If a project manager had to choose between being effective and being efficient in a project that was underway, the project manager should aim first to achieve efficiency and only if time and resources permit should then try to achieve effectiveness.

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If a project manager spilled ink on the Assets side of the balance sheet being examined, but could still see the Liabilities and Equity side of the balance sheet clearly, it would still be possible to determine the total dollar amount of the Assets.

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The financial statement known as the Balance Sheet shows the financial condition (assets, liabilities, and equity) of the firm at one specific point in time.

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Costs are those items that have potential or actual future economic benefit to the organization.

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A Cost Putter is a factor that causes costs to change.

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When considering cost behavior, the focus in on the way costs respond to changes in volume or activity related to that cost.

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If senior citizen Sam commits to a cellular telephone plan for which a flat fee of $25 must be paid each month plus a payment of an additional $10 per gigabyte (GB) of data used during the month must also be paid, then cellular phone cost for Sam is a mixed cost and exhibits a mixed cost type of cost behavior.

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If a Project Manager knows the sales price per unit of each unit being produced and also knows the amount of variable costs and variable expenses in that unit, then that Project Manager should be able to determine the contribution margin per unit for that item.

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When using the Equation Method for calculating the breakeven point, it is common to set the operating income (or profit) at zero ("0") because by definition, there is no profit and no loss at the breakeven point

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Margin of Safety can be measured in number of units or in sales dollars, but either way, it shows by what amount sales can decline before losses start to occur, thus giving the manager a sense of how much "breathing room" exists before major concerns have to be faced.

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