Finance 2024

Question 1

Cost Accounting

Answer 1

a systematic process for recording and reporting the costs of manufacturing goods and services.

Question 2

Marginal Product

Answer 2

as the additional product that is produced as a result of adding an additional unit of input.

Question 3

Soft Skills

Answer 3

personal attributes that help people interact with others and are considered important for work readiness

Question 4

Quality Management Plan

Answer 4

a formal document that outlines how a project team will ensure quality throughout a project’s lifecycle.

Question 5

Standing Order purchasing method

Answer 5

a system where a company establishes a pre-arranged agreement with a supplier to automatically purchase specific goods or services at set intervals and quantities over a defined period

Question 6

Competitive bid purchasing method

Answer 6

a procurement process where a buyer solicits bids from multiple vendors for a good or service, allowing them to compare prices and terms before selecting the best offer

Question 7

Credit Union

Answer 7

a nonprofit-making money cooperative whose members can borrow from pooled deposits at low interest rates.

Question 8

Mutual Savings banks

Answer 8

a financial institution that is owned by its depositors and that operates without capital stock

Question 9

Capital stock

Answer 9

Capital stock, also known as authorized stock, is the total number of shares a company is legally permitted to issue and has issued to its shareholders

Question 10

Industrial Purchasing

Answer 10

the process of buying goods and services for use in a manufacturing or production process, typically involving a centralized approach with a dedicated procurement team

Question 11

Stewardship

Answer 11

the job of supervising or taking care of something, such as an organization or property

Question 12

Professional Association

Answer 12

a group of people who work in the same or similar fields and share an interest in advancing their profession

Question 13

Accounting equation

Answer 13

Assets = Liabilities + Equity

Question 14

Yield Percent

Answer 14

dividing the expected income (the dividend) by price of share

Question 15

Business cycle risks

Answer 15

the risk that economic cycles negatively impact an investment’s returns, an asset class’s returns, or a company’s profit

Question 16

Fiduciary

Answer 16

someone who acts on behalf of another person or organization. In most cases,
fiduciaries are responsible for managing their clients’ financial assets and making decisions in the best interest
of their clients.

Question 17

Customs duty

Answer 17

a tax levied on goods that cross international borders

Question 18

Horizontal Analysis

Answer 18

compare the information from a single company’s income statements
over multiple years.

Question 19

Vertical Analysis

Answer 19

are used in comparing companies within the same industry, even companies of vastly
different sizes. This is because a vertical analysis of an income statement results in the calculation of multiple
ratios, which are more easily compared across multiple companies of different sizes than are dollars.

Question 20

Liquidity Analysis

Answer 20

performed with
information from a company’s balance sheet to determine if a company is able to meet its short-term debts.

Question 21

Accounts recievable

Answer 21

—all the monies owed to a firm by its customers

Question 22

Employer–Employee relationship

Answer 22

refers to the amount of control that a
principal (e.g., employer or client) has over an agent (e.g., employee or attorney).

Question 23

Debit/Equity Ratio

Answer 23

shows the
relationship between total liabilities and shareholders’ equity. It indicates how much debt a company is using to
finance its assets.

Question 24

Asset Turnover

Answer 24

measures
sales revenue in relation to the value of assets. It indicates efficiency of performance

Question 25

Capital Goods

Answer 25

manufactured or constructed items that are used in the production of goods and
services.

Question 26

Tax liability

Answer 26

a debt, or the total amount of tax an individual owes.