Estimating Cost Functions Quiz with Answers PDF Download – Test 5

MCQ 21: A helpful technique, for accurate forecasts about costs to be incurred in future is a part of:

1. unit estimation
2. production estimation
3. cost estimation
4. price estimation

MCQ 22: An approach used for choosing capacity level, having no beginning inventory, is classified as:

1. write off variance approach
2. write in variance approach
3. adjusted variance approach
4. unadjusted variance approach

MCQ 23: If the actual input price is $150 and the budgeted input price is $80, then the price variance will be:

1. $130
2. $70
3. $150
4. $80

MCQ 24: The difference between the budgeted amounts and the actual results is classified as:

1. standard deviation
2. variances
3. mean average
4. weighted average

MCQ 25: The standard input allows one unit, to be divided by standard cost per output unit, for variable direct cost input to calculate:

1. standard price per input unit
2. standard price per output unit
3. standard cost per input unit
4. standard cost per output unit