You provide cremation services to a family who signs a contract to pay in full within 30 days.

Credit Income/Revenue (OE account), Debit Accounts Receivable (asset account)

Patterson FH pays their $2200 bill to Aurora Casket Co.

Credit Cash (asset account), Debit Accounts Payable (liability account)

At the convention, you buy 2 embalming machines; you pay cash for one and put the other on your Dodge account.

Credit Cash (asset account), Debit Equipment (asset account), Credit Accounts Payable (liability account)

You buy embalming chemicals on account from Dodge. Select the proper entry for this transaction.

Debit Supplies and credit Accounts Payable

What is a job analysis?

A process for determining the critical components of a job

The business buys embalming fluid from Dodge and charges it to their account (which they'll pay in 30 days.)

Debit Supplies (asset account), Credit Accounts Payable (liability account)

Which of the following transactions would affect only asset-side accounts at your funeral home?

Writing a check to purchase an embalming machine

Which of the following would be considered debt capital?

Money borrowed from your parents

As the owner of Patterson Funeral Home, you deposit $50,000 cash into the funeral home account.

Debit Cash (asset account), Credit K. Patterson, Capital (OE account)

At the end of the month, you pay your chemical bill in full.

Credit Cash (asset account), Debit Accounts Payable (liability account)

The term rolling stock refers to:

A funeral home's fleet of vehicles

Price quotation refers to:

The method by which prices are explained to the consumer.

As the owner of the FH, you withdraw $3000 in cash from the business to fund your annual trip to Burning Man.

Debit Drawing (OE account), Credit Cash (asset account)

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MOR 390 - Merchandising/Management Review

82 termsStudBud Administration319 plays

Duplicate of 331 - Final Review (w/4.1 & Transactions): MOR 331 - Final Review: Review for MOR 331 Final Exam MOR 331 - Accounting Transactions & Review: Lesson 5.2 Duplicate of MOR 331 - Midterm Review - 10/11/20: Midterm review for MOR 331 MOR 390 - Merchandising Review: MOR

