VCM: PRELIM SUMMARY QUIZ

VCM: PRELIM SUMMARY QUIZ

University

30 Qs

quiz-placeholder

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VCM: PRELIM SUMMARY QUIZ

VCM: PRELIM SUMMARY QUIZ

Assessment

Quiz

Life Skills

University

Easy

Created by

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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