |
| Temporary employees who receive their paychecks and benefits from the employment agency. | Contract Employees |
| A wage increase based on changes in the Consumer Price Index (CPI). | Cost-Of-Living-Adjustment (COLA) |
| The costs of holding inventory until it is used. | Carrying Costs |
Created by:
acopper
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