Flashcards82 cardsFPractice quizPHost liveL

Questions 82

Answers

1
You provide cremation services to a family who signs a contract to pay in full within 30 days.
Credit Accounts Payable (liability account)
Credit Income/Revenue (OE account)
Debit Accounts Receivable (asset account)
Debit Cash (asset account)
2
Pricing method in which the same dollar amount is added to the wholesale cost of the merchandise.
Fixed dollar amount
Straight line
Graduated Recovery
Fixed multiple
3
Debts that your FH owes to other parties are known as:
Capital
Liabilities
Cash flow
Accounts receivable
4
Those goods or stock of goods which are held for resale; aka Merchandise.
Supplies
Capital
Inventory
Equipment
5
Patterson FH pays their $2200 bill to Aurora Casket Co.
Credit Accounts Receivable (asset account)
Credit Revenue (OE account)
Credit Cash (asset account)
Debit Accounts Payable (liability account)
6
At the convention, you buy 2 embalming machines; you pay cash for one and put the other on your Dodge account.
Credit Income/Revenue (OE account)
Credit Cash (asset account)
Debit Equipment (asset account)
Credit Accounts Payable (liability account)
7
You buy embalming chemicals on account from Dodge. Select the proper entry for this transaction.
Debit Supplies and credit Accounts Payable
Credit Supplies and debit Expenses
Debit Cash and credit Revenue
Credit Cash and debit Supplies
8
Steel is an alloy of:
Iron and Chromium
Carbon and Zinc
Iron and Tin
Iron and Carbon
9
A pricing method where the markup varies, generally increasing as the wholesale cost increases:
Fixed multiple
Gross profit
Fixed dollar
Graduated recovery
10
What is a job analysis?
A process for determining the critical components of a job
Document that lists major responsibilities & tasks of a job
Advertisement announcing a job opening within a company
Document listing required knowledge, skills, abilities
11
The business buys embalming fluid from Dodge and charges it to their account (which they'll pay in 30 days.)
Debit Supplies (asset account)
Credit Accounts Payable (liability account)
Debit Inventory (asset account)
Credit Cash (asset account)
12
The Acid Test ratio ignores less liquid assets (e.g. inventory) when measuring the company's ability to pay off debt.
True
False
13
The quantity to be purchased which minimizes total costs:
Package pricing
Economic order quantity
Consumer value index
Merchanise value ratio
14
Setting performance objectives and determining what actions should be taken to accomplish them:
Organizing
Leading
Planning
Controlling
15
Which of the following assets would have the highest liquidity?
Inventory
Buildings
Machinery
Trademark
16
Which type of finish would most likely be found on a 20-gauge steel casket?
Broadcloth
Polished
Hammertone
Brushed
17
What type of marker is this?
Upright
Bevel
Flush
Slant
18
Casket finish using a vinyl or photo-produced simulated wood finish to give the impression of a higher quality wood.
Wood veneer
Plywood
Artificial laminate
Hardboard
19
Which of the following transactions would affect only asset-side accounts at your funeral home?
Receiving $6000 for providing a memorial service
Writing a check to pay your part-time employee
Writing a check to purchase an embalming machine
Purchasing embalming chemicals on account
20
The part of a business' investment that is continually used towards ongoing operations:
Fixed capital
Equity capital
Debt capital
Working capital
21
Which term refers to the financial resources available to a business?
Overhead
Capital
Pricing
Stock
22
Which of the following would be considered debt capital?
Money from your personal savings account
Revenue reinvested into the business
Money invested by your business partner
Money borrowed from your parents
23
You are comparing your current Income Statement to those from the last five years. This is:
Horizontal analysis
Pro forma analysis
Liquidity analysis
Vertical analysis
24
Casket wholesale: $895; Casket retail: $2250; FH services: 4495; Cash advances: $1850. What is the CVI?
2.51
0.13
0.40
7.53
25
To which type of steel will a magnet adhere?
Ferritic
Austenitic
26
The art of making the public aware of the services or commodities that a business has for sale.
Pricing
Public relations
Marketing
Advertising
27
Services - 4995; Casket w/s - 1200; Casket retail - 3300. What is the CVI?
2.75
0.36
0.14
$2100
28
Which valuation method subtracts the total liabilities from total assets to determine the market value?
