Part 16 - 2019 ICDC HS

Question 1

Flat tax

Answer 1

A same percentage of tax is charged on every person equally, regardless to profit

Question 2

(RV) Excise tax

Answer 2

1) charged on certain products only, 2) paid by businesses but passed onto customers by higher price

Question 3

Customer Confidence Index (CCI)

Answer 3

Report of how customers feel about the economy and their purchasing plans/habits

Question 4

Compartmentalizing

Answer 4

Process of breaking large task into smaller portions, imrpove focus

Question 5

401k

Answer 5

Tax-advantaged retirement savings program, sponsored by the employer

Question 6

Emergency fund

Answer 6

Short-term saving goal, combat with accidents and tragedies

Question 7

Traditional banking services

Answer 7

Deposits, checking, savings, mortages/loans

Question 8

Standard costing

Answer 8

Involved in budgeting, setting a predetermined standard for costs, variances will be reviewed

Question 9

Relevant costing

Answer 9

Considering the costs relevant to production only (directly relevant)

Question 10

Operating budget

Answer 10

Lasts for around one year, go-to budget that managers reference to and adjust

Question 11

Cash budget

Answer 11

Bottom-line budget prepared quarterly

Question 12

Master budget

Answer 12

Refers to 1) overall budget of a company containing specialized budgets generated by each individual department, 2) fixed/unchanged budget, static and not being adjusted by managers, guidelines only

Question 13

Dynamic budget

Answer 13

Updated real-time and appeared more likely as a record of ins and outs of cash

Question 14

Rolling budget

Answer 14

Constantly changing budget that is being updated periodically (e.g., monthly, quarterly), and always has a short-term budget on hand

Question 15

Copy right violation—>

Answer 15

Copy right infringement

Question 16

Abide

Answer 16

To follow and accept