## On-Line Inventory Exam

1. The objective in this project is for the Marketing Department to determine the quantity of each item in the product line included in the beginning inventory.
True
False

2. How many items were included in the beginning inventory in the tutorial.
12
15
24
36

3. The beginning inventory appears on the Income Statement
True
False

4. If we are a new business, the cost of goods sold number is
Our beginning Inventory
Our ending inventory
Our totl expenses
Our total revenue

5. To find the cost of each item
Multiply total expenses stime cost of gods sold percentage
Multiply retail price times cost of goods sold percentage
Divide cost of goods sold by retail price
Divide retail price by cost of goods sold percentage.

6. To find the sum of a column whose top cell is c3 and the bottom is c33, use the following formula
=sum(c3+c33)
sum(c3:c33)
=sum(c3:c33)

7. Formulas in Excel cannot be copied and pasted.
TRUE
FALSE

8. Total value is calculated by
Multiplying total purchases by the cost of each item
Multiplying total expenses by the cost of each item
Dividing total purchases by the cost of each item
Adding total purchases to the cost of each item

9. =Sum(J6:J39) does what?
Gives the average betweeen
Adds Cell J6 to J39
Adds all the cells from J6 through J39
Adds all the cells from J6 to J39

10. Cells that contain dollars and cents should be formated as General?
True
False

11 Remember the total beginning inventory must equal?
Cost of goods sold
Total Expenses
Total Revenue

12. The perpetual inventory spread sheet has a formula for each product that adds the amount on hand with purchases and deducts sales of items to give a final quantity
True
False

13. In the template, the final _______ is multiplied by the cost price to get the total value for the inventory item.
quantity
retail price
cost price
cost of goods sold percentage

14. Remember, that each month you must decide on which items to purchase.
True
False

15. After open houses, trade fairs and your grand opening, key into the template?
Cost values
Quantity of each item sold
Beginning inventory value
Cost of goods sole percentage.

First Name
Last Name

Score