tesst review
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| Land, buildings, furniture, and equipment are | Fixed assets
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| 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
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| The monetary value of the business is its | Net worth
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| Anything of value that a business owns is a/n | Asset
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| Which would NOT be considered a fixed expense? | Utilities
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| 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
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| Expenses are BEST described as the | Cost of running a business
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| Which is NOT an example of variable costs? | Loan payment
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| The price the retailer pays for the merchandise sold is: | Cost of goods sold
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| - Which is an example of a financial obligation that a business would expect to take more than one year to repay? | Mortgage
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| The three components included on a balance sheet are | Assets, liabilities, and net worth
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| On an income statement, net sales revenue minus cost of goods sold is | Gross profit
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| Which is NOT an example of operating expenses | Sales taxes
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| Net income is calculated by subtracting total expenses from: | Gross profit
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| - Why is the amount of tax due to the government calculated on the net income | Net income represents the true profit of the company
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| - 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
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| 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
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| 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
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| If the gross profit is $200,000 and the total expenses are $103,300, what is the net income/profit (before taxes)? | $96,700
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| - If the gross profit on sales is $574,000 and total expenses are $401,000, what is the net income | $173,000
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| Which appears on the income statement | Net profit
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| - Which is a balance sheet item? | Assets
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| - Professional fees paid to an accountant or attorney for occasional work would be which type of expense? | Variable
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| - The value of a life insurance policy on the life of the business owner is which type of asset? | Other
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| - Which is NOT a factor on an income statement | Liabilities
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| 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
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| A sales goal assigned to a sales person for a specified period of time is a: | Sales quota
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| The point at which the income from product sales equals the cost of making and distributing the product is: | Break-even
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| - Placing a product in a certain market to get desired customer response is: | Product positioning
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| The financial statement that shows the movement of money in and out of the business is the: | Cash flow
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| D- A statement showing how and when the debt of a business will be paid is a/n: | Repayment plan.
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| 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
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| A company had gross sales of $109,000 and a net profit of $27,000. What is the sales ratio | 25%
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| 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.
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| A- Dillard's is projecting a 52% increase in sales during the month of December. This is a: | Sales forecast.
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| - 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
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| 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
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| - 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
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| 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
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| - Which is NOT a financial tool that utilizes sales projections | Balance sheet
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| 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
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| - 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
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