Match the following common terms with the best description and/or definition the

Question

Match the following common terms with the best description and/or definition

these are the descriptions: A. periodic costs that are related to outputs or revenue. Example ? raw materials, labor wages, energy usage

B. expenses incurred during day-to-day activities

C. Total Revenue minus Total Costs

D. material and labor costs

E. variable costs that are at the discretion or influence of the department or manager

F. per unit measure of products gross operating margin. Price minus total variable cost.

G. Items of value

H. costs that are not directly dependant on outputs or sales Example depreciation, insurance, salaries, rent

1. Profit

2. Variable Cost

3. Fixed Cost

4. Controllable Cost

5. Operating Cost

6. Prime Cost

7. Assets

8. Contribution Margin

Explanation / Answer

A. periodic costs that are related to outputs or revenue. Example ? raw materials, labor wages, energy usage Variable cost B. expenses incurred during day-to-day activities Operating cost C. Total Revenue minus Total Costs Profit D. material and labor costs Prime Cost E. variable costs that are at the discretion or influence of the department or manager Controllable Cost F. per unit measure of products gross operating margin. Price minus total variable cost. Contribution margin G. Items of value Assets H. costs that are not directly dependant on outputs or sales Example depreciation, insurance, salaries, rent Fixed cost

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