Managerial exam review with brain break q's

A statement that lists the assets, liabilities, and stockholders’ equity. It displays a company’s collateral, liquidity, and net worth.

• balance sheet

• Income statement

• break-even point

• budget

The amount of sales required to cover all costs at which net income is zero.

• budget

• break-even-point

• savings

The six steps companies complete when making a budget:

• Break-even-point

• balance sheet

• budget process

• I don't know

A comparison of a budgeted income statement to actual results.

• balance sheet

• budget income sheet

• budget variance report

All of the significant materials that are an integral part of the finished product.

• direct labor

• debt to equity ratio

• direct materials

A debt ratio that measures a company’s financial leverage. It shows the proportion of debt to equity used in financing the company’s assets

• debt to equity ratio

• material ratio

• debt to total assets ratio

All of the costs required to manufacture a finished product that are not related to the direct materials or direct labor costs

• factory overhead

• factory materials

• factory ratio

Costs that remain constant regardless of a business’s activity.

• break-even-point

• fixed cost

• flowchart

What does GAAP stand for

• generally accepted accocunut principal

• generally acting accounting principles

• generally accepted accounting principles

The difference between the cost of the products sold and the net sales.

• Gross profit

• Gross margin

• Gross ratio