Setting prices based on the competitor’s strategies, prices, costs, and market offerings is called __________________ pricing.

Three years ago, UMMS Funeral Home purchased a lead car for $40,000. The car has a salvage value of $4,000 and a five-year useful life. What is the book value of the car at the end of 3 years and 3 months?

ABC Casketeers is a company that purchases raw materials from other suppliers, then uses them to design and build their own caskets. They sell their products exclusively to funeral homes for resale. This type of business is a: 

An error in which the decimal point is misplaced – for example, when 274 is written as 2.74 – is an example of a:

The funeral home owner, Joe Smith, took $5,000 cash for personal use. What is the entry for this transaction?

UMMS Funeral Home purchased new equipment for $10,500 from Computer Supplies, Inc., to be paid in 30 days. Which of the following is correct?

On January 1st, UMMS Funeral Home paid $54,000 for six months’ rent, January through June. What is the adjustment amount for rent expense at the end of January?

UMMS Funeral Home paid $975 for a casket. We have it listed on our General Price List (GPL) for $1,975. The gross profit is _____________________. 

Vertical analysis of the income statement expresses each item as a percentage of the ______________________ for the respective year.

UMMS Funeral Home forgets to pay their quarterly taxes. What is the penalty enforced by the state of Minnesota?