Market value approach
Liquidation value approach
Modified book value approach
Replacement value approach
29
You arrange a direct cremation and the family pays you in full that same day. Select the proper transaction.
Credit Accounts Receivable and Debit Income
Debit Cash and Credit Accounts Payable
Credit Cash and Debit Accounts Receivable
Debit Cash and Credit Income
30
Trading arrangement in which a seller sends goods to a buyer/reseller who pays the seller only when the good are sold.
Consignment
Rebate
Graduated recovery
Quantity discount
31
FH has $220K in current assets and $190K in current liabilities. What is the FH's current ratio?
1.2
$30,000
0.9
$410,000
32
Which type of locking mechanism is usually found on non-gasketed caskets?
Latch Closure
Threaded Fastener
End Lock
Lever Lock
33
On which side of a T account would the Revenue account be increased?
Right (Credit)
Left (Debit)
34
The uppermost portion of the casket cap is called the:
Ogee
Fishtail
Crown
Pie
35
As the owner of Patterson Funeral Home, you deposit $50,000 cash into the funeral home account.
Credit Cash (asset account)
Debit Cash (asset account)
Credit Revenue (OE account)
Credit K. Patterson, Capital (OE account)
36
At the end of the month, you pay your chemical bill in full.
Debit Accounts Receivable (asset account)
Debit Cash (asset account)
Credit Cash (asset account)
Debit Accounts Payable (liability account)
37
Selling a rarely-used satellite location is an example of a FH's normalized earnings.
False
True
38
Going "by the book", what is the high end of the range of caskets that should be in a selection room?
30
24
18
12
39
Under which of these categories would cedar be categorized?
Gymnosperm
Angiosperm
Hardwood
Deciduous
40
Your FH has $155,000 in assets & $70,000 in equity in the business. What are your liabilities?
2.2
0.45
$85,000
$225,000
41
Firm's profits less CoGS & operating expenses but before interest expense, taxes, depreciation, & amortization.
Normalized earnings
EBITDA
Operating income
Working capital
42
Of the following items commonly found in a funeral business, which best represents inventory?
Embalming fluid
Paper
Cleaning supplies
Urns
43
The term rolling stock refers to:
Paper products (e.g. prayer cards/memorial folders)
Transferrable ownership in a corporation or LLC
Insurance covering motor vehicles
A funeral home's fleet of vehicles
44
A discount from a quoted price used as an inducement for prompt payment of an invoice:
Quantity discount
Functional pricing
Cash discount
Package pricing
45
What are the standard interior dimensions of wood casket?
75" x 22"
78" x 23"
84" x 29"
86" x 30"
46
All asset-side accounts are increased with a Debit entry.
True
False
47
Price quotation refers to:
The purchasing, pricing, display, and sale of merchandise.
Method to establish selling price for services & merchandise
The method by which prices are explained to the consumer.
The quantity to be purchased which minimizes total costs.
48
Accounts payable is a record of what you owe to other parties (e.g. casket or chemical distributor.)
False
True
49
As the owner of the FH, you withdraw $3000 in cash from the business to fund your annual trip to Burning Man.
Debit Cash (asset account)
Debit Drawing (OE account)
Credit Cash (asset account)
Credit Drawing (OE account)
50
Q1 Beg. Inv. = $32,000 and Q1 End Inv. = $19,000. Q1 Purchases = $12,000; What is CoGS?
$63,000
$39,000
$25,000
$1,000
51
Which of these elements is added to steel to make it galvanized?
Zinc
Tin
Iron
Carbon
52
The type of business activity which purchases finished products for resale:
Services
Cremation
Manufacturing
Merchandising
53
An unwritten promise by a customer to pay, at a later date, for goods sold or services rendered.
Accounts receivable
Accounts payable
Intangible assets
Tangible assets
54
Applying verbal and/or symbolic means to identify a product and/or service is known as:
Promotion
Marketing
Branding
Advertising
55
The secondary objective of a funeral home manager?
Fulfilling the needs of client-families and the community.
Creating chain of command so employees know who is in charge
Establish standards of care for handling remains
Meet expenses/reasonable return on capital improvements.
56
At the conclusion of arrangements, Mrs. Kramden signs a contract stating that she will pay the bill within 30 days.
Credit Cash (asset account)
Credit Income/Revenue (OE account)
