Chapter 9 Test. Date. Name. Multiple Choice Identify the choice that best completes the statement or answers the question.

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Chapter 9 Test. Date. Name. Multiple Choice Identify the choice that best completes the statement or answers the question."

Transcription

1 Chapter 9 Test Multiple Choice Identify the choice that best completes the statement or answers the question. 1. Which organization is responsible for regulating the calculation of depreciation? a. CIA c. DOT b. UPS d. IRS 2. Employees are typically reimbursed for which of the following expenses when they travel on business trips? a. hotel charges c. souvenirs b. personal entertainment d. none of the above 3. Which of the following is probably not considered a raw material? a. 2 tons of steel c. batteries b. lumber d. a box of screws 4. Which of the following describes how to calculate the break-even point in dollars? a. Multiply the break-even point in units by the sales price per unit. b. Multiply the break-even point in units by the warehouse price per unit. c. Divide the break-even point in units by the sales price per unit. d. Divide the break-even point in units by the warehouse price per unit. 5. When shipping charges are calculated per cwt, the customer is charged on the basis of weight per a. 50 pounds. c. 10 pounds. b. 100 pounds. d. pound. 6. Which term describes the length of time business property can be depreciated, as determined by the IRS? a. class life c. property life b. shelf life d. vital period Completion Complete each statement. 7. The costs of raw materials and direct labor are called the of manufacturing a product. 8. The term may be used by sellers to show who pays the shipping costs. 9. are costs such as rent, salaries, heat, insurance, advertising, and other overhead costs that remain the same regardless of production volume. 10. The of property is the original cost of the property less the total depreciation to date. Cengage/South-Western 20

2 Chapter 9 Test (cont'd) Numeric Response 11. The total annual cost of a small accounting firm's office is $424,960, including wages, benefits, rent, insurance, and power. If the office has 6 workstations, what is the average cost of each workstation? 12. A drilling machine that cost $93,000 is depreciated each year at the rate of 14% using the declining-balance method. What is the book value of the machine at the end of the first year? 13. Transit Technologies plans to produce 2-way radios that will sell for $59 per radio. They estimate fixed costs in manufacturing the radios to be $41,500. The variable costs of producing each radio will be $14. How many radios must the company sell to break even? 14. Claymore, Inc. pays $42,000 a month in rent for its factory and distributes this cost on the basis of floor space. How much should be charged to the shipping department each month if they occupy 1,100 sq. ft of the company's 13,360 sq. ft factory? 15. A computer programmer averages 33 written and tested lines of code each day. If the programmer earns $35 per hour and works for 8 hours a day, how much does the company pay for each line of code, to the nearest cent? 16. A table saw costing $1,200 will be used for 5 years and then traded in for an estimated $750. Using the sumof-the-years-digits method, find the book value of the saw at the end of the second year. 17. Marty Combs spent 3 days at a professional training seminar. He was reimbursed at $0.55 a mile for using his personal car to travel the 410 miles to and from the seminar. He was also paid $75 per diem. What was Marty's total reimbursement? 18. To ship freight to destination zone 7, a shipping company charges the following rates based on weight: 1-99 pounds, $1.14; pounds, $1.05; pounds, $0.98; and 500 pounds and over, $0.95. What is the freight charge to ship a 230-pound package to zone 7? Short Answer 19. What are the three kinds of factory costs? 20. Describe how to calculate the total manufacturing cost of a product. Cengage/South-Western 21

3 Chapter 10 Test Multiple Choice Identify the choice that best completes the statement or answers the question. 1. What kind of form do cashiers use to count the money in a drawer and check the amount against cash register readings? a. register form c. cash proof form b. reconcile form d. change fund form 2. The number of times an ad will run is referred to as the a. frequency rate. c. daily rate. b. page count. d. print time. 3. What is the discount date of an invoiee dated June 22 that has terms of sale 1/10, n/45? a. June 30 c. July 2 b. July 22 d. August 6 4. Which of the following is a common reason why wholesalers change the trade discount to raise and lower the prices they charge retailers? a. to remain competitive with other wholesalers b. to save the cost of reprinting their catalog when list prices change c. to offer a single discount equivalent d. none of the above 5. Which of the following is used by companies to forecast sales by selling a new product in a small geographic area and measuring its success? a. market tests c. customer surveys b. management opinion d. demographic analysis 6. Why might a retailer apply a markdown to an item's marked price? a. the item is out of season c. to be more competitive b. the item is not selling well d. all of the above Completion Complete each statement. 7. A business may offer a(n) as a way to encourage their business customers to pay their invoices early. 8. tells what percentage of the total market's sales one seller has. 9. People who complete surveys are called. 10. When merchandise bought on credit is returned, the seller reduces the buyer's account balance by the amount of the return and issues a. Cengage/South-Western 22

