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Calculations and Formulas > Basic Math Review > Flashcards

Basic Math Review Flashcards

1
Q

Multiplying a number by a percentage makes it ____

A

Smaller

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2
Q

Dividing a number by a percentage makes it ____

A

Bigger

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3
Q

1 tbsp contains ____ tsp

A

3 tsp

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4
Q

1/4 cups contains ___ tbsp

A

4 tbsp

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5
Q

1 pint contains ____ cup

A

2 cups

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6
Q

1 quart contains ____ pints

A

2 pints (so 4 cups)

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7
Q

1 gallon contains ____ quarts

A

4 quarts

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8
Q

1 cup contains ___ oz

A

8 oz

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9
Q

1 gallon contains ____ oz

A

128 oz

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10
Q

1 Tbsp:

A

0.5 oz
3 tsp

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11
Q

1 cup:

A

8 oz
16 tbsp

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12
Q

1 pint:

A

16 oz
32 tbsp
2 cups

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13
Q

1 quart:

A

32 oz
64 tbsp
4 cups
2 pints

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14
Q

1 gallon:

A

128 oz
16 cups
8 pints
4 quarts

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15
Q

Scoop number refers to:

A

number of scoops per quart, quart is 32 oz

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16
Q

1 Q is ____ oz

A

32 oz, so divide 32 by scoop number to obtain oz

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17
Q

You can calc volume of that scoop by

A

Divide 32 by scoop #, so
32/#4scoop=8oz

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18
Q

You can calc scoop number of scoop by using vol given so:

A

Divide 32 by vol, so
32/8oz=#4scoop

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19
Q

The lower the scoop number, the ________, the higher the scoop number, the _____

A

higher the volume, the lower the volume

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20
Q

10 can = _____

How many cans per case

A

3 quarts
6 cans per case

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21
Q

?: prepared by upper management and given to operating units

A

Top-down budget

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22
Q

?: company sets targets, determines activities needed to meet target and cost of carrying out activities

A

Activity based budget

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23
Q

Activity based budget is a type of ____ budget

A

Top-down budget

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24
Q

?: each unit prepares a budget and sends it to upper management

A

bottom-up budget

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25
Q

?: determines costs, outlay, and inflows without a baseline budget.

A

Zero-based budget

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26
Q

?: works better for discretionary costs than essential operating cost. Manager has to justify every expense

A

Zero-based budget

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27
Q

?: also known as static budget, they don’t change based on business variations, even if business activity volume increases

A

Fixed Budget

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28
Q

?: changes with business activity because budget constructed with rate per unit of activity

A

Flexible budget

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29
Q

?: useful for measuring efficiency, so if business activity increases, money needed to support that increase is available

A

Flexible Budget

30
Q

?: uses existing budget number as a base and adds incremental amounts relative to current budget

A

Incremental budget

31
Q

?: appropriate when primary cost drivers of a company don’t change from year to year

A

Incremental budgeting

32
Q

?: can perpetuate inefficiencies make a team look more efficient and not account for outside factors like inflation

A

Incremental budgeting

33
Q

?: budget building mindset, aims to tighten up the budget

A

value proposition budget

34
Q

?: percentage of assets divided by debt

A

assets-to-liability ratio

35
Q

?: percentage of assets funded by shareholders equity and debt

A

debt-to-equity ratio

36
Q

?: assess if there is efficient use of assets

A

inventory turnover rate

37
Q

?: ability to generate excess income relative to sales

A

Profitability ratios

38
Q

?: ability to meet long-term debts

A

Solvency ratio

39
Q

?: ability to meet short-term debts

A

liquidity ratio

40
Q

?: ability to transfer non-cash assets to cash assets

A

activity ratio

41
Q

?: divide current assets by current liabilities

A

Current ratio

42
Q

?: represent organizations ability to meet current financial obligations. Also used by creditors to determine if org has sufficient assets to repay deby over 12 months

A

Current ratio

43
Q

A current ratio ___ than ____ indicates ability to pay bills when due and over next 12 months

A

greater than 1

44
Q

?: standard method of accounting within an industry

A

Uniform systems of accounts

45
Q

?: works with clients to issue educated tax advice

A

Public accountant

46
Q

?: examine company’s financial records to ensure quality and legality

A

Internal audit porcesses

47
Q

Balance sheet:

A

1) assets (current/fixed)
2) liabilities (current/longterm)
3) equity

48
Q

_____ are split in T shape

A

Balance sheet

49
Q

Balance sheet in T shape with ____ on left and ____ on right

A

Assets on left
Liabilities and equity on right

50
Q

Total assets must equal=

A

total liabilities and equity

51
Q

?: also called final profit; subtracts expenses from gross profit

A

Net profit

52
Q

?: indicate monetary value of a property beyond any amounts owed

A

Total assets

53
Q

?: anything a company owns including liabilities

A

Total assets

54
Q

?: liquid assets; anything convertible to cash

A

Current assets

55
Q

?: money owed to the company that will be fulfilled promptly

A

Accounts receivable

56
Q

?: money the company owes such as vendors or wholesalers

A

Accounts payable

57
Q

?: as fixed asset; total depreciation of an asset up to given date subtracted from original cost at time of purchase

A

Accumulated depreciation

57
Q

?: accounts payable and accrued expenses that must be paid within 12 months

A

Current liabilities

58
Q

?: monetary value of property beyond debt

A

Owner’s equity

59
Q

?: income set aside by company instead of being distributed to shareholders

A

Retained earnings

60
Q

?: total sales minus the cost of goods sold (COGS)

A

gross profit

61
Q

?: expenses

A

operating costs

62
Q

?: COGS, the cost of producing the goods that are sold

A

Costs of goods sold

63
Q

?: is a system assessment of every feature of a product to ensure its cost is no greater than required to achieve its function

A

Value analysis

64
Q

?: starts with previous budget and adjusts for current conditions

A

Baseline budget

65
Q

?: estimates the total monetary value of benefits that will be derived from a project and compares that value to the cost of the project

A

Cost-benefit analysis

66
Q

Quality is defined by_____

A

Customer satisfaction

67
Q

5 factors that affect quality

A

money, material, management, market, people

68
Q

in this______ you may perform productivity studies, determine if startup funds are necessary, and determine number of ppl involved to quantify cost and benefit

A

Cost-benefit analysis

69
Q

Value analysis may result in:

A

1- Quality improvement
2- Cost reduction
3- Function analysis
All of these lead to increased value

70
Q

?: is when a business adds something extra to a generic product that gives greater perception of value

A

Value-added research

Calculations and Formulas (2 decks)

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