Credit Accounts Payable (liability account)
Debit Accounts Receivable (asset account)
57
Patterson Funeral Home purchases caskets for a total of $2200 on account from Aurora Casket Co.
Debit inventory (asset account)
Credit supplies (asset account)
Credit cash (asset account)
Credit accounts payable (liability account)
58
A thin crinkled cloth of silk, rayon, cotton, or wool:
Crepe
Velvet
Linen
Satin
59
Charges are broken down into major component such as professional service, facilities, automobile, and merchandise.
Bi-unit pricing
Package pricing
Unit pricing
Functional pricing
60
You receive a check towards part of a client's funeral bill from last month. Which account will be credited?
Accounts Receivable
Cash
Accounts Payable
Wage expense
61
Which statement would you consult to see the financial condition of a company on a certain date?
Balance sheet
Statement of Net Worth
Statement of Owner’s Equity
Income statement
62
Which of these is an intangible asset?
Non-compete clause
Prepaid expenses
Accounts receivable
Machinery/equipment
63
The "market" is defined as:
The statistical study of human populations (size, density)
The purchasing, pricing, display, and sale of merchandise
The wealth produced in or near a community
Potential customers w/purchasing power and unsatisfied needs
64
Which term is synonymous with hardwood?
Borealis
Deciduous
Coniferous
Gymnosperm
65
Which type of vault closure is depicted in this photo?
Tongue and Groove Seal
Air Seal
Double Seal
Top Seal
66
Which of these is used for transportation of casketed remains:
Wood Box
Ziegler Case
Combination Case
Air Tray
67
You receive a check from Mrs. Kramden (from the earlier transaction) in the amount of $5000.
Credit Income/Revenue (OE account)
Credit Accounts Receivable (asset account)
Debit Cash (asset account)
Credit Accounts Payable (liability account)
68
Which is considered a negative aspect of the fixed multiple pricing system?
CVI decreases as one moves up the selection assortment.
CVI remains the same with higher quality merchandise.
Customers who buy entry-level merchandise receive no value.
Entry-level units have too great a CVI = lower profits.
69
Which of the following is an advantage of a corporation?
Separate legal entity
Personal property can be used as capital
Privacy in business operations and dealings
Easy to form
70
Method of selling in which the funeral director leaves the room during the selection process:
Indirect
Demonstration
Direct
World
71
Of the "Four Ps" of the marketing mix, which utilizes branding and packaging?
Product
Promotion
Price
Place
72
Myra Mains, your employee, stops in to collect her wages; you write a check to Myra in the amount of $42.50.
Credit Cash (asset account)
Credit Payroll Expense (OE account)
Debit Cash (asset account)
Debit Payroll Expense (OE account)
73
Salix is also known as:
Select Hardwood
Wood Veneer
Artificial laminate
Select Softwood
74
Which of the following accounts would be classified as an owner’s equity account?
Drawing
Cash
Accounts payable
Accounts receivable
75
Patterson FH conducts a funeral service. At the conclusion of the service, the family pays you $6200 in cash
Debit Accounts Receivable (asset account)
Credit Cash (asset account)
Credit Income/Revenue (OE account)
Debit Cash (asset account)
76
Of the following, which measures how effectively a business utilizes its assets?
Liquidity analysis
Ratio analysis
Activity analysis
Trend analysis
77
Which of these is an example of equity capital?
A loan from your parents to buy a funeral home
A partner who contributes 50% of the capital need to buy the business
The owner of the funeral home selling you the business on contract
Bank such as Live Oak specializing in lending money to startups
78
Two components of the casket shell are:
Cap and Base
Cap and Body
Cover and Base
Cove and Crown
79
Which of these is a current asset?
Inventory
Land
Equipment
Building
80
Services - 4995; Casket - 3295; Vault - 1900; Book/Folders - 300; Obit - 295; Grave O/C - 400. Figure sales tax at 7%
363.65
384.65
713.30
405.30
81
Which statement would you consult to see how a particular business primarily generated revenue?
Balance sheet
Statement of Owner’s Equity
Income statement
Trial balance
82
What is the jurisdiction for the Age Discrimination Act?
All employers are covered
Federal, state, local government employees are exempt
Any employer with 15 or more employees
Any employer with 20 or more employees

