Give one reason why it is important to know the cost of something from the perspective of a business manager
to decisions -controlling expenditure - planning and budgeting for the future
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10
What is an example of a fixed cost?
Example Rent, Insurance or any flat charges that does not change with activity or production levels
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10
What is financial accounting?
Accounting where financial statements produced through financial accounting are designed to disclose the firm's business performance and financial health
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10
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 a marginal price?
the difference between your cost and the price at which you sell the product to your customers
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banana
Go to last place!
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gold
Win 50 points!
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rocket
Go to first place!
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thief
Give points!
5
10
15
20
25
10
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
What is an example of a variable cost?
materials used in production, labor wages if they are based on change in production or activity etc.
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eraser
Reset score!
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rocket
Go to first place!
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shark
Other team loses 20 points!
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lifesaver
Give 25 points!
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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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10
What are material costs? and give one example of such cost
Materials costs are the tangible goods used in producing the product example using plastic to make water bottles
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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 a variable cost?
A variable cost is a corporate expense that changes in proportion to production output. Variable costs increase or decrease depending on a company's production
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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
