Second Periodical Test

Question 1

It is an itemized catalog or list of tangible goods or property, or the intangible attributes or qualities

Answer 1

Inventory

Question 2

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

Answer 2

Sourcing

Question 3

Appe, cucumber, carrots, tomatoes and corn are examples of what products

Answer 3

grown products

Question 4

These are stock files of materials for the inputs of production

Answer 4

raw materials inventory RMI

Question 5

business condition when the total revenue (TR) is greater than total cost (TC)

Answer 5

There is a profit

Question 6

What type of costing is direct labor and raw material in production

Answer 6

direct cost

Question 7

Assessing the profile of the producers and customers and checking the track record of the suppliers are examples of what in purchasing activity

Answer 7

factors in purchasing goods and services

Question 8

When you need to purchase or avail of goods and services without the need to leave the country, how do you classify these resources?

Answer 8

local resources

Question 9

Stockpile of materials for inputs of production

Answer 9

raw materials inventory

Question 10

final outputs of production ready for deliver to the market or customers

Answer 10

finished goods

Question 11

payment of interest for the duration of the loan represents form of payment

Answer 11

capital cost

Question 12

salaries or wages plus additional costs as payments or incentive on overtime works, social security, annual and sick leaves of workers

Answer 12

staff cost

Question 13

sum of other expenses or cost generated from the business and also known as overhead expenses

Answer 13

Indirect cost

Question 14

way you calculate or estimate the cost to have for a product

Answer 14

costing

Question 15

document that records the inflow and outflow of goods in a business

Answer 15

stock card

Question 16

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?

Answer 16

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

Question 17

are intangible products that are not goods such as accounting, banking, cleaning, consultancy, education, insurance, medical treatment, transportation

Answer 17

Services

Question 18

Benefits of Patronizing Our Own Products or Purchasing from Local Sources

Answer 18

• 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

Question 19

Factors to Consider when Purchasing Goods and Services

Answer 19

• 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

Question 20

is an approach or strategy that checks and balances resources needed in operation of the business

Answer 20

control

Question 21

are stocks of goods or materials available for production or manufacturing

Answer 21

inventories

Question 22

refers to the step-by-step manner of operation in making the raw materials into finished outputs

Answer 22

process

Question 23

inventories in various forms

Answer 23

stocks

Question 24

Types of Inventories

Answer 24

Raw-Materials Inventory (RMI)
Work-In Process Inventory (WIPI)
Finished Goods Inventory (FGI)

Question 25

partially completed products requiring further processing including sets of unfinished goods for production process

Answer 25

Work-In Process Inventory (WIPI)

Question 26

A payment of interest for duration of the loan

Answer 26

capital cost

Question 27

represents form of payment

Answer 27

cost

Question 28

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

Answer 28

Direct cost

Question 29

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

Answer 29

Direct cost

Question 30

Sum of the other expenses or cost generated from the business and also known as overhead expenses

Answer 30

Indirect cost

Question 31

all materials needed both for direct manufacturing and those needed for the functioning of the business

Answer 31

Material cost

Question 32

are salaries or wages plus additional costs as payments or incentives on overtime works

Answer 32

staff costs

Question 33

process of making or manufacturing goods

Answer 33

Production

Question 34

Total Revenue = total cost

Answer 34

Decision: There is a need to maintain your production

Question 35

Total Revenue < total cost

Answer 35

Decision: the production needs to stop

Question 36

Total Revenue > total cost

Answer 36

Decision: produce more