MOR 390 - Merchandising/Management Review Flashcards | StudBud

MOR 390 - Merchandising/Management Review

82 termsStudBud Administration319 plays

Flashcards82 cardsFPractice quizPHost liveL

Questions 82

Answers

1
You provide cremation services to a family who signs a contract to pay in full within 30 days.
Credit Accounts Payable (liability account)
Credit Income/Revenue (OE account)
Debit Accounts Receivable (asset account)
Debit Cash (asset account)
2
Pricing method in which the same dollar amount is added to the wholesale cost of the merchandise.
Fixed dollar amount
Straight line
Graduated Recovery
Fixed multiple
3
Debts that your FH owes to other parties are known as:
Capital
Liabilities
Cash flow
Accounts receivable
4
Those goods or stock of goods which are held for resale; aka Merchandise.
Supplies
Capital
Inventory
Equipment
5
Patterson FH pays their $2200 bill to Aurora Casket Co.
Credit Accounts Receivable (asset account)
Credit Revenue (OE account)
Credit Cash (asset account)
Debit Accounts Payable (liability account)
6
At the convention, you buy 2 embalming machines; you pay cash for one and put the other on your Dodge account.
Credit Income/Revenue (OE account)
Credit Cash (asset account)
Debit Equipment (asset account)
Credit Accounts Payable (liability account)
7
You buy embalming chemicals on account from Dodge. Select the proper entry for this transaction.
Debit Supplies and credit Accounts Payable
Credit Supplies and debit Expenses
Debit Cash and credit Revenue
Credit Cash and debit Supplies
8
Steel is an alloy of:
Iron and Chromium
Carbon and Zinc
Iron and Tin
Iron and Carbon
9
A pricing method where the markup varies, generally increasing as the wholesale cost increases:
Fixed multiple
Gross profit
Fixed dollar
Graduated recovery
10
What is a job analysis?
A process for determining the critical components of a job
Document that lists major responsibilities & tasks of a job
Advertisement announcing a job opening within a company
Document listing required knowledge, skills, abilities
11
The business buys embalming fluid from Dodge and charges it to their account (which they'll pay in 30 days.)
Debit Supplies (asset account)
Credit Accounts Payable (liability account)
Debit Inventory (asset account)
Credit Cash (asset account)
12
The Acid Test ratio ignores less liquid assets (e.g. inventory) when measuring the company's ability to pay off debt.
True
False
13
The quantity to be purchased which minimizes total costs:
Package pricing
Economic order quantity
Consumer value index
Merchanise value ratio
14
Setting performance objectives and determining what actions should be taken to accomplish them:
Organizing
Leading
Planning
Controlling
15
Which of the following assets would have the highest liquidity?
Inventory
Buildings
Machinery
Trademark
16
Which type of finish would most likely be found on a 20-gauge steel casket?
Broadcloth
Polished
Hammertone
Brushed
17
What type of marker is this?
Upright
Bevel
Flush
Slant
18
Casket finish using a vinyl or photo-produced simulated wood finish to give the impression of a higher quality wood.
Wood veneer
Plywood
Artificial laminate
Hardboard
19
Which of the following transactions would affect only asset-side accounts at your funeral home?
Receiving $6000 for providing a memorial service
Writing a check to pay your part-time employee
Writing a check to purchase an embalming machine
Purchasing embalming chemicals on account
20
The part of a business' investment that is continually used towards ongoing operations:
Fixed capital
Equity capital
Debt capital
Working capital
21
Which term refers to the financial resources available to a business?
Overhead
Capital
Pricing
Stock
22
Which of the following would be considered debt capital?
Money from your personal savings account
Revenue reinvested into the business
Money invested by your business partner
Money borrowed from your parents
23
You are comparing your current Income Statement to those from the last five years. This is:
Horizontal analysis
Pro forma analysis
Liquidity analysis
Vertical analysis
24
Casket wholesale: $895; Casket retail: $2250; FH services: 4495; Cash advances: $1850. What is the CVI?
2.51
0.13
0.40
7.53
25
To which type of steel will a magnet adhere?
Ferritic
Austenitic
26
The art of making the public aware of the services or commodities that a business has for sale.
Pricing
Public relations
Marketing
Advertising
27
Services - 4995; Casket w/s - 1200; Casket retail - 3300. What is the CVI?
