Name:___________________

Grade/ Section:__________

I. Identification: Select from the terminologies below which best describes the statement.
A. Raw Materials and Supplies H. Taxes I. Labor and Supervision P. Machinery
B. Cash J. Power and Water Q. Fixtures
C. Bank Loans K. Finished Goods inventory
D. Stockholders’ Equity L. Depreciation
E. Land M. Operating Expenses
F. Work in Process Inventory N. Cost of goods Sold
G. Sales O. Building
1. ____________ is the Raw Materials Processed in the factory.
2. _____________ is real estate or property, minus buildings and equipment that is designated by
fixed spatial boundaries.
3. _____________ is involved in overlooking the economic process and considered as work force
that is task to deliver specific target for production and management.
4. _____________ is a fee charged ("levied") by a government on a product, income, or activity.
5. ___________ is a transaction between two parties where the buyer receives goods (tangible or
intangible), services, and/or assets in exchange for money.
6. ____________ is concerned with all economic aspects of construction projects, expansion and
renovations.
7. ____________ is the direct costs attributable to the production of the items sold in a company.
8. ____________ are expenses associated with the maintenance and administration of a business
on a day-to-day basis.
9. _____________is one of the largest investments for agricultural enterprises. The selection process
may include manufacturer, design, size, and options.
10. It states that assets minus liabilities equals __________ it is the value left over
for shareholders if a company would utilize its assets to meet its liability obligations.
11. _____________ is a loan which uses an asset as collateral.
12. _____________ is physical form of currency, such as banknotes and coins.
13. _____________ is the products in a manufacturer’s inventory that are completed and are
awaiting to be sold.
14. ______________ are personal property that is attached to a structure or to land in such a way as
to be considered a part of it, often interchangeably used with equipment.
15. ______________ is a measure of the decrease in value of an asset over time.
II. Essay:
16-20 What is the Difference Between Assets and Liabilities?
21-25 What is the difference between fixed and variable costs
III. Complete the Figure (26-35)

28. 33.

35. 29.

31.
30.

34. 26.

32.

27.

.
IV. Identify the following wether it is a fix or a variable cost.
36. shipping
37. insurance
38. rent
39. Credit Card Fees
40. Salaries
41. Overtime Charges
42. Property Taxes
43. Commisions
44. Utilities.
45. Electricity for Production
46. Capital Equipment
47. Business start up rates
48. Delivery Cost
49. corporation Taxes
50. Car Repair