15 Questions
What is the average number of fashion jeans sold every day in Ms. Nista's online selling business?
6
What is the mark up price for a t-shirt in Ms. Nista's online selling business?
45.00
How does Ms. Nista calculate the selling price of her t-shirts?
By adding 90 pesos to the cost
What is the cost per piece of a pair of fashion jeans in Ms. Nista's online selling business?
230 pesos
What should an entrepreneur consider when projecting revenues?
Seasonality, economic slowdown, changes in customer preferences
In the scenario given, how much mark-up does Kyle plan to add to the 10 liter bottled water?
25%
What is the corresponding cost for a pair of jeans before adding mark-up price?
230.00 pesos
What are costs incurred in the business operation referred to as?
Operating Expenses
What is the formula used to calculate Freight-in?
K = (F/12) x 250
Which expense is NOT included in the total operating expenses?
Cost of Goods Sold
What is the total operating expense of the business as presented in the text?
$2,399.00
What does Cost of Goods Sold refer to?
Amount of merchandise sold by the business for a given period
What is Merchandise Inventory, beginning?
Goods at the beginning of operation or accounting period
What is Freight-in in a merchandising business?
Cost paid to transport goods from the supplier to the buyer
How is Cost of Goods Sold computed in a merchandising business?
Subtracting Merchandise Inventory, beginning from Cost of Goods Available for Sale
Test your knowledge on identifying costs and expenses incurred by a business through understanding Cost of Goods Sold, Cost of Sales, and Merchandise Inventory. Learn how to compute the Cost of Goods Sold based on beginning inventory, net amount of purchases, and merchandise inventory end.
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