14.1-14.2 Quiz

What is the definition of "Manufactures"?

• The total of the direct material cost and the direct labor cost used to make a product, often expressed on a per-unit basis.

• Determining how many units of a product must be made and sold to cover the cost of production.

• Money made on a product or an investment over and above the amount spent on it.

• Makes, or produces a product.

Tags

CCSS.RI.11-12.3

CCSS.RI.11-12.5

CCSS.RI.8.5

CCSS.RI.9-10.3

CCSS.RI.9-10.5

What does "Direct Material Cost" refer to?

• The cost of goods or materials used to make the product.

• The cost of labor used to make a product, such as wages paid to employees.

• The point where income from sales on a product equals what it cost to produce the product.

• Production or vehicle costs that remain the same no matter how much you produce or drive.

What is meant by "Direct Labor Cost"?

• The total of the direct material cost and the direct labor cost used to make a product, often expressed on a per-unit basis.

• The cost of labor used to make a product, such as wages paid to employees.

• Money made on a product or an investment over and above the amount spent on it.

• The cost of producing a product that varies directly with the number of units produced.

What is "Prime cost"?

• The total of the direct material cost and the direct labor cost used to make a product, often expressed on a per-unit basis.

• The point where income from sales on a product equals what it cost to produce the product.

• Production or vehicle costs that remain the same no matter how much you produce or drive.

• The cost of goods or materials used to make the product.

What does "Break even analysis" involve?

• The cost of labor used to make a product, such as wages paid to employees.

• Determining how many units of a product must be made and sold to cover the cost of production.

• The total of the direct material cost and the direct labor cost used to make a product, often expressed on a per-unit basis.

• Makes, or produces a product.

What is the "Break-even point"?

• The cost of labor used to make a product, such as wages paid to employees.

• The point where income from sales on a product equals what it cost to produce the product.

• The cost of producing a product that varies directly with the number of units produced.

• The cost of goods or materials used to make the product.

What are "Variable costs"?

• The cost of goods or materials used to make the product.

• Production or vehicle costs that remain the same no matter how much you produce or drive.

• The cost of producing a product that varies directly with the number of units produced.

• The point where income from sales on a product equals what it cost to produce the product.

Tags

CCSS.HSF-LE.A.1B

What are "Fixed costs"?

• The cost of labor used to make a product, such as wages paid to employees.

• Production or vehicle costs that remain the same no matter how much you produce or drive.

• The total of the direct material cost and the direct labor cost used to make a product, often expressed on a per-unit basis.

• The cost of producing a product that varies directly with the number of units produced.

What is the formula for prime cost?

• Prime Cost per Unit = Direct Material Cost + Direct Labor Cost

• Prime Cost per Unit = Direct Material Cost + Indirect Labor Cost

• Prime Cost per Unit = Indirect Material Cost + Direct Labor Cost

• Prime Cost per Unit = Indirect Material Cost + Indirect Labor Cost

Tags

CCSS.6.RP.A.3B

What is the formula for break-even points in units?

• Total Fixed Costs / (Selling Price per Unit - Variable Cost per Unit)

• Material Cost / # of units made with single material

• Total Revenue / Total Costs

• Variable Costs / Fixed Costs