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Actg Exam

In: Business and Management

Submitted By allyssakatw
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Prof SB Salter 6815 Quiz 2
1. Which of the following is NOT a key assumption of cost-volume-profit?
A. Costs may be fixed, variable, mixed or step.
B. Production and sales are equal.
C. Changes in total cost are strictly due to changes in activity.
D. Total costs and revenues can be depicted with a straight line.
2. If production does not equal sales,
A. it must adjust the CVP formulas for that fact if it wishes to use CVP.
B. it cannot use CVP, as an assumption is violated.
C. a CVP analysis will always indicate a breakeven point that cannot be reached.
D. the conclusions it draws from a CVP analysis will not be as sound as they would be if production equaled sales. 3. Profit is indicated on a cost-volume-profit graph by
A. the profit line.
B. the horizontal difference between the revenue line and the cost line.
C. the vertical difference between the revenue line and the cost line.
D. the horizontal distance from the breakeven point. 4. What component of the profit equation should be set equal to zero to find the breakeven point?
A. Total sales revenue
B. Total variable costs
C. Total fixed costs
D. Profit 5. The break-even point is
A. the point where zero contribution margin is earned.
B. the point where zero profit is earned.
C. the point where selling price just equals variable cost.
D. equal to sales revenue less fixed costs. 6. The profit equation is
A. Unit price Q - Unit variable costs Q - Total fixed costs = Profit
B. Unit price Q - Unit variable costs Q + Total fixed costs = Profit
C. (Unit price - Unit variable costs - Total fixed costs) Q = Profit
D. Unit price Q + Unit variable costs Q + Total fixed costs = Profit 7. The formula for break-even point in terms of units is
A. Total variable costs/Unit contribution margin
B. Total fixed costs/Contribution margin ratio
C. Total fixed costs/Unit…...

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