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Processes
Costs
Pricing
Terms #1
Terms #2
100
Receiving customers orders, authorizing credit terms and shipment, confirming orders, executing orders, and recording the shipments or services performed are the steps of
What is revenue process?
100
selling price minus variable cost, is a measure of the ability of a company to cover variable costs with revenue. The amount leftover, the contribution, covers fixed costs or is profit.
What is contribution margin?
100
is a measure of the relationship between a change in the quantity demanded of a particular good and a change in its price.
What is demand price?
100
is 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. It is a temporal version of price discrimination/yield management.
What is skimming price?
100
a tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities and are applied on all forms of earnings that make up a taxpayer's taxable income, such as employment earnings or capital gains.
What is federal income tax?
200
Scheduling, obtaining direct materials, using labor and other manufacturing resources to make products, and store in a secure area are the steps of
What is conversion process?
200
expenses that do not change as a function of the activity of a business, within the relevant period.
What is fixed cost?
200
is a term that describes a market that has a broad range of competitors who are selling the same products. It is often referred to as perfect competition.
What is pure competition?
200
The price at which a seller projects that a buyer will buy a product.
What is target pricing?
200
is the tax levied on both employers and employees used to fund the Social Security program and is usually collected in the form of payroll tax or self-employment tax.
What is social security tax?
300
Determining the needs for goods and services, Select suppliers of goods and services, Receiving the goods, and Payment of the goods are the steps of
What is expenditure process?
300
a cost that varies with the level of output.
What is variable cost?
300
is a type of imperfect competition such that many producers sell products that are differentiated from one another (e.g. by branding or quality)
What is monopolistic competition?
300
is the cycle through which every product goes through from introduction to withdrawal or eventual demise.
What is life cycle pricing?
300
have their own set of deductions and credits that may be awarded for certain activities, such as contributing to a state-sponsored 529 plan.
What is state income tax?
400
is a commercial document and first official offer issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services.
What is purchase order?
400
the depreciation or the rent on the factory building, depreciation on the factory equipment, supervisors in the factory, the factory quality control department, factory maintenance employees, electricity and gas for the factory, indirect factory supplies, etc.
What is manufacturing overhead?
400
a state of limited competition, in which a market is shared by a small number of producers or sellers.
What is oligopoly?
400
refers to the costs used to create a product. These costs include direct labor, direct materials, consumable production supplies, and factory overhead.
What is product costs?
400
is withheld from employees' payroll checks and is also matched by the employer. The employee and the employer each pay the Medicare tax of 1.45% of all wages and salaries.
What is medicare tax?
500
The term means that the buyer takes delivery of goods being shipped to it by a supplier once the goods arrive at the buyer's receiving dock. The term means that the buyer takes delivery of goods being shipped to it by a supplier once the goods leave the supplier's shipping dock.
What is FOB Destination and FOB Shipping Point?
500
is the lowest price that sellers will accept for a good. It is based on the opportunity cost that sellers incur in the production of the good.
What is supply price?
500
is the practice of offering a low price for a new product or service during its initial offering in order to attract customers away from competitors.
What is penetration pricing?
500
Direct materials, direct labor, and allocated factory overhead are examples of
What is product costs?
500
a type of insurance coverage that pays for medical and surgical expenses incurred by the insured and can reimburse the insured for expenses incurred from illness or injury, or pay the care provider directly.
What is health insurance?