4 Chapter 10 Test (cont'd) Numeric Response 11. A local radio station charges $85 a day to air a 30-second commercial. What is the cost of running a commercial once a day for a year? 12. An audio cable sells for $8.79 at an electronics store. If the cost of the cable is $1.24, what rate of markup does the store earn on the cable, to the nearest percent? 13. A computer monitor has a list price of $ The series discount offered is 20%, 15%, and 10%. What is the invoice price of the monitor? 14. A hardware store purchased these items from a wholesaler: 48 boxes of $1.47, 115 sheets of $4.18, and 22 saw $3.45. What was the total of the sales invoice? 15. Sales of a new golf club were 132 in a test market. If there are 408 similar sized markets in the United States, what are the expected unit sales for the golf club when it is marketed nationwide? 16. A survey asked customers to rate their satisfaction with their cable service on a scale of 1-5, 1 being unsatisfied and 5 being very satisfied. The customers provided the following ratings: 1, 9; 2, 45; 3, 118; 4, 235; and 5, 18. What average rating did the cable service receive, to the nearest tenth? 17. An invoice for $1,500 dated December 14 has terms of sale of 3/10, 2/20, n/30. What is the amount of the cash discount and cash price if the invoice is paid on December 28? 18. A cashier began the sales day with a $250 change fund in his register. At the end of the day his totals showed $1, cash received and $ in cash paid out. If there was $1, in the register, how much was cash over or short? Short Answer 19. Describe how to find the invoice price of an item that is subject to a discount series. 20. What are some of the ways businesses contact customers to survey them about products and services? Cengage/South-Western 23

5 Chapter 13 Test Multiple Choice Identify the choice that best completes the statement or answers the question. 1. In metric measures of area, each square unit is how many times larger than the next smaller unit? a. 10 times c. 1/100 times b. 100 times d. 1/10 times 2. Which application would probably NOT require knowledge of calculating area? a. hanging wallpaper c. painting a ceiling b. spreading lawn seed d. swimming across a lake 3. Which term describes the difference between a country's exports and imports? a. balance of deficit c. balance of trade b. balanee of surplus d. balance of commerce 4. Which system of measurement is used in most of the world? a. the customary system c. the algebraic system b. the metric system d. none of the above 5. What is the name of the line of longitude through Greenwich, England that is designated as 0? a. the prime meridian. c. the International Line. b. the equator. d. the initial longitude. 6. If you are traveling east around the world and it is June 13, when you cross the International Line it will be a. June 13. c. June 14. b. June 12. d. none of the above Completion Complete each statement. 7. To find a country's divide the country's Gross Domestic Product by its population. 8. The basic unit of mass in the metric system is the. 9. The tells how much one country's currency is worth in another country's currency. 10. A business that manufactures, buys, and sells goods and services within a country is conducting Cengage/South-Western 28

6 Chapter 13 Test (cont'd) Numeric Response 11. The average temperature in June in Kentucky is 82 degrees Fahrenheit. What is the temperature in Celsius, to the nearest whole degree? 12. A country's GDP is $30.5 billion. If the population is 1.94 million, what is the country's per capita GDP to the nearest dollar? 13. Find the value of c in this equation: c = (1 m - 15 cm) ^ At sea level, water will boil when it reaches 100 degrees Celsius. What is the boiling point of water in Fahrenheit? Metric to Customary Customary to Metric 1 cm- «0.16 in.- 1 in.- = 6.5 cm^ 1 = 10.8 ft^ 1 fl^ =^ ha «2.5 acres 1 acre 0.4 ha 15. Using the chart above, about how many hectares are there in 10 acres? Round to the nearest whole hectare. 16. If a country with a population of million people has a per capita GDP of $21,104, what is the country' s GDP to the nearest tenth of a billion dollars? Metric to Customary Customary to.metric 1 L s 1.06 quarts 1 quart 0.95 L 1 L «0.26 gallons 1 gauon «= 3.79 L 1 g «0.035 oimce 1 ounce «28.3 g 1 kg «2.2 pounds 1 pound «0.45 kg 17. Using the chart above, about how many liters are there in a 55-gallon aquarium? Round to the nearest whole liter. 18. Carole is traveling in Japan and wants to exchange $75 to Japanese yen for spending money. If the exchange rate is yen, how much money will she receive? Short Answer 19. What is the difference between weight and mass? 20. What are some of the consequences of a country having a large trade deficit? Cengage/South-Western 29

Export Business Plan Guide

Export Business Plan Guide Export Business Plan Guide Table of Contents Introduction... 4 SECTION 01: CURRENT SITUATION ANALYSIS... 5 Company Overview... 5 Availability of Resources... 6 SWOT Analysis... 9 SECTION 02: MARKET ANALYSIS...

More information

Mathematics of Merchandising

Mathematics of Merchandising 4-2 Mathematics of Merchandising Chapter 4 4-3 Learning Objectives After completing this chapter, you will be able to: > Calculate the net price of an item after single or multiple trade discounts > Calculate

More information

Merchandise Accounts. Chapter 7 - Unit 14

Merchandise Accounts. Chapter 7 - Unit 14 Merchandise Accounts Chapter 7 - Unit 14 Merchandising... Merchandising... There are many types of companies out there Merchandising... There are many types of companies out there Service company - sells

More information

Chapter 6 Applications for Business and Consumers

Chapter 6 Applications for Business and Consumers Chapter 6 Applications for Business and Consumers Find the unit cost. Round to the nearest tenth of a cent. Grape juice, 64 ounces for $78 Black pepper, 2 ounces for $0.63 Peanut butter, 28 ounces for

More information

The Measurement of the Business Income. 1 by recording revenues when earned and expenses when incurred. 2 by adjusting accounts

The Measurement of the Business Income. 1 by recording revenues when earned and expenses when incurred. 2 by adjusting accounts Recap from Week 3 The Measurement of the Business Income The primary objective of accounting is measuring the net income of the businesses according to the generally accepted accounting principles. Net

More information

Businesses are affected by the economy An economy describes how a country spends its money This is determined by 5 factors

Businesses are affected by the economy An economy describes how a country spends its money This is determined by 5 factors Economic Factors Businesses are affected by the economy An economy describes how a country spends its money This is determined by 5 factors Economic Growth Exchange Rates Rates Economic Factors Inflation

More information

Account Numbering. By separating each account by several numbers, many new accounts can be added between any two while maintaining the logical order.

