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Entrepreneurship - Owning Your Future Ch. 10 Flashcards | StudBud
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Entrepreneurship - Owning Your Future Ch. 10
COSS Stands for
What is depreciation?
Entrepreneurship - Owning Your Future Ch. 10
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Entrepreneurship - Owning Your Future Ch. 10
Flashcards
30 cards
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Practice quiz
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Questions
30
Answers
1
What is depreciation?
The original value of the machine.
How well the machine functions.
The salvage value of the machine.
The devaluation of equipment over time.
2
COSS Stands for
Cost of Services Sold
I've got the summer-itis and can't think.
Clearance of Stored Stuff
Cost of Stuff Sold
3
Which of the following is not an example of a fixed expense?
insurance
rent
cost of goods sold
internet access
4
COGS Stand for
Cost of Goods Sold
Cases of Goods Sold
Cost of Good Sales
Clost of Good Service
5
How do you determine your profit?
Selling Price - Profit Margin
Total Expenses + Selling Price
Selling Price - Expense
Total Expenses - Selling Price
6
Selling Price - Expenses = Contribution Margin
False
True
7
Rent is a variable expense.
True
False
8
The building block of your business is
Contribution Margin
Economics of One Unit (EOU)
Unit of Sale
Expenses
9
Which business doesn't use the cost of labor to calculate the EOU?
Retail
Manufacturing
Service
Wholesale
10
Economy of Scale is a term used for volume discount.
False
True
11
Which of the following is a part of I SAID U ROX?
Disposal
Rent
Salvage Value
Variable Expense
12
What is a unit of sale?
I'm not sure anymore.
The units of depreciation each year.
The expense of creating the good or service.
The actual product or service the customer buys from you.
13
Cost of goods sold does not always include the cost of materials and labor.
False
True
14
An amount that's calculated per year.
depeciation expense
salvage value
variable expense
depreciation expense
15
What are variable expenses?
Expenses that don't change with the number of units sold.
Expenses that do change with the number of units sold.
The amount of depreciation each year.
Are you kidding me? I have no idea!
16
EOU stands for
Economies of Union
European Operations Unit
Too Easy - BRING IT!
Economics of One Unit
17
A unit of sale is the largest unit that the customer can actually buy.
True
False
18
What does the "R" in I SAID U ROX stand for?
Reliance
Retroactive
Renewal Value
Rent
19
What a piece of equipment is worth at the end of its useful life.
Disposal Value
Depreciation Value
Nothing
Salvage Value
20
How do you calculate contribution margin?
price - fixed expense
price - variable expense
price - total expenses
Serious - ARE YOU KIDDING ME?!
21
The "X" in ROX stand for
Expenses
Xenaphobia
X-ray
None of These
22
The acronym for Common Fixed Expenses is
I SAID T ROX
U SAID U ROX
U SAID I ROX
I SAID U ROX
23
Expense that isn't affected by the number of items a business produces.
none of the above
variable expense
fixed expense
depreciation expense
24
Which of the following is the correct way to calculate depreciation expense?
cost-disposal value/years used = total depreciation
cost-disposal value = total depreciation
total depreciation / years used = depreciation
WHAT?
25
The ROX in the acronym I SAID U ROX IS
Rent, Overhead, Exchange Rates
We didn't cover this material in our text.
Rent + Other Fixed Expenses
Realizing Other Expenses
26
Variable expenses are affected by the number of items a business produces.
True
False
27
Which business adds labor expenses when determining the EOU?
None of These
Retail
Service/Manufacturing
Wholesale
28
The unit of sale is the basic building block of your business.
True
False
29
A volume discount is when the consumer pays less for items when buying in large quantities.
True
False
30
Which of the following isn't a common fixed expense?
Disposal Value
Rent
Insurance
Depreciation
