1. Match each of the following terms with its definition Business process Constraint Enterprise risk management Lean production Value chain A series of steps that are followed in order to carry out some task in a business. _ Anything that prevents an organization or individual from getting more of what it wants. c. five-step management approach that organizes resources around the flow of business processes. A process used by a company to help identify the risks that it faces and to develop responses to those risks that enable the company to be reasonably assured of meeting its goals. The major business functions that add value to a company's products and services. 2. Indicate beside each statement below whether it is True (T) or False (F): a. It isn't really important that accountants behave ethically since what they do will always be specifically bound by accounting rules such as GAAP. b. Many accounting professional organizations, such as the IMA and the AICPA have standards of ethical behavior their members should follow. c. Being ethical and making ethical choices is part of the integrity of a person's character, which can be very important to CEOs hiring CFOs. d. The IMA Code of Conduct consists of two major parts: general ethical guidelines and specific guidance for unethical situations 3. For each of the following, indicate whether the cost would typically be variable or fixed. Variable Fixed Direct materials Direct labor Rent on building Supervisor salaries Sales commissions based on units sold 4. Joey's Hot Dog Stand has fixed weekly costs of $1,000 and variable costs of 5.50 per hot dog served. Assuming he serves 2,500 hot dogs in one week, how much are Joey's total fixed costs, total variable costs fixed cost per unit, variable cost per unit, and total cost per unit? Assuming he serves 5,000 hot dogs in o week, how much are Joey's total fixed costs, total variable costs, fixed cost per unit, variable cost per unit, and total cost per unit? 5. The following information has been provided by the Fasan Florist, Inc. for the first quarter of the year: Cost of goods sold -assume variable S 640,000 Fixed administrative expenses 220,000 Fixed selling expenses 100,000 1,400,000 Variable administrative expenses 60,000 Variable selling expense 140,000 Prepare a traditional income statement. Prepare a contribution format income statement. Sales