Account Numbering. By separating each account by several numbers, many new accounts can be added between any two while maintaining the logical order. Chart of Accounts The chart of accounts is a listing of all the accounts in the general ledger, each account accompanied by a reference number. To set up a chart of accounts, one first needs to define

More information

6.1 UNIT COST CALCULATIONS AND THE BREAK EVEN. Working Out Costs - The Terminology. How To Work Out Your Break Even Point

6.1 UNIT COST CALCULATIONS AND THE BREAK EVEN. Working Out Costs - The Terminology. How To Work Out Your Break Even Point 6.1 COSTS AND COSTING 6 UNIT COST CALCULATIONS AND THE BREAK EVEN..... Working Out Costs - The Terminology How To Work Out Your Break Even Point Costing And Break Even Exercise Costing The Job Exercises

More information

Chapter 08. Markups and Markdowns: Perishables and Breakeven Analysis. Copyright 2011 by the McGraw-Hill Companies, Inc. All rights reserved.

Chapter 08. Markups and Markdowns: Perishables and Breakeven Analysis. Copyright 2011 by the McGraw-Hill Companies, Inc. All rights reserved. Chapter 08 Markups and Markdowns: Perishables and Breakeven Analysis McGraw-Hill/Irwin Copyright 2011 by the McGraw-Hill Companies, Inc. All rights reserved. #8 LU8.1 Markups and Markdowns; Perishables

More information

Cash Flow Forecasting & Break-Even Analysis

Cash Flow Forecasting & Break-Even Analysis Cash Flow Forecasting & Break-Even Analysis 1. Cash Flow Cash Flow Projections What is cash flow? Cash flow is an estimate of the timing of when the cash associated with sales will be received and when

More information

Matt 109 Business Mathematics Notes. Spring 2013

Matt 109 Business Mathematics Notes. Spring 2013 1 To be used with: Title: Business Math (Without MyMathLab) Edition: 8 th Author: Cleaves and Hobbs Publisher: Pearson/Prentice Hall Copyright: 2009 ISBN #: 978-0-13-513687-4 Matt 109 Business Mathematics

More information

MATHEMATICAL EXCURSIONS Math and the Tourist

MATHEMATICAL EXCURSIONS Math and the Tourist MATHEMATICAL EXCURSIONS Math and the Tourist When you travel to a foreign country, besides different languages and customs, you may encounter a different currency, system of weights and measures, and temperature

More information

Accounting for a Merchandising Business

Accounting for a Merchandising Business Chapter 11 Accounting for a Merchandising Business ANSWERS TO SECTION 11.1 REVIEW QUESTIONS (text p. 428) The Merchandising Business 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 1. 2. 3. 4. 14. 15. Copyright

More information

For more course tutorials visit www.uoptutorial.com

For more course tutorials visit www.uoptutorial.com ACC 290 Final Exam Guide (New) Click Here to Buy the Tutorial http://www.uoptutorial.com/index.php?route=product/ product&path=737&product_id=11101 For more course tutorials visit www.uoptutorial.com ACC

More information

Jackson Company recorded the following cash transactions for the year:

Jackson Company recorded the following cash transactions for the year: ACC 290 Final Exam Guide (New) Click Here to Buy the Tutorial http://www.uoptutorial.com/index.php?route=product/product&path=7 37&product_id=11101 For more course tutorials visit www.uoptutorial.com ACC

More information

Chapter 04 - Accounting for Merchandising Operations. Chapter Outline

Chapter 04 - Accounting for Merchandising Operations. Chapter Outline I. Merchandising Activities Products that a company acquires to resell to customers are referred to as merchandise (also called goods). A merchandiser earns net income by buying and selling merchandise.

More information

Pool Canvas. Question 1 Multiple Choice 0 points Modify Remove. Question 2 Multiple Choice 0 points Modify Remove

Pool Canvas. Question 1 Multiple Choice 0 points Modify Remove. Question 2 Multiple Choice 0 points Modify Remove Page 1 of 21 TEST BANK > CONTROL PANEL > POOL MANAGER > POOL CANVAS Pool Canvas Add, modify, and remove questions. Select a question type from the Add Question drop-down list and click Go to add questions.

More information

Lesson 5: Inventory. 5.1 Introduction. 5.2 Manufacturer or Retailer?

Lesson 5: Inventory. 5.1 Introduction. 5.2 Manufacturer or Retailer? Lesson 5: Inventory 5.1 Introduction Whether it is a brick and mortar or digital store, for many businesses, inventory management is a key cog of their operations. Managing inventory is an important key

More information

OUTLINE FOR AN INTERNATIONAL BUSINESS PLAN

OUTLINE FOR AN INTERNATIONAL BUSINESS PLAN OUTLINE FOR AN INTERNATIONAL BUSINESS PLAN Please type your plan single-spaced. The first stage in developing an international business plan is to undertake a preliminary country analysis. Presented below

More information

how to prepare a profit and loss (income) statement

how to prepare a profit and loss (income) statement business builder 3 how to prepare a profit and loss (income) statement amegy bank business resource center how to prepare a profit and loss (income) statement 2 how to prepare a profit and loss (income)

More information

BUSINESS BUILDER 3 HOW TO PREPARE A PROFIT AND LOSS (INCOME) STATEMENT

BUSINESS BUILDER 3 HOW TO PREPARE A PROFIT AND LOSS (INCOME) STATEMENT BUSINESS BUILDER 3 HOW TO PREPARE A PROFIT AND LOSS (INCOME) STATEMENT zions business resource center 2 how to prepare a profit and loss (income) statement A Profit and Loss (P&L) or income statement measures

