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GB 519 Unit 3 Quiz
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GB 519 Unit 3 Quiz

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UNIT 3 QUIZ

1. Question : Which of the following provides the most accurate cost

estimation?

Student Answer:

Regression analysis with R-squared of 0.12.

Regression analysis with F value of 1.2

High-low method.

Regression analysis with R squared of 0.89.

 

 

Question 2. Question : Data collected on the cost objects and cost drivers for cost

estimation must be:

Student Answer:

Brief and limited.

Exhaustive.

Concrete.

Consistent and accurate.

Varied.

 

 

Question 3. Question : The independent variable in regression analysis is:

Student Answer:

The cost to be estimated.

The cost driver used to estimate the value of the dependent

variable.

Hard to define because of its independence.

Usually expressed as a range of values.

Always a volume-based cost driver.

 

UNIT 3 QUIZ

Question 4. Question : A range around the regression line within which the management

accountant can rely that the actual value of the predicted cost will

fall is referred to as:

Student Answer:

A relevant range.

A goodness of fit.

A confidence interval.

A t-value

A p-value.

 

 

Question 5. Question : The name for a variety of methods used to examine how an

amount will change if factors involved in predicting that amount

change is:

Student Answer:

Sensitivity analysis.

Contribution margin analysis.

Factor analysis.

Cost analysis.

Cost-volume-profit analysis.

 

 

Question 6. Question : CVP analysis for revenue and cost planning has the primary

objective of:

Student Answer:

Maximizing revenue.

Minimizing costs.

Both revenue maximization and cost minimization.

Achieving a desired level of sales and profits.

Consistently producing sales above the breakeven level.

 

 

Question 7. Question : The CVP profit-planning model assumes that over the relevant

range of activity:

Student Answer:

Only revenues are linear.

Only revenues and fixed costs are linear.

Only revenues and variable costs are linear.

Variable cost per unit decreases because of increases in

productivity.

Both revenues and total costs are linear.

 

 

Question 8. Question : The degree of operating leverage (DOL), at any sales volume, is

equal to:

Student Answer:

(Operating profit - fixed expenses) ÷ sales.

(Sales - variable expenses) ÷ operating profit.

Operating profit ÷ (fixed expenses - variable expenses).

Sales ÷ (fixed expenses - operating profit).

Fixed costs ÷ Total contribution margin.

Question 9. Question : Sales forecasts are the first step in the budgeting process of a

merchandising firm because:

Student Answer:

The revenue data are easiest to generate.

Sales information is precise in amount.

Sales personnel have the quickest access to data.

Sales forecasts are the most objective of all budgeted

activities.

Almost all activities of a firm emanate from (i.e., are linked

to) estimated sales demand.

 

 

UNIT 3 QUIZ

Question 10. Question : All of the following represent alternative approaches to the

traditional budget-preparation process except which one?

Student Answer:

Master budgeting.

Kaizen budgeting.

Continuous-improvement budgeting.

Activity-based budgeting (ABB)

Time-driven activity based budgeting (TDABB)

 

 

Question 11. Question : The type of compensation plan that focuses on the difference

between actual performance (sales, operating income, etc.) and

budgeted performance is refers to:

Student Answer:

The use of flexible budgets for performance evaluation.

The use of the master budget for performance evaluation.

The use of "rolling financial forecasts."

The use of a fixed-performance contract.

The use of a Kaizen forecast.

 

 

Question 12. Question : The act of encouraging non-value-adding actions on the part of

management in order to improve indicated performance is referred

to as:

Student Answer:

Goal congruency.

Gaming the performance indicator.

The use of fixed-performance contract.

Linear optimization analysis.

The use of a relative-performance contract.

 

 

UNIT 3 QUIZ

Question 13. Question : Stylish Sitting is a retailer of office chairs located in San

Francisco, California. Due to increased market competition, the

CFO of Stylish Sitting has grown worried about the firm's

upcoming income stream. The CFO asked you to use the company

financial information provided below.

Sales Price $75.00

Per Unit Variable Costs:

Invoice Cost 41.70

Sales Commission 18.30

Total Per Unit Variable Cost $60.00

Fixed Costs:

Advertising $ 56,000

Rent 78,000

Salaries 226,000

Total Annual Fixed Costs $360,000

If 40,000 office chairs were sold, Stylish Sitting's operating

income would be:

Student Answer: $240,000.

$280,000.

$210,000.

$340,000.

$120,000.

 

 

UNIT 3 QUIZ

Question 14. Question : Thompson Refrigerators Inc. needs to prepare pro forma financial

statements for the next fiscal year. To do so, the company must

forecast its total overhead cost. The actual machine hours and total

overhead cost are presented below for the past six months.

MONTH TOTAL O/H MACHINE HOURS

Jan $ 8,258 2,134

Feb 8,006 2,045

Mar 8,387 2,276

Apr 8,832 2,743

May 8,921 2,834

June 7,841 2,034

Using the high-low method, unit variable overhead cost is

calculated to be:

Student Answer: $1.35.

$1.15

$1.40.

$1.65.

$1.25.

 

 

Question 15. Question : CalcuCo hired Effner & Associates to design a new computeraided

manufacturing facility. The new facility was designed to

produce 300 computers per month. The variable costs for each

computer are $660 and the fixed costs total $74,700 per month.

The average cost per unit, if the facility normally expects to

operate at eighty-five percent of capacity, is calculated to be

(round to nearest cent):

Student Answer: $952.94.

$909.00.

$936.67.

$971.25.

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