Aling Maria sells bibingka in her neighborhood, everyday ahe can sell 45 pieco: of bibingka at P20.00 each. How much is her daily revenue? A. 15 B. 65 C. 900 D. 46 If the Mark up rate is 10% of cost amounted to P 50,000,00 . What will be the selling price? A P5,000,00 B. P 45,000,00 C. P 55,00000 D. Not given Jean purchased 5 baskets for P30.00 each. According to her calculation, P10.00 shall be added to the cost as mark up. How much is the selling price of the basket? A. 20 B. 200 C. 150 D 40 It is a profit a company makes affer deducting the costs of making and selling its products or the costs of its services. A Net Pronit C. Cost of Sales B. Gross Profit D. Net Sales A company's total earnings after subtracting all expenses. Assuming no returns outwards or carriage inwards, the cost of goods sold would be equal to. Write your answer in a box, and create your own interpretation with regard to your answer. Merchandise of goods purchased are referred to as A. Cost B. Expenses C. Purchases D. Capital Refers to goods and merchandise at the end of operation of business or accounting period. A. Merchandise Inventory C. Merchandise Inventory Ending B. Merchandise Inventory Beginning D. Purchases What best describes liquidity A. Is the measure of the ability of a business to pay short-term debts B. Is the measure of the ability of a business to eam a profit; C. Is the measure of the ability of a business to pay long-term debts. D. A profitability measure used to evaluate how well an investment has performed What best describes profitability A. Is the measure of the ability of a business to pay short-term debts B. Is the measure of the ability of a business to eam a profit; C. Is the measure of the ability of a business to pay long-term debts. D. A profitability measure used to evaluate how well an investment has performed Gross Profit is the A. Amount of money left after deducting the cost to produce from Sales B. Amount of money collected from selling products C. Amount of money your product costs to produce D. Has nothing to do with money Mr. Q is a practicing Doctor of Medicine. During the month of March 2019 he received Professional Fees amounting to P1,000,000 and total expenses of P250,000.00. The qquad of Mr. Q is P750,000 . A. Gross Profit C. Net Sales B. Net Income/Profit D. Cost of Sales Mr. X's transactions for the month of March 2020 are as follows: Sales, P350,000; Cost of Sales, P175,000. Operating Expenses, P50,000. How much is the Gross Profit of Mr. X? A. 250,000 B. 300,000 C. 175,000 D. quad125,000 The Merchandise inventory of XYZ Partners at the end of December 31,2019 is P200,000. In January 2020, the partners registered sales of P500,000, Purchases of P250,000, and Merchandise Inventory of P 300,000 . How much the Gross Profit of XYZ Partners for January 2020 ? A. 350,000 B. 200,000 C. 300,000 D. 250,000
Answer
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Alejandro Dela CruzElite · Tutor for 8 years
Answer
<p> <br />15. Aling Maria's daily revenue can be calculated by multiplying the quantity of bibingka sold with the price per bibingka.<br />16. The selling price can be calculated by adding the markup rate to the cost. Markup rate is the amount added to the cost price to determine the selling price, usually expressed as a percentage of the cost. If the markup rate is 10%, and the cost is P50,000, the selling price will be P50,000 + 10% of P50,000.<br />17. Similar to Question 16, Jean added markup to the cost of each basket to calculate the selling price.<br />18. The profit made after deducting costs of product manufacture and sale or cost of services provided is known as "Gross Profit".<br />19. A company's total earnings after deducting all expenses can be referred to as the "Net Profit".<br />20. Without any returns or carriage costs, the cost of goods sold would be equivalent to the purchase price of the goods. <br />21. Merchandise or goods purchases are referred to as Purchases (C).<br />22. Reference to goods and merchandise at the end of operation or accounting period generally means Merchandise Inventory Ending (C).<br />23. Liquidity (A) measures the ability of a business to settle short-term debts.<br />24. Profitability (B) measures the ability of a business to earn a profit.<br />25. Gross Profit (A) is the amount left after deducting the cost of production from Sales.<br />26. The remainder after Mr. Q deducts his total expenses from his Professional Fees can be referred to as "Net Income/Profit" (B).<br />27. Gross Profit of Mr. X can be calculated by subtracting Cost of Sales from the total Sales.<br />28. Gross Profit of XYZ Partners for January can also be calculated by subtracting the cost of goods sold (calculated from Merchandise Inventory and Purchases) from the Sales.</p>
Explanation
<p> <br />These series of questions examine your knowledge of several business-related topics such as: revenue calculation, mark-up calculation, understanding profit terminology, earnings and expenses, cost of goods sold understanding, identification of purchases, understanding of terms like liquidity, profitability, gross profit, theoretical scenarios involving net profit calculation from professional fees and expenses, gross profit calculation from given sales and expenses.<br /><br />The marks can be awarded based on your accurate workings, interpretation of business terms or calculation of total income made after selling the given amount or by making observations from given scenarios. Also, understanding of the definitions relating to profitability and liquidity can award marks. <br /><br />The principles of revenue calculation, mark-up calculation and understanding profit determine your outcome in business. Understanding these principles can deliberate on your way to making sound judgements in managing your finances, assessing the attractiveness of a potential investment or preparation of profit and loss statements.<br /><br />Most of these questions use simple principles in multiplication or comprehension skills and theoretical scenarios serving as a backdrop for knowledge of the subjects being asked with few questions using a theoretical visual scenario to elucidate on understanding.</p>
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