More information

Assignment 10 (Chapter 11)

Assignment 10 (Chapter 11) Assignment 10 (Chapter 11) 1. Which of the following tends to cause the U.S. dollar to appreciate in value? a) An increase in U.S. prices above foreign prices b) Rapid economic growth in foreign countries

More information

18) 6 3 4 21) 1 1 2 22) 7 1 2 23) 19 1 2 25) 1 1 4. 27) 6 3 qt to cups 30) 5 1 2. 32) 3 5 gal to pints. 33) 24 1 qt to cups

18) 6 3 4 21) 1 1 2 22) 7 1 2 23) 19 1 2 25) 1 1 4. 27) 6 3 qt to cups 30) 5 1 2. 32) 3 5 gal to pints. 33) 24 1 qt to cups Math 081 Chapter 07 Practice Name SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 18) 6 3 4 gal to quarts Convert as indicated. 1) 72 in. to feet 19)

More information

Virginia Mathematics Checkpoint Assessment MATHEMATICS 5.8. Strand: Measurement

Virginia Mathematics Checkpoint Assessment MATHEMATICS 5.8. Strand: Measurement Virginia Mathematics Checkpoint Assessment MATHEMATICS 5.8 Strand: Measurement Standards of Learning Blueprint Summary Reporting Category Grade 5 SOL Number of Items Number & Number Sense 5.1, 5.2(a-b),

More information

1. A set of procedures for controlling cash payments by preparing and approving vouchers before payments are made is known as a voucher system.

1. A set of procedures for controlling cash payments by preparing and approving vouchers before payments are made is known as a voucher system. Accounting II True/False Indicate whether the sentence or statement is true or false. 1. A set of procedures for controlling cash payments by preparing and approving vouchers before payments are made is

More information

The University of Georgia

The University of Georgia The University of Georgia Center for Agribusiness and Economic Development College of Agricultural and Environmental Sciences Estimating a Business Opportunity s Economic Vitality DRAFT Prepared by: Kent

More information

Exercises. Differential Analysis Sell (Alt. 1) or Lease (Alt. 2)

Exercises. Differential Analysis Sell (Alt. 1) or Lease (Alt. 2) Chapter 24 and Product Pricing Study Guide Solutions Fill-in-the-Blank Equations 1. Differential revenue 2. Differential costs 3. Differential income (Loss) 4. Markup per unit 5. Estimated units produced

More information

CENTURY 21 ACCOUNTING, 8e General Journal Key Terms and Definitions

CENTURY 21 ACCOUNTING, 8e General Journal Key Terms and Definitions CENTURY 21 ACCOUNTING, 8e General Journal Key Terms and Definitions Chapter 1 Starting A Proprietorship: Changes that Affect the Accounting Equation account: a record summarizing all the information pertaining

More information

Chapter 27 Pricing Math. Section 27.1 Calculating Prices Section 27.2 Calculating Discounts

Chapter 27 Pricing Math. Section 27.1 Calculating Prices Section 27.2 Calculating Discounts Chapter 27 Pricing Math Section 27.1 Calculating Prices Section 27.2 Calculating Discounts Calculating Prices Key Terms gross profit maintained markup Objectives Explain how a firm s profit is related

More information

Instructions for E-PLAN Financial Planning Template

Instructions for E-PLAN Financial Planning Template Instructions for E-PLAN Financial Planning Template The EPLAN template will assist you in preparing financial projections for your existing business. The template uses Microsoft Excel to prepare your projected

More information

1. Managerial accounting is primarily concerned with the organization as a whole rather than with segments of the organization.

1. Managerial accounting is primarily concerned with the organization as a whole rather than with segments of the organization. Page 1 of 69 True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False True False 1

More information

Helena Company reports the following total costs at two levels of production.

Helena Company reports the following total costs at two levels of production. Chapter 22 Helena Company reports the following total costs at two levels of production. 10,000 Units 20,000 Units Direct materials $20,000 $40,000 Maintenance 8,000 10,000 Direct labor 17,000 34,000 Indirect

More information

Chapter 3.1. Capital and Trade Flow Drive Currency Values

Chapter 3.1. Capital and Trade Flow Drive Currency Values Chapter 3.1 Capital and Trade Flow Drive Currency Values 0 CAPITAL AND TRADE FLOW DRIVE CURRENCY VALUES Supply and demand are the simple concepts behind all price movement in the forex market, and no two

More information

Accounting for a Merchandising Business

Accounting for a Merchandising Business CHAPTER 10 Accounting for a Merchandising Business SECTION 10.1 REVIEW QUESTIONS (page 401) 1. A service business sells a service to the general public but does not deal in merchandise. For example, a

More information

CONNECT: Currency, Conversions, Rates

CONNECT: Currency, Conversions, Rates CONNECT: Currency, Conversions, Rates CHANGING FROM ONE TO THE OTHER Money! Finances! $ We want to be able to calculate how much we are going to get for our Australian dollars (AUD) when we go overseas,

More information

ACCOUNTING DICTIONARY

ACCOUNTING DICTIONARY ACCOUNTING DICTIONARY A Account a record summarizing all the information pertaining to a single item in the accounting equation Account balance the amount in an account Account number the number assigned

More information

advertise to announce that a product is for sale or that a service is offered in order to encourage people to buy it or to use it

advertise to announce that a product is for sale or that a service is offered in order to encourage people to buy it or to use it Aa Acquisition process by which a company buys another company advertise to announce that a product is for sale or that a service is offered in order to encourage people to buy it or to use it advertiser

