FC FINALS
FC Finals Knowledge Quiz
Test your knowledge on the critical processes involved in finance and purchasing with our engaging FC Finals Quiz. Dive into various scenarios that challenge your understanding of order management, inventory control, and financial performance.
In this quiz, you will explore:
- The importance of accurate order processing
- Issues in purchasing and receiving
- Strategies for financial growth and performance
- Visual data analysis techniques
The complete set of activities needed to complete a task
PROCESS CYCLE
MARKETING LITERATURE
When an employee fills out a requisition form and sends it to the purchasing department, it may disappear in transit or be lost by the purchasing department, which is an area that is commonly awash in a sea of paperwork
PURCHASE ORDER IS LOST
PURCHASE REQUISITION IS LOST
When the purchasing staff completes a purchase order, any number of parts of this multipart form may be lost
PURCHASE ORDER IS LOST
PURCHASE REQUISITION IS LOST
-the received product is lost somewhere in the company, the person who ordered the item will have to do so again and wait for the usual time period to pass for the transaction to be completed
RECEIVED PRODUCT IS LOST
RECEIVING DOCUMENTATION IS LOST
The receiving staff loses the bill of lading, or if it is lost in transit to the accounting department, there will be no evidence of receipt, and the accounting staff will not pay for the purchase
RECEIVING DOCUMENTATION IS LOST
RECEIVED PRODUCT IS LOST
An exceptionally common issue is that the order entry staff does not properly enter the customer’s order into the computer system, possibly resulting in the wrong address, part quantities, or part number
ACC RECEIVABLE ARE IMPROPERLY CREDITED
CUSTOMER ORDER IS INCORRECTLY ENTERED
Any of the preceding problems can result in improper credits to customer accounts
ACC RECEIVABLE ARE IMPROPERLY CREDITED
CASH IS INCORRECTLY APPLIED
Is possible that the money will be lost in transit to the accounting staff, or that it will not be correctly identified when sent there
CASH IS INCORRECTLY APPLIED
RECEIVING DOCUMENTATION IS LOST
An order is placed and scheduled for production, the production will not happen if materials are not purchased in advance and delivered on time
MARKETING LITERATURE
MATERIALS ARE NOT AVAILABLE FOR PRODUCTION
An inadequate method for recording completed production, the rest of the company may not know that the production department has successfully completed work on a customer order, resulting in delayed shipments and angry customers
MARKETING LITERATURE
INFORMATION SYSTEM INCORRECTLY RECORDS COMPLETED PRODUCTION
Focuses its resources on the marketing and engineering departments in order to devise a continuing flow of new products
GROWTH BY PRODUCT DEVELOPMENT
GROWTH BY ACQUISITION
Concentrates on moving the sales of its existing product base into new locations
GROWTH BY TERRITORIAL EXPANSION
GROWTH BY PRODUCT DEVELOPMENT
-If a company has low margins and wishes to bolster them by acquiring high-margin companies, this is a good measure
PROFIT AQUIRED
PROFITS BY NEW PRODUCT
Best measure for tracking the performance of any sales region in the long run is its return on assets, because the measure covers both profitability and invested assets
RETURN ON ASSET BY NEW TERRITORY
INCREASING PROFITABILITY
A division’s management team is required to improve this, it may embark on a number of approaches to increase the value of the inventory, which reduces the cost of goods sold and increases profits.
INCREASING SALE
INCREASING PROFITABILITY
The manager has an incentive to increase this, a common action is to load up current customers with more orders, even if they will exceed their credit limits by doing so
INCREASING SALE
REDUCING BAD DEBT
When the chief financial officer (CFO) is tasked with reducing the amount of this, the most common response is to tighten a company’s credit granting rules, so that customers must maintain smaller credit balances, and some customers may be converted to cash-only terms
REDUCING BAD DEBT
REDUCING MATERIAL COST
When the manager is asked to reduce this cost, this person may start purchasing in larger quantities in exchange for lower per-unit prices
REDUCING MATERIAL COST
REDUCING OBSOLESCENCE COST
When managers are told to reduce the cost of inventory obsolescence; they could take the correct (and much more laborious) route of switching to just-in-time manufacturing method
REDUCING WORKING CAPITAL
REDUCING OBSOLESCENCE COST
The goal is to reduce working capital, then management can do so, but quite possibly at the expense of profits
REDUCING WORKING CAPITAL
REDUCING OBSOLESCENCE COST
Holds that 80 percent of the activity in a given situation is caused by 20 percent of the population
PRODUCT PROFITABILITY ANALYSIS
PARETO ANALYSIS
Also applies to the services industry, where employee hours worked constitute the prime criterion for overall corporate profitability
PRODUCT PROFITABILITY ANALYSIS
PARETO ANALYSIS
The accounting department, strangely enough, is not as heavily analyzed as other departments, perhaps because the staff doing most corporate review work is based in this department and does not want to measure its own performance
ANALYSIS OF ACCOUNTING & FINANCE
PRODUCT PROFITABILITY ANALYSIS
Best used either to show trend lines for a single data item over time or to compare the sizes of related data items for a single time period
BAR
PIE
This data in an analysis may range within set boundaries on a trend line
BAR
HIGH-LOW
Best form of presentation. It can be used to show the proportion of a company’s revenues that are composed of sales from each of a number of subsidiaries.
BAR
PIE
Used to prove the reverse conclusion if there are indeed a few cases in which safety problems tend to arise on certain days
SCATTER
HIGH-LOW
A report where every company needs a report card that itemizes its performance.
GENERAL MANAGEMENT REPORT
REVENUE REPORT
Drawn from the annual and monthly sales that were budgeted for each customer; that information is summarized in the year-to-date forecast column and the month forecast column
REVENUE REPORT
MATERIAL COST REPORT-
Largest cost of many companies, especially those in the manufacturing field
REVENUE REPORT
MATERIAL COST REPORT
The summary of all projections, divided by the total number of projections
ARITHMETIC MEAN
MEAN
The point at which half of the projections are below and half are above it
MEDIAN
MODE
-the most commonly observed value in a set of underlying projections
MEDIAN
MODE
COST OF EQUITY CAPITAL FORMULA
Ost of equity capital = Risk-free return + Beta (Average stock return - Risk-free return)
Ost of equity capital = Risk-free return + Beta (Average stock return + Risk-free return)
Any production work related to the product is completed by an outside entity, then the cost of this work should be included in the calculation on the grounds that the entire cost of this will be eliminated along with the product
OUTSOURCES PROCESSING
INVENTORY CARRYING COST
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