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# unit 5 rview

### tesst review

Land, buildings, furniture, and equipment are Fixed assets
The amount of money left after all the costs and expenses for the specific period of time have been deducted from the income is Net income
The monetary value of the business is its Net worth
Anything of value that a business owns is a/n Asset
Which would NOT be considered a fixed expense? Utilities
Robert purchased a case of lollipops from his wholesale supplier for \$10.92. The case contains 7 dozen lollipops. Robert will resell the lollipops for 25 cents each. What is the cost of goods sold per lollipop? 13 cents
Expenses are BEST described as the Cost of running a business
Which is NOT an example of variable costs? Loan payment
The price the retailer pays for the merchandise sold is: Cost of goods sold
- Which is an example of a financial obligation that a business would expect to take more than one year to repay? Mortgage
The three components included on a balance sheet are Assets, liabilities, and net worth
On an income statement, net sales revenue minus cost of goods sold is Gross profit
Which is NOT an example of operating expenses Sales taxes
Net income is calculated by subtracting total expenses from: Gross profit
- Why is the amount of tax due to the government calculated on the net income Net income represents the true profit of the company
- If beginning inventory is \$27,000, merchandise purchased to replenish the stock is \$18,000, and the recorded ending inventory is \$16,000, what is the cost of goods sold \$29,000
If total revenue from sales for the year was \$375,000 and the cost of goods sold was \$190,000, how much gross profit was made from sales for the year? \$185,000
What is the total of expenses if salaries are \$70,000, advertising is \$12,000, rent is \$14,000, utilities are \$3,600, maintenance is \$1,200, insurance is \$1,500, and miscellaneous expenses are \$1,000? \$103,300
If the gross profit is \$200,000 and the total expenses are \$103,300, what is the net income/profit (before taxes)? \$96,700
- If the gross profit on sales is \$574,000 and total expenses are \$401,000, what is the net income \$173,000
Which appears on the income statement Net profit
- Which is a balance sheet item? Assets
- Professional fees paid to an accountant or attorney for occasional work would be which type of expense? Variable
- The value of a life insurance policy on the life of the business owner is which type of asset? Other
- Which is NOT a factor on an income statement Liabilities
The business lease has been renewed and the monthly lease agreement is set for the next three years. Which type of expense is each lease payment? Fixed
A sales goal assigned to a sales person for a specified period of time is a: Sales quota
The point at which the income from product sales equals the cost of making and distributing the product is: Break-even
- Placing a product in a certain market to get desired customer response is: Product positioning
The financial statement that shows the movement of money in and out of the business is the: Cash flow
D- A statement showing how and when the debt of a business will be paid is a/n: Repayment plan.
B- Total fixed costs per unit are \$4.50, selling price per unit is \$10.00 and variable costs per unit are \$1.00. The manufacturer plans to produce 5,000 units. What is the break-even point? 2,500
A company had gross sales of \$109,000 and a net profit of \$27,000. What is the sales ratio 25%
B- When the price of airline tickets decreases, there is an increase in travel. This trend can assist the airline in forecasting future ticket sales. This is: Economic outlook.
A- Dillard's is projecting a 52% increase in sales during the month of December. This is a: Sales forecast.
- A Rolex is considered an expensive watch for the wealthy. A Timex is considered an inexpensive watch for the thrifty. These images illustrate successful Product positioning
Total current assets for Howard's Hotdogs are \$75,000. Total current liabilities are \$32,000. What is the current ratio of assets to liabilities \$2.34 of current assets for every \$1 of current liabilities
- XYZ DECA chapter sold \$5,800 worth of candy last year. A 9% increase in sales is projected for this year based on increased chapter membership and new candy varieties. XYZ DECA is projecting sales for this year to be: \$6,322
A- Latoya's total sales for this week were \$1,239. Latoya's manager set her quota for this week 5% higher. How much more will Latoya have to sell to meet her sales quota \$61.95
- Which is NOT a financial tool that utilizes sales projections Balance sheet
David borrowed \$180,000 from his bank to start his dry cleaning business. His repayment plan requires payments of \$1,500 a month. How long will it take David to pay back his loan 10 years
- Which statement defines a balance sheet A financial statement that shows what a business owns, what it owes and how much it is worth at a particular point in time
Created by: niyo