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Review Questions
Review Questions
Business Terms
Definitions
Other
100
Consists of order management, invoicing, cash receipts, credit and debit collections, analysis and reporting, and customer management.
What is revenue process
100
Title is changed to owner when he/she receives it.
What is FOB Destination.
100
Market situation between, and much more common than, perfect competition (having many suppliers) and monopoly (having only one supplier).
What is Oligopoly.
100
The sum of all costs associated with the production of a specific quantity of a good or service.
What is product costs
100
Price per unit - cost per unit - variable operating expenses per unit.
What is contribution margin
200
Determine the need of goods, select suppliers and sources, receiving of the goods, payments of goods
What is the expenditure process
200
Cost of fixing a machine when it breaks
What is an example of manufacturing overhead cost
200
is the cycle through which every product goes through from introduction to withdrawal or eventual demise.
What is Life-Cycle Pricing
200
Who pays for Federal Income Tax, Social Security Tax, State Income Tax?
What is both employer and employee
200
The total revenue in an accounting period minus all expenses during the same period.
What is Net Income
300
schedule, obtaining direct materials, using labor and resources and store products when completed.
What is conversion process
300
Supply increases and price decreases
What is Increase of Supply and Demand on Price.
300
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
300
Who pays for medicare tax and health insurance?
What is employee
300
Part of the FICA tax, this tax is calculated based on an employee's wages.
What is Medicare Tax
400
A buyer-generated document that authorizes a purchase transaction. When accepted by the seller, it becomes a contract binding on both parties.
What is purchase order
400
A term that describes a market that has a broad range of competitors who are selling the same products. Also known as perfect competition.
What is Pure Competition
400
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 pricing
400
Who pays for State Unemployment Tax?
What is Employer
400
The amount taken from a contributor's earnings covers support for retired workers, those on disability, and individuals who are entitled to survivor ship benefits, which provide financial support for individuals of a deceased family member who was the primary breadwinner.
What is Social Security Tax
500
Legal title is changed to recipient when the product is shipped.
What is FOB Shipping Point
500
A type of imperfect competition such that many producers sell products that are differentiated from one another and hence are not perfect substitutes.
What is Monopolistic Competition
500
It is defined as a cost management tool for reducing the overall cost of a product over its entire life-cycle with the help of production, engineering, research and design
What is Target Pricing
500
Affected by fixed/variable cost increase and also fixed/variable cost decrease
What is contribution margin and net income
500
A plan that covers or shares the expenses associated with health care.
What is health insurance