________Cost is also known as Alternative Cost. a. Opportunity b. Actual c. Real d. Money 27.The additional cost incurred to produce an additional unit of output is______ a. Marginal cost b. Variable cost c. Fixed cost d. Opportunity cost 28__________means absence of competition. a. Monopoly b. Perfect c. Imperfect d. Oligopoly 29.A Cost not relevant to deciding whether to purchase a new machine is: a. The cost of the new machine b. Lower maintenance costs for the new machine c. The cost of the old machine d. Additional training required for operating the new machines 30.In ‘make or buy decision, it is profitable to buy from outside only when the supplier’s price is below the firm’s own_______________ a. Fixed cost b. Variable cost c. Total cost d. Prime cost 31Companies usually develop _______rather than single products a. Product families b. Product lines c. Product groupings d. Product images 32. Which of the following describes secondary data? a. data that does not provide any information b. data collected for another purposeata collected specifically for the purpose of the survey being undertaken d. data collected by post or telephone, not by personal interview 33.Which of the following would be classified as data? a. Number of purchase requisitions b. Analysis of wages into direct and indirect costs c. Table showing variances from budget d. Graph showing the number of labour hours worked 34. Which TWO of the following are included in the prime cost of a product? a. Direct material b. Direct labour c. Administration costs d. Production overheads 35. Which of the following describes cost centres? a. unit of product or service for which costs are ascertained b. amounts of expenditure attributable to various activities c. functions or locations for which costs are ascertained d. a section of an organization for which budgets are prepared and control exercised 36 Within time series analysis, which TWO of the following are concerned with long term movements/fluctuations in variables? a. Seasonal variations b. Cyclical variations c. Random variations d. The trend 37. Which TWO of the following statements are true in relation to spreadsheets? a. A spreadsheet consists of records and files. b. Most spreadsheets have a facility to allow data within them to be displayed graphically. c. A spreadsheet could be used to prepare a budgeted statement of profit or loss. d. A spreadsheet is the most suitable software for storing large volumes of data.
Question
Cost is also known as Alternative Cost. a. Opportunity b. Actual c. Real d. Money 27.The additional cost incurred to produce an additional unit of output is a. Marginal cost b. Variable cost c. Fixed cost d. Opportunity cost 28__________means absence of competition. a. Monopoly b. Perfect c. Imperfect d. Oligopoly 29.A Cost not relevant to deciding whether to purchase a new machine is: a. The cost of the new machine b. Lower maintenance costs for the new machine c. The cost of the old machine d. Additional training required for operating the new machines 30.In ‘make or buy decision, it is profitable to buy from outside only when the supplier’s price is below the firm’s own_____________ a. Fixed cost b. Variable cost c. Total cost d. Prime cost 31Companies usually develop _______rather than single products a. Product families b. Product lines c. Product groupings d. Product images 32. Which of the following describes secondary data? a. data that does not provide any information b. data collected for another purposeata collected specifically for the purpose of the survey being undertaken d. data collected by post or telephone, not by personal interview 33.Which of the following would be classified as data? a. Number of purchase requisitions b. Analysis of wages into direct and indirect costs c. Table showing variances from budget d. Graph showing the number of labour hours worked 34. Which TWO of the following are included in the prime cost of a product? a. Direct material b. Direct labour c. Administration costs d. Production overheads 35. Which of the following describes cost centres? a. unit of product or service for which costs are ascertained b. amounts of expenditure attributable to various activities c. functions or locations for which costs are ascertained d. a section of an organization for which budgets are prepared and control exercised 36 Within time series analysis, which TWO of the following are concerned with long term movements/fluctuations in variables? a. Seasonal variations b. Cyclical variations c. Random variations d. The trend 37. Which TWO of the following statements are true in relation to spreadsheets? a. A spreadsheet consists of records and files. b. Most spreadsheets have a facility to allow data within them to be displayed graphically. c. A spreadsheet could be used to prepare a budgeted statement of profit or loss. d. A spreadsheet is the most suitable software for storing large volumes of data.
Solution
Sure, here are the answers to your questions:
- a. Opportunity
- a. Marginal cost
- a. Monopoly
- c. The cost of the old machine
- c. Total cost
- b. Product lines
- b. data collected for another purpose
- a. Number of purchase requisitions
- a. Direct material and b. Direct labour
- c. functions or locations for which costs are ascertained
- b. Cyclical variations and d. The trend
- b. Most spreadsheets have a facility to allow data within them to be displayed graphically and c. A spreadsheet could be used to prepare a budgeted statement of profit or loss.
Similar Questions
An opportunity cost is*1 pointA cost common to all alternatives in question and not clearly or practically allocable to any of the alternativesThe profit foregone by selecting one alternative instead of anotherA cost that may be shifted to the future with little or no effect on current operationsThe difference in total costs that results from selecting one alternative instead of another
1. LO 10.1________ are the costs associated with not choosing the other alternative.Sunk costsOpportunity costsDifferential costsAvoidable costs
Opportunity cost refers to
How do opportunity costs factor into decision making in managerial economics?They represent the cost of the next best alternative foregoneThey describe the cost of producing one more unit of a goodThey are the costs associated with holding inventoryThey are the costs that remain constant regardless of the level of output
A small company intends to increase the capacity of its bottleneck operation by adding a new machine. Two alternatives, A and B, have been identified, and the associated costs and revenues have been estimated. Annual fixed costs would be $54,000 for A and $48,000 for B; variable costs per unit would be $10 for A and $13 for B; and revenue per unit would be $16 for A and $17 for B.a. Determine each alternative’s break-even point.
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