Second Periodical Test Flashcards
It is an itemized catalog or list of tangible goods or property, or the intangible attributes or qualities
Inventory
It is a complete process of obtaining goods and services from preparation and processing of a requisition to receipt and approval of the invoice for payment
Sourcing
Appe, cucumber, carrots, tomatoes and corn are examples of what products
grown products
These are stock files of materials for the inputs of production
raw materials inventory RMI
business condition when the total revenue (TR) is greater than total cost (TC)
There is a profit
What type of costing is direct labor and raw material in production
direct cost
Assessing the profile of the producers and customers and checking the track record of the suppliers are examples of what in purchasing activity
factors in purchasing goods and services
When you need to purchase or avail of goods and services without the need to leave the country, how do you classify these resources?
local resources
Stockpile of materials for inputs of production
raw materials inventory
final outputs of production ready for deliver to the market or customers
finished goods
payment of interest for the duration of the loan represents form of payment
capital cost
salaries or wages plus additional costs as payments or incentive on overtime works, social security, annual and sick leaves of workers
staff cost
sum of other expenses or cost generated from the business and also known as overhead expenses
Indirect cost
way you calculate or estimate the cost to have for a product
costing
document that records the inflow and outflow of goods in a business
stock card
If you have 5 workers receiving each a daily wage of P650.00, with %v working days a week, how much is your total wage bill for a month?
Solution:
no. of workers x P650.00 x 5 working days x 4 weeks
or
5 x P650.00 x 20 days
Answer:
P65,000.00 monthly wage bill
are intangible products that are not goods such as accounting, banking, cleaning, consultancy, education, insurance, medical treatment, transportation
Services
Benefits of Patronizing Our Own Products or Purchasing from Local Sources
- stops the value of colonial mentality not only among young children, but also among adults
- gives additional income to the government through tax collection
- maximizes the use of our natural resources, from raw materials to finished products
- develops the skills of the Filipino people making them more innovative, creative, and productive
- gives affordable price for seasonal and quality products, fruits, and vegetables
Factors to Consider when Purchasing Goods and Services
- study the profile of the local producers
- research on the daily average consumption of the customers
- know the customers
- find out the right place to buy
- determine how much to procure
- check the track record of each supplier
- get the behavior of the patrons towards the products and services
- ensure the sustainability of the items
is an approach or strategy that checks and balances resources needed in operation of the business
control
are stocks of goods or materials available for production or manufacturing
inventories
refers to the step-by-step manner of operation in making the raw materials into finished outputs
process
inventories in various forms
stocks
Types of Inventories
Raw-Materials Inventory (RMI)
Work-In Process Inventory (WIPI)
Finished Goods Inventory (FGI)
partially completed products requiring further processing including sets of unfinished goods for production process
Work-In Process Inventory (WIPI)
A payment of interest for duration of the loan
capital cost
represents form of payment
cost
payment and expenditure made for the production or service that become part of the product like acquisition of raw materials and salaries/wages of the workers
Direct cost
payment and expenditure made for the production or service that become part of the product like acquisition of raw materials and salaries/wages of the workers
Direct cost
Sum of the other expenses or cost generated from the business and also known as overhead expenses
Indirect cost
all materials needed both for direct manufacturing and those needed for the functioning of the business
Material cost
are salaries or wages plus additional costs as payments or incentives on overtime works
staff costs
process of making or manufacturing goods
Production
Total Revenue = total cost
Decision: There is a need to maintain your production
Total Revenue < total cost
Decision: the production needs to stop
Total Revenue > total cost
Decision: produce more