More information

Hundredweight. Kilogram. What word is represented by each of the following abbreviations? T7-1 REVIEW EXERCISES CHAPTER 7 SECTION I

Hundredweight. Kilogram. What word is represented by each of the following abbreviations? T7-1 REVIEW EXERCISES CHAPTER 7 SECTION I T7-1 REVIEW EXERCISES CHAPTER 7 SECTION I What word is represented by each of the following abbreviations? 1. bx. Box 2. pt Pint 3. drm. Drum 4. kg 5. gro. Gross 6. oz Ounce 7. M. Thousand 8. cwt Kilogram

More information

$566.30. What is the monthly interest rate on the account? (Round to the nearest hundredth of a percent.) 4 = x 12. 7)

$566.30. What is the monthly interest rate on the account? (Round to the nearest hundredth of a percent.) 4 = x 12. 7) Exam Name SHORT ANSWER. Write the word or phrase that best completes each statement or answers the question. 1)What percent of 6 is 27? 1) 2)64.288 is 28.7% of what number? 2) 3)112% of what number is

More information

CC.2.1.HS.F.5 -- Essential Choose a level of accuracy appropriate to limitations on measurement when reporting quantities. 1 -- Essential. them.

CC.2.1.HS.F.5 -- Essential Choose a level of accuracy appropriate to limitations on measurement when reporting quantities. 1 -- Essential. them. Topic: 04-Business Expense Management Know: Understand: Do: CC.2.1.HS.F.5 -- Essential Choose a level of accuracy appropriate to limitations on measurement when reporting quantities. CC.2.2.HS.D.8 -- Essential

More information

DesCartes (Combined) Subject: Mathematics 2-5 Goal: Data Analysis, Statistics, and Probability

DesCartes (Combined) Subject: Mathematics 2-5 Goal: Data Analysis, Statistics, and Probability DesCartes (Combined) Subject: Mathematics 2-5 Goal: Data Analysis, Statistics, and Probability RIT Score Range: Below 171 Below 171 Data Analysis and Statistics Solves simple problems based on data from

More information

AGS Publishing-Consumer Mathematics. Reinforcement activities. Extra practice problems. Group explorations. AGS Publishing-Consumer Mathematics

AGS Publishing-Consumer Mathematics. Reinforcement activities. Extra practice problems. Group explorations. AGS Publishing-Consumer Mathematics SUBJECTS: CONSUMER MATH GRADE LEVEL(S): 12 REVISED: JULY 2007 PHILOSOPHY : This course is designed as a full year course, which will focus on real world methodology and application and will provide students

More information

Quantitative Marketing Analysis

Quantitative Marketing Analysis Quantitative Marketing Analysis CLASS 2 09.16.13 Revenue (sales) Income Statement Sections 5 Expenses Cost of goods sold (FC and VC) Operating expenses (generally FC) Profit 1 EXHIBIT 2.4: PRO FORMA INCOME

More information

Merchandising Operations

Merchandising Operations 5 Merchandising Operations WHAT YOU PROBABLY ALREADY KNOW You want to order a pair of pants from a mail-order catalog. The price listed in the catalog is $50. There is a 10% off coupon in the catalog for

More information

Fill in the Blanks Feasibility Study Worksheet

Fill in the Blanks Feasibility Study Worksheet Fill in the Blanks Feasibility Study Worksheet The Arizona SBDC Network is partially funded through a cooperative agreement with the US Small Business Administration. The SBA s funding is not an endorsement

More information

FINANCIAL INTRODUCTION

FINANCIAL INTRODUCTION FINANCIAL INTRODUCTION In earlier sections you calculated your cost of goods sold, overhead expenses and capital cost in order to help you determine the sales price of your product. In your business plan,

More information

Loan. Application. Money Smarts for Kids. Money Skills for Life. Member FDIC. What to Know About Loans. Completing a Loan Application

Loan. Application. Money Smarts for Kids. Money Skills for Life. Member FDIC. What to Know About Loans. Completing a Loan Application Loan Application What to Know About Loans What do I need to know about applying for a loan? A loan is used to help you pay for something that you want to buy, like a car, college tuition, school trip or

More information

To Multiply Decimals

To Multiply Decimals 4.3 Multiplying Decimals 4.3 OBJECTIVES 1. Multiply two or more decimals 2. Use multiplication of decimals to solve application problems 3. Multiply a decimal by a power of ten 4. Use multiplication by

More information

Chapter 5 Merchandising Operations

Chapter 5 Merchandising Operations Chapter 5 Merchandising Operations Financial Statements of a Service Company and a Merchandiser: - Service Companies: Revenues earned through performance of services. Examples: Dentists, Accounting Firms,

More information

Investments Advance to subsidiary company 81,000

Investments Advance to subsidiary company 81,000 EXERCISE 7-3 (10 15 minutes) Current assets Accounts receivable Customers Accounts (of which accounts in the amount of $40,000 have been pledged as security for a bank loan) $79,000 Installment accounts

More information

BREAK-EVEN ANALYSIS. In your business planning, have you asked questions like these?

