Cost Control and Reduction Quiz

Cost Control and Reduction Quiz

University

24 Qs

quiz-placeholder

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Cost Control and Reduction Quiz

Cost Control and Reduction Quiz

Assessment

Quiz

Other

University

Medium

Created by

Reena Raj

Used 1+ times

FREE Resource

24 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main objective of cost control?

Increase product features

Increase wages

Ensure costs do not exceed set standards

Increase production time

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a prerequisite for effective cost control?

Vague planning

Flexible budgets

Standard costing system

Absence of feedback

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which tool is most commonly associated with cost control?

Trend analysis

Standard costing

NPV analysis

Ratio analysis

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the main aim of cost reduction?

Temporarily lower costs

Reduce quality

Achieve permanent reduction in unit costs without affecting quality

Delay projects

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Scope of cost reduction does not include:

Improving product design

Reducing process inefficiencies

Lowering quality below acceptable levels

Streamlining supply chain

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which area is a typical focus of cost reduction programs?

Payroll processing only

All functional areas - production, marketing, administration, etc.

Advertising only

Only R&D departments

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is true about cost control?

It aims at permanent cost minimization

It sets and monitors cost limits

It eliminates standard costing

It focuses on revenue generation

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