Fixed
Cost
Cost
Variable
Costs
Costs
Last Quarter Knowledge
Common Knowledge
Pop
Culture
Culture
100
What is a fixed cost?
Costs that don’t change with an increase or decrease in the number of goods/services produced or sold
100
How do you calculate variable costs?
Variable costs = cost per unit x Total number of units
100
What are the 5 financial statements?
1. Statement of profit or loss
2 Statement of changes in equity
3. Statement of Financial position
4. Statement of Cash Flow
5. Notes
100
What are the names of the 3 boats Cristopher Colombus came to America with?
La Pinta
La Niña
La Santa Maria
100
How was princess Diana known as?
the People's Princess.
200
Give 3 examples of Fixed Costs. Explain why they are fixed costs?
1. Rent
2. Salaries
3. Taxes
4. Insurance
200
Give at least 3 examples of variable costs Apple may have. Explain them
Some examples:
1. Commisions
2. R&D
3. Variable Labor
4. Packaging Supplies
200
What is the recomended acounting method? Why?
Accrual Accounting
Because it reflects the state of the copany in the precise moment needed.
200
What’s the capital of Ukraine?
Kiev
200
What album just broke Spotify's most-streamed album in a single day record?
Midnights
By: Taylor Swift
300
When and how are Fixed costs usually stated?
Fixed costs are usually stated before the start of a lease or project through a contract
300
As we have learned in Managerial Accounting, context is VERY important.
Consider the following situation: You are the owner of a Mexican food truck in Los Angeles, California. You drive around and sell an average of 100 to 200 tacos per day. Is gas considered a fixed or variable cost in this situation?
Gas is a fixed cost
Why?
Because the cost of gas does not increase or decrease in regard to the amount of food the truck sells.
300
Assets and Expenses increase on what side of the T accounts?
Debit side
300
What is the most populated city in America (continent)?
Mexico City
300
What was the reason for Orlando Galo’s (Costarican soccer player) recent 6-month suspension from Football, leading him to miss the World Cup?
Acné Cream
(Steroids)
400
If production increases, fixed costs might increase or decrease? Why?
Decrease
Because as production increases, the same fixed costs are spread over more units
400
Say 1 example on how a business can cut variable costs
Increasing output using the same amount of material
Developing a new production process
Spot opportunities for efficiencies and improvement,
400
How do you calculate Retained Earnings
Revenues - Expenses - Dividends
400
What is the most valuable company in the world?
Apple
400
Name me all the Kardashian Jenners kids
(The sons/daughters of Kim, Kylie, etc)
Courtney: 1. Mason Disick 2. Penelope Disick 3. Reign Disick
Kim: 4. North West 5. Chicago West 6. Saint West, 7. Psalm West
Khloe: 8. True Thompson 9. Newborn
Rob: 10. Dream Kardashian
Kylie: 11. Stormi Webster 12. "Wolf" Webster
500
Give an example where fixed costs might change depending on production.
Let's say that Company ABC has a lease of $10,000 a month on its production facility and produces 1,000 mugs per month. As such, it may spread the fixed cost of the lease at $10 per mug. If it produces 10,000 mugs a month, the fixed cost of the lease goes down to the tune of $1 per mug.
500
Identify in the following graph wich line represents fixed, variable and total costs
The horizontal line = Fixed
The diagonal line that starts at 0 = Variable
Line that starts over the Fixes = Total Costs
500
What is 1 of the non cash transactions that are put on the Cash Flow statement?
Noncash Charges: 1. Depriciation Expense 2. Amortization
Gains and Losses: 1. Loss of disposal of plant assets 2. Gain of disposal of plant assets
Changes in current assets and Current Liabilities: Increase or decrease in a current asset or liability account.
500
Where is the strongest human muscle located?
Jaw
500
For which film did DreamWorks Animation win the first Academy Award for the best-animated feature?
Shrek