2.75
0.36
0.14
$2100
28
Which valuation method subtracts the total liabilities from total assets to determine the market value?
Market value approach
Liquidation value approach
Modified book value approach
Replacement value approach
29
You arrange a direct cremation and the family pays you in full that same day. Select the proper transaction.
Credit Accounts Receivable and Debit Income
Debit Cash and Credit Accounts Payable
Credit Cash and Debit Accounts Receivable
Debit Cash and Credit Income
30
Trading arrangement in which a seller sends goods to a buyer/reseller who pays the seller only when the good are sold.
Consignment
Rebate
Graduated recovery
Quantity discount
31
FH has $220K in current assets and $190K in current liabilities. What is the FH's current ratio?
1.2
$30,000
0.9
$410,000
32
Which type of locking mechanism is usually found on non-gasketed caskets?
Latch Closure
Threaded Fastener
End Lock
Lever Lock
33
On which side of a T account would the Revenue account be increased?
Right (Credit)
Left (Debit)
34
The uppermost portion of the casket cap is called the:
Ogee
Fishtail
Crown
Pie
35
As the owner of Patterson Funeral Home, you deposit $50,000 cash into the funeral home account.
Credit Cash (asset account)
Debit Cash (asset account)
Credit Revenue (OE account)
Credit K. Patterson, Capital (OE account)
36
At the end of the month, you pay your chemical bill in full.
Debit Accounts Receivable (asset account)
Debit Cash (asset account)
Credit Cash (asset account)
Debit Accounts Payable (liability account)
37
Selling a rarely-used satellite location is an example of a FH's normalized earnings.
False
True
38
Going "by the book", what is the high end of the range of caskets that should be in a selection room?
30
24
18
12
39
Under which of these categories would cedar be categorized?
Gymnosperm
Angiosperm
Hardwood
Deciduous
40
Your FH has $155,000 in assets & $70,000 in equity in the business. What are your liabilities?
2.2
0.45
$85,000
$225,000
41
Firm's profits less CoGS & operating expenses but before interest expense, taxes, depreciation, & amortization.
Normalized earnings
EBITDA
Operating income
Working capital
42
Of the following items commonly found in a funeral business, which best represents inventory?
Embalming fluid
Paper
Cleaning supplies
Urns
43
The term rolling stock refers to:
Paper products (e.g. prayer cards/memorial folders)
Transferrable ownership in a corporation or LLC
Insurance covering motor vehicles
A funeral home's fleet of vehicles
44
A discount from a quoted price used as an inducement for prompt payment of an invoice:
Quantity discount
Functional pricing
Cash discount
Package pricing
45
What are the standard interior dimensions of wood casket?
75" x 22"
78" x 23"
84" x 29"
86" x 30"
46
All asset-side accounts are increased with a Debit entry.
True
False
47
Price quotation refers to:
The purchasing, pricing, display, and sale of merchandise.
Method to establish selling price for services & merchandise
The method by which prices are explained to the consumer.
The quantity to be purchased which minimizes total costs.
48
Accounts payable is a record of what you owe to other parties (e.g. casket or chemical distributor.)
False
True
49
As the owner of the FH, you withdraw $3000 in cash from the business to fund your annual trip to Burning Man.
Debit Cash (asset account)
Debit Drawing (OE account)
Credit Cash (asset account)
Credit Drawing (OE account)
50
Q1 Beg. Inv. = $32,000 and Q1 End Inv. = $19,000. Q1 Purchases = $12,000; What is CoGS?
$63,000
$39,000
$25,000
$1,000
51
Which of these elements is added to steel to make it galvanized?
Zinc
Tin
Iron
Carbon
52
The type of business activity which purchases finished products for resale:
Services
Cremation
Manufacturing
Merchandising
53
An unwritten promise by a customer to pay, at a later date, for goods sold or services rendered.
Accounts receivable
Accounts payable
Intangible assets
Tangible assets
54
Applying verbal and/or symbolic means to identify a product and/or service is known as:
Promotion
Marketing
Branding
Advertising
55
The secondary objective of a funeral home manager?
Fulfilling the needs of client-families and the community.
Creating chain of command so employees know who is in charge
Establish standards of care for handling remains
Meet expenses/reasonable return on capital improvements.
56
At the conclusion of arrangements, Mrs. Kramden signs a contract stating that she will pay the bill within 30 days.
Credit Cash (asset account)
