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Operation
Pricing
Tax
Processes
Terms
100
A cost that does not change with an increase or decrease in the amount of goods or services produced. These are expenses that have to be paid by a company, independent of any business activity. It is one of the two components of the total cost of a good or service.
What is fixed cost?
100
A type of market structure in which a small number of firms has the large majority of market share. This is similar to a monopoly, except that rather than one firm, two or more firms dominate the market.
What is oligopoly?
100
This refers to the costs used to create a product. These costs include direct labor, direct materials, consumable production supplies, and factory overhead. This can also be considered the cost of the labor required to deliver a service to a customer.
What is product cost?
100
A type of insurance coverage that pays for medical and surgical expenses incurred by the insured. This can reimburse the insured for expenses incurred from illness or injury, or pay the care provider directly.
What is health insurance?
100
The process of creating a requisition and purchase order for goods or services incurred by the district. After the expenditure entire order is created by the district, it is sent to the vendor supplying the goods or services.
What is the expenditure process?
200
A cost that varies and is a corporate expense that varies with production output. These those costs that vary depending on a company's production volume; they rise as production increases and fall as production decreases.
What is variable cost?
200
This is changing and adjusting the price that a business charges for a good based. The changes and adjusting of the price are based on its position in the product life cycle of that it has.
What is life cycle pricing?
200
This is a tax levied by the United States Internal Revenue Service on the annual earnings of individuals, corporations, trusts and other legal entities. Fit 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
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 shipping point?
200
When the same amount of fixed costs is being spread over a larger number of units of output this occurs.
What is fixed cost decrease?
300
This is all of the costs that a factory incurs in manufacturing, other than the variable costs required to build or products, such as direct materials and direct labor. This is applied to the units produced within a reporting period.
What is manufacturing overhead?
300
A pricing strategy where the price of a product is initially set low to rapidly reach a wide fraction of the market and initiate word of mouth. The strategy works on the expectation that customers will switch to the new brand because of the lower price.
What is penetration pricing?
300
The tax levied on both employers and employees used to fund the social security program. This is usually collected in the form of payroll tax or self-employment tax.
What is social security tax?
300
This 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 at its destination.
What is FOB destination?
300
This is caused by a change in a demand determinant and results in an increase in equilibrium quantity and an increase in equilibrium price.
What is demand increase?
400
This 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 comp. With this term, the price of products is determined solely by what consumers are willing to pay in an ideal situation.
What is pure competition?
400
This 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 skim version of price discrimination and yield management.
What is skimming pricing?
400
Tax levied on income at the state level. These have their own set of deductions and credits that may be awarded for certain activities, such as contributing to a state-sponsored 529 plan. Taxpayers who itemized deductions on their federal returns may deduct state taxes paid on Schedule A.
What is state income tax?
400
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 a purchase order?
400
This results from a change in one of the demand determinants. The leftward shift of the demand curve disrupts the market equilibrium and creates a temporary surplus. The surplus is eliminated with a lower price.
What is demand decrease?
500
A form of imperfect competition where many competing producers sell products that are differentiated from one another that is, the products are substitutes, but, with differences such as branding, are not exactly alike.
What is monopolistic competition?
500
A pricing method used by firms that 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. You first have to start by identifying the price at which a product will be competitive in the marketplace for this strategy.
What is target pricing?
500
Tax deducted from the wages of every legally working American that is used to pay for the medicare program provided to individuals over the age of 65. At the end of year, the employer will provide the employee with a W-2 and this will include the total amount deducted from the individual's paycheck for the Medicare tax.
What is medicare tax?
500
A different perspective on the normal sales cycle in which calculations begin on the day the company meets the potential customers and follows the transactions throughout the sales period, continuing on with the future relationship between company and customer of revenue.
What is the revenue cycle?
500
Taxes assessed by states to cover unemployment benefits paid to unemployed workers who have been laid off or terminated by a company for specified reasons. This tax is paid by the employer but is computed by multiplying a percentage times the first $7,000 to $30,000 of each employee's annual wages.
What is state unemployment tax?