An item is being sold at $100 with a mark up of 20% how much is the mark up of the item?
$20 (20% x $100)
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10
Which of the following is not an example of a direct cost? Metal used to produce cars, Wood used to make tables, cloth used to make sheets or paper used in the accounting department
Paper used in accounting department
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10
What are expense costs? and give one example
Expenses- regular operational expenses used for running the business and its activities ( example rent, rates and insurance)
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baam
Lose 25 points!
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fairy
Take points!
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25
fairy
Take points!
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25
thief
Give points!
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25
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Which of the following is an example of an indirect expense? Water used in making orange juice, Flour used in baking pastries, electricity used powering a blender for seasoning
electricity used powering a blender for seasoning
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10
What is costing?
Costing is ascertaining the cost of a product or service and providing information to be used by management
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monster
Reset all scores!
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rocket
Go to first place!
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shark
Other team loses 20 points!
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baam
Lose 15 points!
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10
What is the formula used to find unit cost of production?
Total Cost of production/Number of units produced.
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10
What is a markup?
Markup pricing refers to a pricing strategy wherein the price of a product or service is determined by calculating the sum of the products and a percentage of i
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10
What is an indirect cost?
An indirect cost cannot be directly attributable or traceable to a product or service.
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10
What is managerial accounting?
Accounting where there is the use of information that encourages strategic planning, helps them set realistic goals, and encourages an efficient directing o
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10
What is a marginal price?
the difference between your cost and the price at which you sell the product to your customers
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What are unit costs?
A unit cost is a total expenditure incurred by a company to produce, store, and sell one unit of a particular product or service.
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What is a fixed cost?
A fixed cost is a cost that does not change over the short-term, even if a business experiences changes in its sales volume or other activity levels.
