New Acc 561 Week 4 Assignment Practice Quiz

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Multiple Choice Question 39
A variable cost is a cost that
may or may not be incurred, depending on management's discretion.
occurs at various times during the year.
varies in total in proportion to changes in the level of activity.
varies per unit at every level of activity.
 
Multiple Choice Question 42
 An increase in the level of activity will have the following effects on unit costs for variable and fixed costs:
Unit Variable Cost            Unit Fixed Cost
 
Increases                             Decreases
Remains constant            Remains constant
Decreases                           Remains constant
Remains constant            Decreases
 
Multiple Choice Question 43
 A fixed cost is a cost which
remains constant per unit with changes in the level of activity.
 remains constant in total with changes in the level of activity.
 varies inversely in total with changes in the level of activity.
 varies in total with changes in the level of activity.
 
Multiple Choice Question 86
Hollis Industries produces flash drives for computers, which it sells for $20 each. Each flash drive costs $14 of variable costs to make. During April, 1,000 drives were sold. Fixed costs for March were $2 per unit for a total of $1,000 for the month. How much is the contribution margin ratio?
80%
 20%
 30%
 70%
 
Multiple Choice Question 87
Contribution margin
is calculated by subtracting total manufacturing costs per unit from sales revenue per unit.
 equals sales revenue minus variable costs.
 is always the same as gross profit margin.
 excludes variable selling costs from its calculation.
 
Multiple Choice Question 100
The equation which reflects a CVP income statement is
Entry field with correct answer
Sales + Fixed costs = Variable costs + Net income.
 Sales – Variable costs + Fixed costs = Net income.
 Sales –...