BREAK-EVEN ANALYSIS. In your business planning, have you asked questions like these? BREAK-EVEN ANALYSIS In your business planning, have you asked questions like these? How much do I have to sell to reach my profit goal? How will a change in my fixed costs affect net income? How much do

More information

Accounting for inventory. www.brightpearl.com

Accounting for inventory. www.brightpearl.com Accounting for inventory Whats inside Accounting for your inventory is as important as accounting for your sales. Every product you have on the shelf has a cost value, and the total cost of goods is likely

More information

FSCJ PERT. Florida State College at Jacksonville. assessment. and Certification Centers

FSCJ PERT. Florida State College at Jacksonville. assessment. and Certification Centers FSCJ Florida State College at Jacksonville Assessment and Certification Centers PERT Postsecondary Education Readiness Test Study Guide for Mathematics Note: Pages through are a basic review. Pages forward

More information

Solving Equations With Fractional Coefficients

Solving Equations With Fractional Coefficients Solving Equations With Fractional Coefficients Some equations include a variable with a fractional coefficient. Solve this kind of equation by multiplying both sides of the equation by the reciprocal of

More information

RAPID REVIEW Chapter Content

RAPID REVIEW Chapter Content RAPID REVIEW BASIC ACCOUNTING EQUATION (Chapter 2) INVENTORY (Chapters 5 and 6) Basic Equation Assets Owner s Equity Expanded Owner s Owner s Assets Equation = Liabilities Capital Drawing Revenues Debit

More information

Accounting Building Business Skills. Learning Objectives. Learning Objectives. Paul D. Kimmel. Chapter Four: Inventories

Accounting Building Business Skills. Learning Objectives. Learning Objectives. Paul D. Kimmel. Chapter Four: Inventories Accounting Building Business Skills Paul D. Kimmel Chapter Four: Inventories PowerPoint presentation by Christine Langridge Swinburne University of Technology, Lilydale 2003 John Wiley & Sons Australia,

More information

Dr. M.D. Chase Accounting Principles Examination 2J Page 1

Dr. M.D. Chase Accounting Principles Examination 2J Page 1 Accounting Principles Examination 2J Page 1 Code 1 1. The term "net sales" refers to gross sales revenue reduced by sales discounts and transportation-in. 2. The cost of goods available for sale in a given

More information

ACCT 652 Accounting. Review of last week. Review of last time (2) 1/25/16. Week 3 Merchandisers and special journals

ACCT 652 Accounting. Review of last week. Review of last time (2) 1/25/16. Week 3 Merchandisers and special journals ACCT 652 Accounting Week 3 Merchandisers and special journals Some slides Times Mirror Higher Education Division, Inc. Used by permission Michael D. Kinsman, Ph.D. Review of last week Some highlights of

More information

Use of the words Mary Kay, Mary Kay Cosmetics or MK on your accounts is not authorized with the exception of those offered through MKConnections.

Use of the words Mary Kay, Mary Kay Cosmetics or MK on your accounts is not authorized with the exception of those offered through MKConnections. Why Record Keeping Is Important Accurate, up-to-date records are vital to your Mary Kay business. They will help you keep your Mary Kay business organized and may even save you money on your income taxes.

More information

Solving Percent Applications

Solving Percent Applications 6.5 Solving Percent Applications 6.5 OBJECTIVES 1. Solve for the unknown amount in a percent problem 2. Solve for the unknown rate in a percent problem 3. Solve for the unknown base in a percent problem

More information

DRAFT. Accounting for a Merchandising Business. SECTION 10.1 REVIEW QUESTIONS (page 401) 1. 5. 6. 7. 8. 10. 11. 12. 13. 14. 15. 16. 17.

DRAFT. Accounting for a Merchandising Business. SECTION 10.1 REVIEW QUESTIONS (page 401) 1. 5. 6. 7. 8. 10. 11. 12. 13. 14. 15. 16. 17. CHAPTER 10 Accounting for a Merchandising Business SECTION 10.1 REVIEW QUESTIONS (page 401) 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 324 Accounting 1 Student Workbook Copyright 2013 Pearson

More information

2. A service company earns net income by buying and selling merchandise. Ans: False

2. A service company earns net income by buying and selling merchandise. Ans: False Chapter 6: Accounting For Merchandising Activities True/False 1. Merchandise consists of products that a company acquires for the purpose of reselling them to customers. 2. A service company earns net

More information

Chapter 12. National Income Accounting and the Balance of Payments. Slides prepared by Thomas Bishop

Chapter 12. National Income Accounting and the Balance of Payments. Slides prepared by Thomas Bishop Chapter 12 National Income Accounting and the Balance of Payments Slides prepared by Thomas Bishop Preview National income accounts measures of national income measures of value of production measures

More information

Business Planning and Operations Study Guide

Business Planning and Operations Study Guide Business Planning and Operations Study Guide The Value of Business Planning Achieve business objectives based on the facility s mission Anticipate and prepare for opportunities and problems that could

More information

The goal today is to accomplish three things:

The goal today is to accomplish three things: MARK SHERMAN, CPA The goal today is to accomplish three things: 1. Educate you on The Mortgage Forgiveness Debt Relief Act of 2007. 2. Show you how to save taxes on your real estate business. 3. Help you

More information

Effective Inventory Analysis

Effective Inventory Analysis Effective Inventory Analysis By Jon Schreibfeder EIM Effective Inventory Management, Inc. This report is the sixth in a series of white papers designed to help forward-thinking distributors increase efficiency,

More information

Copyright 2015 Pearson Canada Inc. 1

Copyright 2015 Pearson Canada Inc. 1 1 Building Blocks of Managerial Accounting CHAPTER 2 2 Distinguish among service, merchandising, and manufacturing companies OBJECTIVE 1 3 Service Companies Provide an intangible service only Largest sector

More information

National Business Association Operating Plan Forecast Handbook. Page 1 of 12

National Business Association Operating Plan Forecast Handbook. Page 1 of 12 National Business Association Operating Plan Forecast Handbook Page 1 of 12 Page 2 of 12 The National Business Association (NBA) is a not for profit association, specifically designed and actively managed

