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unit 05 mitz

QuestionAnswer
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
Created by: patel4991
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