Credit Income/Revenue (OE account)
Credit Accounts Payable (liability account)
Debit Accounts Receivable (asset account)
57
Patterson Funeral Home purchases caskets for a total of $2200 on account from Aurora Casket Co.
Debit inventory (asset account)
Credit supplies (asset account)
Credit cash (asset account)
Credit accounts payable (liability account)
58
A thin crinkled cloth of silk, rayon, cotton, or wool:
Crepe
Velvet
Linen
Satin
59
Charges are broken down into major component such as professional service, facilities, automobile, and merchandise.
Bi-unit pricing
Package pricing
Unit pricing
Functional pricing
60
You receive a check towards part of a client's funeral bill from last month. Which account will be credited?
Accounts Receivable
Cash
Accounts Payable
Wage expense
61
Which statement would you consult to see the financial condition of a company on a certain date?
Balance sheet
Statement of Net Worth
Statement of Owner’s Equity
Income statement
62
Which of these is an intangible asset?
Non-compete clause
Prepaid expenses
Accounts receivable
Machinery/equipment
63
The "market" is defined as:
The statistical study of human populations (size, density)
The purchasing, pricing, display, and sale of merchandise
The wealth produced in or near a community
Potential customers w/purchasing power and unsatisfied needs
64
Which term is synonymous with hardwood?
Borealis
Deciduous
Coniferous
Gymnosperm
65
Which type of vault closure is depicted in this photo?
Tongue and Groove Seal
Air Seal
Double Seal
Top Seal
66
Which of these is used for transportation of casketed remains:
Wood Box
Ziegler Case
Combination Case
Air Tray
67
You receive a check from Mrs. Kramden (from the earlier transaction) in the amount of $5000.
Credit Income/Revenue (OE account)
Credit Accounts Receivable (asset account)
Debit Cash (asset account)
Credit Accounts Payable (liability account)
68
Which is considered a negative aspect of the fixed multiple pricing system?
CVI decreases as one moves up the selection assortment.
CVI remains the same with higher quality merchandise.
Customers who buy entry-level merchandise receive no value.
Entry-level units have too great a CVI = lower profits.
69
Which of the following is an advantage of a corporation?
Separate legal entity
Personal property can be used as capital
Privacy in business operations and dealings
Easy to form
70
Method of selling in which the funeral director leaves the room during the selection process:
Indirect
Demonstration
Direct
World
71
Of the "Four Ps" of the marketing mix, which utilizes branding and packaging?
Product
Promotion
Price
Place
72
Myra Mains, your employee, stops in to collect her wages; you write a check to Myra in the amount of $42.50.
Credit Cash (asset account)
Credit Payroll Expense (OE account)
Debit Cash (asset account)
Debit Payroll Expense (OE account)
73
Salix is also known as:
Select Hardwood
Wood Veneer
Artificial laminate
Select Softwood
74
Which of the following accounts would be classified as an owner’s equity account?
Drawing
Cash
Accounts payable
Accounts receivable
75
Patterson FH conducts a funeral service. At the conclusion of the service, the family pays you $6200 in cash
Debit Accounts Receivable (asset account)
Credit Cash (asset account)
Credit Income/Revenue (OE account)
Debit Cash (asset account)
76
Of the following, which measures how effectively a business utilizes its assets?
Liquidity analysis
Ratio analysis
Activity analysis
Trend analysis
77
Which of these is an example of equity capital?
A loan from your parents to buy a funeral home
A partner who contributes 50% of the capital need to buy the business
The owner of the funeral home selling you the business on contract
Bank such as Live Oak specializing in lending money to startups
78
Two components of the casket shell are:
Cap and Base
Cap and Body
Cover and Base
Cove and Crown
79
Which of these is a current asset?
Inventory
Land
Equipment
Building
80
Services - 4995; Casket - 3295; Vault - 1900; Book/Folders - 300; Obit - 295; Grave O/C - 400. Figure sales tax at 7%
363.65
384.65
713.30
405.30
81
Which statement would you consult to see how a particular business primarily generated revenue?
Balance sheet
Statement of Owner’s Equity
Income statement
Trial balance
82
What is the jurisdiction for the Age Discrimination Act?
All employers are covered
Federal, state, local government employees are exempt
Any employer with 15 or more employees
Any employer with 20 or more employees