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WorksheetsVirtual Business Challenge - Management
Total questions: 42
Worksheet time: 26mins
An Accounts Receivable Specialist is in charge of:
Paying biills on time
Receiving shipments from suppliers
Collecting customer payments
None of the above
An Accounts Payable Specialist is in charge of:
Paying supplier invoices on time
Processing orders
Collecting customer payments
None of the above
A Purchasing Specialist is in charge of:
Paying biills on time
Ordering materials for the business
Collecting customer payments
None of the above
What does a systems administrator do?
monitor systems
layout the production floor
keep the computer system running
monitors employees' performance
Which position is responsible for getting raw materials to the production floor and getting finished products to the shipping area?
Accounts Payable
Accounts Receivable
Assembler
Material Handler
In this simulation, what are "raw materials"?
jeans
jean fabric and thread
cut jeans legs
rough cut pocket
In this simulation, can you make a profit in the long run if you have 2 of each production job?
Yes
No
How long did the management simulation run?
2 weeks
1 month
6 months
2 years
What report shows how many jeans you are making per day?
Balance Sheet
Income Statement
Daily Production
Process Diagram
When your weekly profit shows $-4000 and your total profit shows $-24,000, what will happen if your weekly profit stays the same for another week?
You will have a total loss of $-28,000
You will have a total loss of $-20,000
You will have a total profit of $20,000
You will have a total profit of $28,000
What is revenue?
How much it costs for your raw materials
The total amount of costs you have in your business
The total amount of sales you have in your business
The money you have left over after you have paid your bills
What is your net income?
How much it costs for your raw materials
The amount of costs you have in your business
The total amount of sales you have in your business
The money you have left over after you have paid your bills
What are Cost of Goods Sold (COGS)?
Your expenses - the total costs to run your business
The amount of money you get from selling your product
The amount of money you have going out every week for rent, salaries and machinery
The cost of your raw materials (Jean fabric and thread)
What are fixed expenses?
You expenses - the total costs to run your business
The amount of money you get from selling your product
The amount of money you have going out every week for rent, salaries and machinery
The cost of your raw materials
What happens when you run out of places to put your cut jeans legs?
You pile them up on top
You have to create another pile for your cut jeans legs
Production stops
Production continues, they just go around that part
What is your break-even price for your jeans if you have the following?
COGS - $10,000
Fixed Expenses - $30,000
Daily Production - 125
$64.00
$30.00
$125.00
$40,000
What happens if the computer system goes down?
The systems administrator gets fired
Production stops
Production continues while it is getting fixed
Who knows???
What should be done if a invoice comes in?
The Purchasing specialist should take care of it
The Accounts Payable specialist should take care of it
The Accounts Receivable specialist should take care of it
The Systems Administrator should take care of it
What is the highest price you can charge for jeans and get the bid accepted?
Over $100
$90
$80
$75
Which customer pays the most for a pair of jeans?
Roland
Anne
Calvin
Anthony
What happens if a worker is blocked?
Production stops
The others work around that worker
Nothing, everything continues, they just continue to work
They get fired
What is the first thing in the process of making jeans?
Cutting out fabric
Stamping pockets
Sewing the jeans
Steaming the jeans
What is the last step in the production process?
Sewing jeans
Cutting jeans
Stamping pockets
Steaming jeans
What happens if you are late in delivering your order(s)?
You get more orders
Your customers won't order from you for 6 months
Your customers will cut your payment by 50%
Your customers will get mad, but keep ordering
How do you calculate revenue?
sales x price
price x cost
cost + sales
sales - total price
What is another name for cost of goods sold?
Fixed Costs
Variable Costs
Total Costs
Revenue
Which of the following is a variable cost?
Raw materials
Rent
Advertising
Salaries
Which of the following is a fixed cost?
Raw materials
Rent
Overtime pay
Electricity costs
How do you calculate "total variable cost"?
variable cost per unit
variable cost per unit + expenses
revenue x variable cost per unit
sales x variable cost per unit
How do you calculate "Total Costs"?
fixed costs x sales
sales + variable costs
variable costs + fixed cost
variable cost x fixed cost
What is a profit?
One of the 4 P's of marketing
a financial gain
where someone loses money
What is a loss?
One of the 4 L's of marketing
an increase in financial value
Where one owes money because the profit did not reach the money spent
I have no idea
Which financial statement shows you the profit or loss of the business?
Income Statement
Balance Sheet
Statement of Cash Flows
Statement of Owner's Equity
What is the Accounting Equation?
Liabilities - Assets = Owner's Equity
Assets = Liabilities + Owner's Equity
Liabilities = Assets + Owner's Equity
Owner's Equity = Assets + Liabilities
Which financial statement shows what the business owns, owes and the value of the business?
Income Statement
Statement of Cash Flows
Statement of Owner's Equity
Balance Sheet