More information

FIRSTAX SAVES YOU TAXES

FIRSTAX SAVES YOU TAXES FIRSTAX Your Tax Advisors for Life 1221 McKinney, Suite 3275 Houston, TX 77010 TEL & FAX 713.781.9999 TEL 800.781.9996 taxsavings@firstax.com www.firstax.com FIRSTAX SAVES YOU TAXES A TAX SAVING WORKBOOK

More information

Inventories: Measurement

Inventories: Measurement RECORDING AND MEASURING INVENTORY TYPES OF INVENTORY There are two types of inventories depending on the kind of business operation. Merchandise Inventory A merchandising concern buys and resells inventory

More information

Pre-Algebra Exam Review Review for Part 2: You may use a calculator to solve these problems.

Pre-Algebra Exam Review Review for Part 2: You may use a calculator to solve these problems. Pre-Algebra Exam Review Review for Part 2: You may use a calculator to solve these problems. Name MULTIPLE CHOICE. Choose the one alternative that best completes the statement or answers the question.

More information

_ HOW TO FIGURE PERCENT _

_ HOW TO FIGURE PERCENT _ _ HOW TO FIGURE PERCENT _ This learning packet will take you through the basic steps of working with percentages so you can solve problems like the ones below: Example: My family has just eaten dinner

More information

Foreign Exchange Market: Chapter 7. Chapter Objectives & Lecture Notes FINA 5500

Foreign Exchange Market: Chapter 7. Chapter Objectives & Lecture Notes FINA 5500 Foreign Exchange Market: Chapter 7 Chapter Objectives & Lecture Notes FINA 5500 Chapter Objectives: FINA 5500 Chapter 7 / FX Markets 1. To be able to interpret direct and indirect quotes in the spot market

More information

Useful Telephone Numbers

Useful Telephone Numbers Just the Basics Useful Telephone Numbers How to Use Your Student Health Insurance Money Conversion Tables/Weights and Measures Obtaining a Social Security Card Public Transportation Owning and Operating

More information

CHAPTER 8 VALUATION OF INVENTORIES: A COST BASIS APPROACH. MULTIPLE CHOICE Conceptual

CHAPTER 8 VALUATION OF INVENTORIES: A COST BASIS APPROACH. MULTIPLE CHOICE Conceptual CHAPTER 8 VALUATION OF INVENTORIES: A COST BASIS APPROACH Answer No. Description MULTIPLE CHOICE Conceptual d 1. Entries under perpetual inventory system. b 2. Classification of goods in transit. a 3.

More information

Gross Receipts. Gross Receipts. Department of Revenue 445 East Capitol Avenue Pierre, South Dakota 57501. July 2013

Gross Receipts. Gross Receipts. Department of Revenue 445 East Capitol Avenue Pierre, South Dakota 57501. July 2013 South Gross Dakota Receipts Department of Revenue 445 East Capitol Avenue Pierre, South Dakota 57501 This fact sheet is designed to provide general guidelines and examples of what is included in a retailer

More information

Grade 11 or 12 Mathematics for Business

Grade 11 or 12 Mathematics for Business Grade 11 or 12 Mathematics for Business Strands 1. Basic Mathematics 2. Basic Business Applications 3. Mathematics of Retailing 4. Mathematics of Finance 5. Accounting and Other Applications Strand 1:

More information

Self Employed & Single Member LLC Tax Organizer

Self Employed & Single Member LLC Tax Organizer Self Employed & Single Member LLC Tax Organizer CLIENT INFORMATION Business Name (DBA): Email: Date of Formation: EIN#: Best Phone#: Business Address: Tax Period City: State: ZIP Code: What date was the

More information

Appendix. PERCENT AND THEIR APPLICATIONS. 1. Percent formulas

Appendix. PERCENT AND THEIR APPLICATIONS. 1. Percent formulas Appendix. PERCENT AND THEIR APPLICATIONS The answers to the tasks and examples will often be inaccurate numbers; however, when typing answers we will usually use the equality sign at the accuracy of an

More information

Gross Sales (Gross Revenue): the total amount of money received from customers

Gross Sales (Gross Revenue): the total amount of money received from customers Chapter 17 Financial Statements and Ratios 17.1: The Income Statement 17.1.1: Learn the terms used with income statements Income Statement: a financial statement used to summarize all income and expenses

More information

ACCOUNTING 105 CONCEPTS REVIEW

ACCOUNTING 105 CONCEPTS REVIEW ACCOUNTING 105 CONCEPTS REVIEW A note from the tutors: This handout is designed to help you review important information as you study for your cumulative final exam. While it does cover many important

More information

Chapter 9: Inventories. Raw materials and consumables Finished goods Work in Progress Variants of valuation at historical cost other valuation rules

Chapter 9: Inventories. Raw materials and consumables Finished goods Work in Progress Variants of valuation at historical cost other valuation rules Chapter 9: Inventories Raw materials and consumables Finished goods Work in Progress Variants of valuation at historical cost other valuation rules 1 Characteristics of Inventories belong to current assets

More information

Business Plan Workbook

Business Plan Workbook Business Plan Workbook TABLE OF CONTENTS 1.0 OVERVIEW... 3 2.0 DESCRIPTION OF THE BUSINESS... 5 3.0 OWNERSHIP & MANAGEMENT... 7 4.0 MARKET & INDUSTRY OVERVIEW... 8 5.0 MARKETING PLAN & STRATEGY... 11 6.0

