Assignment Instructions

 A business producing packaged food products would have the following variable costs:Select one: a. Ingredients b. Computers c. Packaging equipment
Question 2
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Accounting is used to communicate financial information to 2 different groups, internal customers and external customers. External users are:Select one:a. People outside of the business like investorsb. Suppliersc. Stockholders
Question 3
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Assets are just one of the accounts listed on the:Select one: a. statement of cash flows b. income statement c. balance sheet
Question 4
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Break-even determines the point when ________ covers fixed expenses.Select one:a. Variable Costs  b. Salary Expense  c. Contribution Margin
Question 5
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Contribution Margin covers fixed expense at:Select one:a. Equilibrium.  b. Break-even.  c. Year end.
Question 6
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Eliza has just opened a new business near campus that is a combination of a laundromat, a nail salon, and a tanning studio. There is an accounting firm located just down the street and Eliza is paying them to do all of her accounting. At the end of the first quarter (three months of business), Eliza has several questions about how things are going. If she wants to understand how much debt the business has right now, then she should look at the ________ that her accountant has prepared.Select one:  a. the income statement  b. the statement of owner’s equity   c. the balance sheet
 Question 7
Extotech has sales of $50 million, cost of goods sold for the same period of $15 million, and average inventory of $250,000. What is Exotech’s inventory turnover?Select one:a. 20b. 200c. 60
Question 8
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Financial accountants:Select one: a. provide information to external entities that allows them to evaluate business performance.  b. have a primary focus on providing managers within the organization with reports to make good business decisions.  c. summarize the company’s production activities in a way that allows managers to make decisions.
Question 9
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Given a contribution margin of $20, if 10,000 units are produced at a cost of $400,000 what is the sales revenue in USD?Select one:  a. $600,000  b. $60  c. $200,000
Question 10
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In a manufacturing operation a variable cost necessary to produce the finished product includes:Select one: a. rent. b. parts. c. electricity.
Question 11
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In a manufacturing operation building rent is considered:Select one: a. Variable Cost  b. Asset  c. Fixed Cost
 
Question 12
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Income statements and statement of owner’s equity are two of the financial statements used to explain changes in a business:Select one: a. during a period of time.  b. from the beginning of the business.  c. a specific moment in time.
Question 13
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The accounting equation is:Select one: a. owner’s equity = assets + liabilities  b. liabilities = assets + owner’s equity  c. assets = liabilities + owner’s equity
Question 14
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The balance sheet shows which type of account?Select one: a. net sales  b. purchases  c. assets
Question 15
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The break-even point for a business is:Select one: a. the point where income is equal to expenses.  b. the point where costs exceed revenue.  c. the point where profitability is achieved.
Question 16
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The income statement shows which types of accounts?Select one:  a. income  b. assets  c. credits 
 
Question 17
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The main goal of accounting is to provide this kind of data to users:Select one: a. scientific data  b. employment data  c. financial data
Question 18
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The No Doze Cafe coffee shop sells 50 different types of coffee to its patrons. It costs $4 for a cup of coffee. Each day it sells on average 500 cups of coffee. On the weekends it sells closer to 1000 cups of coffee. Here is a breakdown of the shop’s expenses per cup of coffee:
Variable Costs:Item/Amount Coffee/Water$1.50;Paper Cup$0.30;Sweetener;$0.20
Fixed Costs:Item/Amount Labor$100/day per employee;Store Space Rent$800/month
What is the contribution margin for the shop selling one cup of coffee on an average day?Select one: a. $2.50 b. $1.92 c. $2.00
Question 19
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The ________ provides a snapshot of the company’s financial position at a specific point in time.Select one: a. income statement  b. statement of cash flows  c. balance sheet
Question 20
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The ________ shows the income and expenses of a company over a period of time.Select one:  a. statement of cash flows  b. balance sheet  c. income statement 

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