GB 519 Unit 1 Quiz Latest Guide

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GB 519 Unit 1 Quiz Latest Guide

UNIT 1 QUIZ

1. Question : Corporate management is required to identify and solve problems

from a cross-functional view. Instead of viewing a problem as

related to a specific business function, management solves these

problems by combining skills from different functions

simultaneously. This approach is called:

Student Answer:

Inclusive approach.

Integrative approach.

Intra-function approach.

Multilateral approach.

Question 2. Question : When managers produce value for the customer, their orientation

consists of all the following except:

Student Answer:

Quality and Service.

Timeliness of delivery.

The ability to respond to the customer’s desire for specific

State of the art manufacturing facilities.

 

Question 3. Question : Non-financial measures of operations include all the following

except:

Student Answer:

Stock price.

Product quality.

Customer satisfaction.

Market share.

 

Question 4. Question : The competitive strategy in which the firm succeeds by

developing and maintaining a unique value for the product, as

perceived by the customer, is termed:

Student Answer:

Specialization advantage.

Design strategy.

Product Specialization.

 

Question 5. Question : The differentiation strategy requires all of the following resources,

except:

Student Answer:

Strong marketing capability.

Long tradition in the industry or unique skills.

Product engineering.

Products designed for ease of manufacture.

 

Question 6. Question : The main objective of value chain analysis is to identify stages of

the value chain where the firm can:

Student Answer:

Justify increases in the price of the product or service.

Increase value to the customer or reduce cost in some way.

Outsource production to other producers.

Improve efficiency

UNIT 1 QUIZ

Question 7. Question : SWOT analysis, a valuable analysis tool, stands for:

Student Answer:

Strengths – Workability – Opportunities – Threats.

Strategies – Weaknesses – Opportunities – Threats.

Strengths – Weaknesses – Observations – Threats.

Strengths – Weaknesses – Opportunities – Threats.

 

Question 8. Question : Which of the following is not an environmental performance

indicator?

Student Answer:

Fossil fuel use.

Carbon emissions.

Pollutants production.

All of the above.

 

Question 9. Question : The main objective(s) of internal accounting controls is/are:

Student Answer:

To increase customer satisfaction.

To increase revenue.

To prevent or detect errors and fraudulent acts.

To facilitate new product lines.

 

UNIT 1 QUIZ

Question 10. Question : Prime cost and conversion cost share what common element of

total cost?

Student Answer:

Direct labor.

Direct materials.

Variable overhead.

Fixed overhead.

 

Question 11. Question : Which of the following should be considered a structural cost

driver?

Student Answer:

All of the above.

 

Question 12. Question : The additional cost incurred as the cost driver increases by one

unit is:

Student Answer:

Average cost.

Controllable cost.

Variable cost.

Unit cost.

UNIT 1 QUIZ

Question 13. Question : Assume the following information pertaining to a Company:

Prime costs = $195,000

Conversion Costs = $221,000

Direct Materials used = $85,000

Beginning Work-in-Process = $98,000

Ending Work-in-Process = $81,000

Cost of goods manufactured is calculated to be:

Student Answer:

$289,000.

$348,000.

$314,000.

$297,000.

$323,000.

 

Question 14. Question : Factory overhead costs for a given period were 2 times as much as

the direct material costs. Prime costs totaled $8,000. Conversion

costs totaled $11,350. What are the direct labor costs for the

period?

Student Answer: $4,650.

$3,560.

$4,200.

$3,860.

 

UNIT 1 QUIZ

 

Question 15. Question : Assume the following information pertaining to a Company:

Prime costs = $195,000

Conversion Costs = $221,000

Direct Materials used = $85,000

Beginning Work-in-Process=$98,000

Ending Work-in-Process = $81,000

Factory overhead is calculated to be:

Student Answer:

$306,000.

$26,000.

$110,000.

$84,000.

$111,000.

 

GB 519 Unit 3 Quiz Latest Guide

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GB 519 Unit 3 Quiz Latest Guide

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.

Consistent and accurate.

 

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

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

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

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.