More information

Work Keys Practice Questions

Work Keys Practice Questions Work Keys Practice Questions (Formula Sheet and Keys are at the end of the packet) Name Prairie State Exam WorkKeys: Applied Math Section The Applied Mathematics assessment measures a person's skill in

More information

International Marketing Plan Workbook

International Marketing Plan Workbook International Marketing Plan Workbook The purpose of the International Marketing Plan workbook is to prepare your business to enter the international marketplace. Ask yourself: Should I expand my company

More information

Third Grade Illustrated Math Dictionary Updated 9-13-10 As presented by the Math Committee of the Northwest Montana Educational Cooperative

Third Grade Illustrated Math Dictionary Updated 9-13-10 As presented by the Math Committee of the Northwest Montana Educational Cooperative Acute An angle less than 90 degrees An acute angle is between 1 and 89 degrees Analog Clock Clock with a face and hands This clock shows ten after ten Angle A figure formed by two line segments that end

More information

Appendix C: Conversions and Calculations

Appendix C: Conversions and Calculations Appendix C: Conversions and Calculations Effective application of pesticides depends on many factors. One of the more important is to correctly calculate the amount of material needed. Unless you have

More information

Workbook 2 Overheads

Workbook 2 Overheads Contents Highlights... 2 Quick Practice Session on Overheads... 2 Financial Quiz 2 - Overheads... 3 Learning Zone Overheads... 3 Fixed and Variable costs and Break-even analysis explained... 3 Fixed Costs...

More information

Financial Results for the First Quarter Ended June 30, 2014

Financial Results for the First Quarter Ended June 30, 2014 July 28, 2014 Company name : Nissan Motor Co., Ltd. Code no : 7201 (URL http://www.nissan-global.com/en/ir/) Representative : Carlos Ghosn, President Contact person : Joji

More information

Section II: Problem Solving (200 points) KEY

Section II: Problem Solving (200 points) KEY ARE 495U Assignment 2-10 points Create 5 or more marketing plan questions that need to be answered related to FF. 2013 North Carolina FFA Farm Business Management Career Development Event Section II: Problem

More information

CHAPTER5 Accounting for Merchandising Operations 5-1

CHAPTER5 Accounting for Merchandising Operations 5-1 CHAPTER5 Accounting for Merchandising Operations 5-1 5-2 PreviewofCHAPTER5 Merchandising Operations Merchandising Companies Buy and Sell Goods Wholesaler Retailer Consumer The primary source of revenues

More information

Example 2: A company s car has an original value of $85, 000 and will be depreciated linearly over 6 years with scrap value of $10,000.

Example 2: A company s car has an original value of $85, 000 and will be depreciated linearly over 6 years with scrap value of $10,000. Section 1.5: Linear Models An asset is an item owned that has value. Linear Depreciation refers to the amount of decrease in the book value of an asset. The purchase price, also known as original cost,

More information

Chapter 5. Accounting for merchandising operations. Appendix 5A: Periodic inventory system

Chapter 5. Accounting for merchandising operations. Appendix 5A: Periodic inventory system 1 Chapter 5 Accounting for merchandising operations Appendix 5A: Periodic inventory system 2 Learning objectives 1. Record purchase and sales transactions under the periodic inventory system 2. Prepare

More information

House Published on www.jps-dir.com

House Published on www.jps-dir.com I. Cost - Volume - Profit (Break - Even) Analysis A. Definitions 1. Cost - Volume - Profit (CVP) Analysis: is a means of predicting the relationships among revenues, variable costs, and fixed costs at

More information

RENAISSANCE ENTREPRENEURSHIP CENTER First Finance Class (FIN-1)

RENAISSANCE ENTREPRENEURSHIP CENTER First Finance Class (FIN-1) Finance 1 (FIN-1) RENAISSANCE ENTREPRENEURSHIP CENTER (FIN-1) Learning Outcomes At the conclusion of this class, you should: Know what will be covered in the six finance class sessions. Have reviewed some

More information

Merchandising Chain Chapter 5 Trade Discount, Cash Discount, Markup, and Markdown Terminology Used in the Trade Discounts (5.1) Merchandising Chain

Merchandising Chain Chapter 5 Trade Discount, Cash Discount, Markup, and Markdown Terminology Used in the Trade Discounts (5.1) Merchandising Chain Chapter 5 Trade Discount, Cash Discount, Markup, and Markdown Merchandising Chain As a product is purchased and sold along a chain, each merchandiser adds a markup above the cost of buying to the merchandise.

More information

Inventories: Cost Measurement and Flow Assumptions

Inventories: Cost Measurement and Flow Assumptions CHAPTER 8 O BJECTIVES After reading this chapter, you will be able to: 1 Describe how inventory accounts are classified. 2 Explain the uses of the perpetual and periodic inventory systems. 3 Identify how

More information

Reference: Gregory Mankiw s Principles of Macroeconomics, 2 nd edition, Chapters 10 and 11. Gross Domestic Product

Reference: Gregory Mankiw s Principles of Macroeconomics, 2 nd edition, Chapters 10 and 11. Gross Domestic Product Macroeconomics Topic 1: Define and calculate GDP. Understand the difference between real and nominal variables (e.g., GDP, wages, interest rates) and know how to construct a price index. Reference: Gregory

More information

S Corporation Tax Organizer

S Corporation Tax Organizer S Corporation Tax Organizer CLIENT INFORMATION S Corporation Name: Email: Date of Incorporation: EIN#: Best Phone#: Corporate Address: Tax Period City: State: ZIP Code: What date was the corporation first

More information