Module exam 2

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A document sent by the purchasing department to order a specific quantity of goods or services is called a: a. vendor invoice b. purchasing report c. purchase order d. purchase requisition

A

Skimming pricing

A pricing strategy in which the company such as initial selling price high in an attempt to appeal to those individuals who want to be the first to have the product and who are not concerned about the price

Mark up

Additional amount over cost that is added to determine selling price

Incremental cost

Additional cost associated with an alternative

Machine set up's

Adjustments made to machines in preparation for new production run

Manufacturing overhead

All cost other than direct materials and direct labor that are incurred to manufacture products

Insurance companies

Business considered part of an oligopoly

Manufacturing products is associated w/ which of the following processes? a. revenue process b. expenditure process c. conversion process d. evaluation process

C

Document listing the quantities of materials and parts needed by the production department is referred to as a: a. operations list b. bill of lading c. production order d. materials requisition

D

Revenue process

Delivery of goods is associated with...

The buyer

Good shipped from the seller's warehouse on April 10 using the terms FOB shipping point on the way to the buyers warehouse the truck hauling the good wrecked and the goods were destroyed who will get the insurance check covering the loss

FOB destination

Legal title transfers to customer when goods are received

FOB shipping point

Legal title transfers when goods leave the sellers place of business

Manufacturing overhead

Manufacturing costs not directly associated with the production of a product

Conversion process

Manufacturing products is associated with...

batch- related cost

A cost that varies with the number of batches regardless of how many units are in each batch

Revenue process

Determining the companies needs for goods and services is associated with ...

Revenue process

Determining the credit and payment policies for the customer is part of the...

Purchase discounts

Discount given buyer for paying amount due early

Sales of allowances

Discounts given to unhappy customers by seller (seller books)

June 16, 2008

Good shipped from the seller's warehouse on June 10, 2010 arrived at the buyers warehouse on June 16, 2010 the invoice for the goods arrived at the buyers accounting department on June 13, 2010 and was paid on June 20, 2010 if the goods are sold FOB destination the buyer took legal title on

November 10th 2010

Good shipped from the seller's warehouse on November 10, 2010 arrived at the buyers warehouse on November 16, 2010 the invoice for the goods arrive at the buyers accounting department on November 13, 2010 and was paid on November 20, 2010 if the girls were sold FOB shipping point the buyer took legal title on

Purchase returns

Goods return by buyer on buyers book

No change in contribution margin but increase in the break even point

If fixed costs increase how will this affect the contribution margin and break even

Contribution margin increases break even point decreases

If selling price per unit increases how will this affect the contribution margin and break even point

Contribution margin decrease break even point increase

If variable cost per unit increases how will this affect the contribution margin and break even point

Unit related cost

It cost that varies with the number of products produced

Product sustaining cost

The cost varies with the number of product lines

materials requisition

The document listing the quantities of materials and parts needed by the production department is referred to as a

A sales invoice originates with the: a. vendor b. purchasing department c. sales department d. accounting department

c

Which of the following is not part of the expenditure process? a. receiving goods and services b. paying suppliers c. ordering goods and services d. using equipment to manufacture products.

d

Penetrating pricing

A pricing strategy where companies set its initial selling price low in an attempt to gain a share of the market from competitors

Life cycle pricing

A pricing strategy where the company attempts to set a selling price that will cover the cost of the product over its life.

Target pricing

A pricing strategy where the company first determines the selling price of the product and then decides whether to enter the market

Sales department

A sales invoice originates with the

FOB shipping point indicates that goods in transit belong to the: a. seller b. buyer c. common carrier d. either the buyer or seller depening upon terms of the bill of lading.

B

Which of the following is not part of the conversion process? A. machine set-ups b. paying for the raw material used in production c. storing the raw material used in production. d. storing finished manufactured goods until sold

B

Which of the following is not part of the revenue process? a. Receive and accept order for goods and services b. Receive goods and services c. receive payments for goods and services rendered d. Provide customer support

B

Indirect material

Cost of production materials that either cannot be traced to the product or whose cost is not enough to warrant tracing

Direct labor

Cost of salaries for workers to actually manufacture the product

Direct material

Crude oil purchase to produce gasoline

Buyer

FOB shipping. Indicates that goods in transit belong to the

Attempts to establish a price that can be maintained throughout the life of the product

Life cycle pricing

Predatory pricing

Practice of selling products below cost in and attempt to drive out competition ,control the market ,and then raise prices

Purchase allowances

Reduction in price of goods purchased as a result of dissatisfaction by customer (buyers books)

Selling margin

Selling price less cost

Dumping

Selling products below cost in a foreign market

bill of lading

Shipping document that describes agreement between business and common carrier

Purchasing department

The purchase order originates with the

The purchase order originates w/ the: a. vendor b. recieving department c. purchasing department d. manufacturing department needing the goods or services.

c

Determining the company's needs for goods and services is associated w/ which of the following processes? a. Revenue process b. Expenditure Process c. conversion process d. evaluation process

A

Which of the following is part of the conversion process? A. storing finished manufactured goods until they are sold b. accepting orders for manufactured goods c. paying salaries for the sales personnel who sell the product d. pay the freight to deliver the product to the customer

A

Which of the following is part of the revenue process? a. Provide customer support b. Pay suppliers for inventory c. convert raw material into inventory for sale d. order inventory for resale

A

Facility sustaining cost

A cost incurred to maintain the companies capacity to operate

Purchase order

A document sent by the purchasing department to order a specific quantity of goods or services

Cells

A group of machines arrange to reduce travel time a product between machines

Direct labor

The cost of employee to manufacture products

Customers competition legal and social issues ,and cost

The four primary influences on selling price

Price gouging

The practice of setting excessively high prices

Penetration pricing

The pricing strategy where a company initially sets the price of its product low and the raisess it later on in the product life cycle is called

Pure competition

The seller of a product is a price taker

Cost volume profit analysis

The study of how cost and profits change in response to changes in the volume of goods and services provided to customers

Pure competition

The type of environment where large number of sellers produce and distribute virtually identical products and services

October 5

Tri-state corporation ordered materials from downstate manufacturing on October 1, 2006 downstate ship the materials by rail on October 5 and the railroad notified tri-state October 12 that the goods had arrived tri-state picked up the materials on October 13 the terms of the cell or at the be shipping point on what day should tri-state consider this a purchase

Price fixing

When a group of companies agreed to limit supply in charge identical prices

Athletic shoe company

Which of the following businesses are considered part of monopolistic competition.

Delivery of goods associated w/ which of the following process? a. revenue process b. expenditure process c. conversion process d. evaluation process

a

Determining the credit and payment policies for customers is part of the: a. revenue b. collection c.expenditure d. conversion

a


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