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 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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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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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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lifesaver
Give 15 points!
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seesaw
Swap points!
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shark
Other team loses 10 points!
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banana
Go to last place!
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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
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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boom
Lose 50 points!
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shark
Other team loses 15 points!
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rocket
Go to first place!
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thief
Give points!
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banana
Go to last place!
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rocket
Go to first place!
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gift
Win 15 points!
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thief
Give points!
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25
baam
Lose 10 points!
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fairy
Take points!
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25
gift
Win 10 points!
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banana
Go to last place!
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10
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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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 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.
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10
What is financial accounting?
Accounting whereย financial statementsย produced through financial accounting are designed to disclose the firm's business performance and financial health
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What is a direct cost?
Direct costs are those that are directly attributable or traceable to the manufacture of a product