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Worksheetscost control introduction
Total questions: 25
Worksheet time: 13mins
Choose the correct definition of cost control
the practice of identifying and reducing business expenses to increase profits, and it starts with the budgeting process.
the practice of finding the cost and profit for a business while maintaining a certain budget
controlling a cost to maintain an expenses for a business to prosper
to control the output and input of a business
What is a purchase ?
The buying of everything
The buying of our needs and wants
The buying of our personal needs
the buying of goods or services
Why is Cost Control important ?
To achieve a target set for the sales of the businesses
To avoid the deviations, easily analyzed and take some corrective actions
A method to reduce expenses / costs as low as possible and to get the targeted profit
All answers are correct
What is the meaning of Cost Control ?
A particular regulation by certain executive actions which result in the cutting of costs in uncertain operations of the company
A particular system by certain executive actions which result in the expenses of the company
A particular regulation by certain executive actions which result in the cutting of costs in certain operations of the company
A particular policy by certain executive actions which result in the cutting of costs in certain operations of the company
Why is Purchasing important ?
To meet their needs on a regular basis
To get competitive performance, profitability and overall efficiency
To get the optimal benefit from the value for money spent
All answers are correct
What are the advantages of implementing Cost Control?
Which of the four brothers below is wrong....
Provides a yardstick for measuring performance
Allows comparison
Decreases debt
Reduces the employees
The opposite of a purchase is .............
a Buying
a Procuring
a Shopping
a sale
I am the person who is responsible for buying goods for an operation. Who am I?
Supplier
Seller
Operator
Purchaser
It serves as the receiving copy and proof of receipt.
Purchase order
Statement
Delivery Receipt
Order Slip
It is a form listing of the products to be purchased, their price, delivery date, and other important details.
Purchase Order
Delivery receipt
Notes
Invoice
I am responsible for receiving and checking for items. Who am I?
Purchaser
Receiving Clerk
Supplier
Room attendant
It is a bill that accompanies the delivery of goods, to determine the correct amount to pay the supplier.
Invoice or statement of account
Notes
Purchase order
The following includes some of the important features in purchase order form, except
Date Issue
Details of goods
Names and Contact
Assets
Which of the following is not included as a characteristic of an Ideal Purchaser?
Honest
Creative
Reliable
Trustworthy
The purchaser is the one who creates a purchase order.
True
False
A purchase order is necessary while Official Receipts are not
True
False
After creating a purchase order, the supplier will be the one to send the purchase order to the buyer or purchaser.
True
False
A purchaser must at all times honest and reliable.
True
False
COSTING is analyzing the amount required to produce a product or ___________.
service
price
item
COST CONTROLLING is focused on ___________ expenditure to increase profits.
increasing
reducing
producing
Which of the following states why COST CONTROLLING is important?
Helps to maximize profits
Helps to stay within budget
Helps to increase expenditure
both a & b
both a & c
A product DOES NOT require cost controlling.
TRUE
FALSE
Both products and services in a restaurant REQUIRE cost controlling.
TRUE
FALSE
Which of the following is an an example of a PRODUCT(s) in a restaurant that requires costing and cost controlling?
disposable plates
napkins
employee labor
both a and b
both a and c
Safe, secure place in which items are placed until they are needed.
purchasing
receiving
storage
inventory
