FINAL

Question 1

total assets minus total liabilities is the

Answer 1

net worth

Question 2

what is the spread of cost of the life of large items such as land building and equipment

Answer 2

depreciation

Question 3

What are the resources available to an operation that are possessions of the owner, that is equal to the capital?

Answer 3

assets

Question 4

What is another name for an account that is payable, an obligation to pay in the future?

Answer 4

liability

Question 5

What kind of budget is indicated when cash is expected and matching it when expenses are to be paid?

Answer 5

cash budgets

Question 6

What is a planning tool that helps management in its attempts to cope with the uncertainty of the future, relying mainly on data from the past and present and analysis of trends? (forecasting budget, products needed, etc)

Answer 6

forecasting

Question 7

What costs recognize services to the total effort such as housekeeping, security, training, human resource management, and grounds department that are supporting the overall effort?

Answer 7

indirect cost

Question 8

What type of budget shows expected major purchases and when they will be made?

Answer 8

capitol budget

Question 9

What is an attempt to match current expenses with current income in the current accounting period?

Answer 9

accrual accounting

Question 10

What are costs that directly relate to providing goods and services?

Answer 10

direct cost

Question 11

A cost that does not change with an increase or decrease in the amount of goods or services produced is the

Answer 11

fixed cost

Question 12

What is the point in time (or in number of units sold) when forecasted revenue exactly equals the estimated total costs; where loss ends and profit begins to accumulate?

Answer 12

break-even point

Question 13

What is the combination of food and labor costs

Answer 13

prime costs

Question 14

What is money which a company owes to vendors for products and services purchased on credit

Answer 14

accounts payable

Question 15

What is money which is owed to a company by a customer for products and services provided on credit.

Answer 15

accounts receivable

Question 16

What is the ratio of the number of employees that leave a company through attrition, dismissal, or resignation during a period to the number of employees on payroll during the same period?

Answer 16

labor turnover

Question 17

What is a general tendency or course of events?

Answer 17

trend

Question 18

What compares on a monthly basis the cost of food?

Answer 18

food cost index

Question 19

What is the rate at which food is being used?

Answer 19

inventory turnover rate

Question 20

What reflects the cost of producing just one more meal or one less meal and may be used in decision-making regarding increasing or decreasing capacity in terms of the average cost?

Answer 20

marginal costs

Question 21

What is a systematic forecasting method that involves structured interaction among a group of experts on a subject

Answer 21

delphi technique

Question 22

A cost of labor, material or overhead that changes according to the change in the volume of production units.

Answer 22

variable cost

Question 23

when discipline becomes harsher as the employee continues to break the rules is

Answer 23

progressive discipline

Question 24

What is the pre-established time in which the average employee can complete an assigned task under standard conditions?

Answer 24

work standards

Question 25

What is defined by the Fair Labor Standard Act of 1938 as any time worked over eight hours per day or 40 hours per week?

Answer 25

overtime

Question 26

What is the ratio of the total number of paid hours during a period (part time, full time, contracted) by the number of working hours in that period Mondays through Fridays.

Answer 26

full time equivalent

Question 27

What are products that aren’t consumed or quickly disposed of, and can be used for several years. also called hard goods.

Answer 27

durable goods

Question 28

What compares the cost of a “market basket” of goods and services to a time in the past?

Answer 28

consumer price index

Question 29

What is an itemized sales receipt which indicated the individualized cost of each item purchased as well as the total cost of food purchased?

Answer 29

invoice

Question 30

what budgeting does not take into account previous history in calculating next years budget and that every line starts with a zero?

Answer 30

zero based budgeting