Allows a customer to pay less than the full amount.
What is a Discount?
100
Something of value that you own.
What is an Asset?
200
When many people own a business.
What is a Corporation?
200
Refers to the costs used to create a product.
What is Product Costs?
200
A pricing strategy in which a marketer sets a relatively high price for a product or service at first, then lowers the price over time.
What is Skimming Price?
200
Point in which you are not making or losing money.
What is the Break Even Point?
200
Performing market research, producing a marketing plan, and product development, as well as strategically overseeing advertising, promotion, distribution for sale, customer service and public relations.
What is Marketing Function?
300
Transactions that have not yet been made but are accounted for.
What is the Accrual Method?
300
Receiving ownership when it reaches its destination.
What is FOB Destination?
300
Any financial event that would affect an account.
What is Accounting Event?
300
Goal is to manufacture at its highest quality.
What is the Conversion Process Goal?
300
Planning, Performing, and Evaluating Phase.
What are the 3 Phases of the Management Cycle?
400
Indicates whether the company followed GAAP when preparing its financial statements
What is an Auditor?
400
Examples of Product Cost.
What is include direct labor, direct materials, manufacturing overhead?
400
First In First Out, Last In First Out
What does FIFO and LIFO stand for?
400
Scheduling production, Obtaining Direct Materials, Using labor and other manufacturing resources to make products
What is the Conversion Process?
400
Transactions that have not yet been made but are accounted for.
What is the Accrual Method?
500
Something that you owe.
What is a Liability?
500
Examples of Manufacturing Overhead.
What is rent, electricity, water?
500
Profit levels stay the same with both methods if the cost of goods stay the same.
What are the affects of constant prices on LIFO and FIFO?
500
Receive the highest quality goods and services at the lowest cost, Pay people in a timely manner, Develop good relationships with the suppliers