Basic Math Review

Question 1

Multiplying a number by a percentage makes it ____

Answer 1

Smaller

Question 2

Dividing a number by a percentage makes it ____

Answer 2

Bigger

Question 3

1 tbsp contains ____ tsp

Answer 3

3 tsp

Question 4

1/4 cups contains ___ tbsp

Answer 4

4 tbsp

Question 5

1 pint contains ____ cup

Answer 5

2 cups

Question 6

1 quart contains ____ pints

Answer 6

2 pints (so 4 cups)

Question 7

1 gallon contains ____ quarts

Answer 7

4 quarts

Question 8

1 cup contains ___ oz

Answer 8

8 oz

Question 9

1 gallon contains ____ oz

Answer 9

128 oz

Question 10

1 Tbsp:

Answer 10

0.5 oz
3 tsp

Question 11

1 cup:

Answer 11

8 oz
16 tbsp

Question 12

1 pint:

Answer 12

16 oz
32 tbsp
2 cups

Question 13

1 quart:

Answer 13

32 oz
64 tbsp
4 cups
2 pints

Question 14

1 gallon:

Answer 14

128 oz
16 cups
8 pints
4 quarts

Question 15

Scoop number refers to:

Answer 15

number of scoops per quart, quart is 32 oz

Question 16

1 Q is ____ oz

Answer 16

32 oz, so divide 32 by scoop number to obtain oz

Question 17

You can calc volume of that scoop by

Answer 17

Divide 32 by scoop #, so
32/#4scoop=8oz

Question 18

You can calc scoop number of scoop by using vol given so:

Answer 18

Divide 32 by vol, so
32/8oz=#4scoop

Question 19

The lower the scoop number, the ________, the higher the scoop number, the _____

Answer 19

higher the volume, the lower the volume

Question 20

10 can = _____

How many cans per case

Answer 20

3 quarts
6 cans per case

Question 21

?: prepared by upper management and given to operating units

Answer 21

Top-down budget

Question 22

?: company sets targets, determines activities needed to meet target and cost of carrying out activities

Answer 22

Activity based budget

Question 23

Activity based budget is a type of ____ budget

Answer 23

Top-down budget

Question 24

?: each unit prepares a budget and sends it to upper management

Answer 24

bottom-up budget

Question 25

?: determines costs, outlay, and inflows without a baseline budget.

Answer 25

Zero-based budget

Question 26

?: works better for discretionary costs than essential operating cost. Manager has to justify every expense

Answer 26

Zero-based budget

Question 27

?: also known as static budget, they don't change based on business variations, even if business activity volume increases

Answer 27

Fixed Budget

Question 28

?: changes with business activity because budget constructed with rate per unit of activity

Answer 28

Flexible budget

Question 29

?: useful for measuring efficiency, so if business activity increases, money needed to support that increase is available

Answer 29

Flexible Budget

Question 30

?: uses existing budget number as a base and adds incremental amounts relative to current budget

Answer 30

Incremental budget

Question 31

?: appropriate when primary cost drivers of a company don't change from year to year

Answer 31

Incremental budgeting

Question 32

?: can perpetuate inefficiencies make a team look more efficient and not account for outside factors like inflation

Answer 32

Incremental budgeting

Question 33

?: budget building mindset, aims to tighten up the budget

Answer 33

value proposition budget

Question 34

?: percentage of assets divided by debt

Answer 34

assets-to-liability ratio

Question 35

?: percentage of assets funded by shareholders equity and debt

Answer 35

debt-to-equity ratio

Question 36

?: assess if there is efficient use of assets

Answer 36

inventory turnover rate

Question 37

?: ability to generate excess income relative to sales

Answer 37

Profitability ratios

Question 38

?: ability to meet long-term debts

Answer 38

Solvency ratio

Question 39

?: ability to meet short-term debts

Answer 39

liquidity ratio

Question 40

?: ability to transfer non-cash assets to cash assets

Answer 40

activity ratio

Question 41

?: divide current assets by current liabilities

Answer 41

Current ratio

Question 42

?: represent organizations ability to meet current financial obligations. Also used by creditors to determine if org has sufficient assets to repay deby over 12 months

Answer 42

Current ratio

Question 43

A current ratio ___ than ____ indicates ability to pay bills when due and over next 12 months

Answer 43

greater than 1

Question 44

?: standard method of accounting within an industry

Answer 44

Uniform systems of accounts

Question 45

?: works with clients to issue educated tax advice

Answer 45

Public accountant

Question 46

?: examine company's financial records to ensure quality and legality

Answer 46

Internal audit porcesses

Question 47

Balance sheet:

Answer 47

1) assets (current/fixed) 2) liabilities (current/longterm) 3) equity

Question 48

_____ are split in T shape

Answer 48

Balance sheet

Question 49

Balance sheet in T shape with ____ on left and ____ on right

Answer 49

Assets on left Liabilities and equity on right

Question 50

Total assets must equal=

Answer 50

total liabilities and equity

Question 51

?: also called final profit; subtracts expenses from gross profit

Answer 51

Net profit

Question 52

?: indicate monetary value of a property beyond any amounts owed

Answer 52

Total assets

Question 53

?: anything a company owns including liabilities

Answer 53

Total assets

Question 54

?: liquid assets; anything convertible to cash

Answer 54

Current assets

Question 55

?: money owed to the company that will be fulfilled promptly

Answer 55

Accounts receivable

Question 56

?: money the company owes such as vendors or wholesalers

Answer 56

Accounts payable

Question 57

?: as fixed asset; total depreciation of an asset up to given date subtracted from original cost at time of purchase

Answer 57

Accumulated depreciation

Question 57

?: accounts payable and accrued expenses that must be paid within 12 months

Answer 57

Current liabilities

Question 58

?: monetary value of property beyond debt

Answer 58

Owner's equity

Question 59

?: income set aside by company instead of being distributed to shareholders

Answer 59

Retained earnings

Question 60

?: total sales minus the cost of goods sold (COGS)

Answer 60

gross profit

Question 61

?: expenses

Answer 61

operating costs

Question 62

?: COGS, the cost of producing the goods that are sold

Answer 62

Costs of goods sold

Question 63

?: is a system assessment of every feature of a product to ensure its cost is no greater than required to achieve its function

Answer 63

Value analysis

Question 64

?: starts with previous budget and adjusts for current conditions

Answer 64

Baseline budget

Question 65

?: estimates the total monetary value of benefits that will be derived from a project and compares that value to the cost of the project

Answer 65

Cost-benefit analysis

Question 66

Quality is defined by_____

Answer 66

Customer satisfaction

Question 67

5 factors that affect quality

Answer 67

money, material, management, market, people

Question 68

in this______ you may perform productivity studies, determine if startup funds are necessary, and determine number of ppl involved to quantify cost and benefit

Answer 68

Cost-benefit analysis

Question 69

Value analysis may result in:

Answer 69

1- Quality improvement 2- Cost reduction 3- Function analysis All of these lead to increased value

Question 70

?: is when a business adds something extra to a generic product that gives greater perception of value

Answer 70

Value-added research