
VCM: PRELIM SUMMARY QUIZ

Quiz
•
Life Skills
•
University
•
Easy
Kate Elleso
Used 6+ times
FREE Resource
30 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
The kind of cost that can be ignored in a short-term decision making is a(an)
differential cost
incremental cost
sunk cost
joint cost
2.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
What is the first step in the decision making process?
Specify the criteria by which the decision is to be made.
Consider the strategic issues regarding the decision context.
Perform an analysis in which the relevant information is developed and analyzed.
Compare the alternatives.
3.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
Sunk costs are
Costs that increase due to a higher volume of activity or the performance of an additional activity
Costs that a company must incur to perform an activity at a given level, but will not be incurred if a company reduces or discontinues the activity
The profits that a company forgoes by following a particular course of action
Costs that were incurred prior to making a decision
4.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
A sunk cost is:
a cost incurred in the past and not relevant to any future course of action.
an opportunity cost.
useful in analysis of alternative courses of action.
relevant to current decision making.
5.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
The difference in cost between or among various alternative courses of action appropriately describes a(an):
differential cost
constraint
adhoc discount
scarce resource
6.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
An important concept in decision making is described as “the contribution to income that is forgone by not using a limited resource in its best alternative use.” This concept is called
Marginal cost
Cost outlay
Incremental cost
Opportunity cost
7.
MULTIPLE CHOICE QUESTION
1 min • 2 pts
An “opportunity cost” is
the difference in total costs that results from selecting one alternative instead of another
the profit forgone by selecting one alternative instead of another
a cost that may be saved by not adopting an alternative
a cost that may be shifted to the future with little or no effect on current operations
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