Understanding Cost Analysis Concepts

Understanding Cost Analysis Concepts

University

10 Qs

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Understanding Cost Analysis Concepts

Understanding Cost Analysis Concepts

Assessment

Quiz

Other

University

Practice Problem

Hard

Created by

Humsa N

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10 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is cost analysis and why is it important?

Cost analysis is the evaluation of costs related to a project or decision, and it is important for making informed financial decisions.

Cost analysis is a method for predicting future sales.

Cost analysis is only relevant for large corporations.

Cost analysis focuses solely on labor costs.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define cost centers and profit centers with examples.

Cost centers are responsible for both costs and profits (e.g., manufacturing)

Profit centers are departments that only incur costs (e.g., IT support)

Cost centers are units that incur costs without generating revenue (e.g., HR department), while profit centers are units that generate revenue and profits (e.g., sales department).

Cost centers are units that generate revenue (e.g., sales department)

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are cost drivers and how do they affect costs?

Cost drivers are factors that influence the cost of activities or processes, affecting overall costs.

Cost drivers are only related to labor costs.

Cost drivers have no impact on overall expenses.

Cost drivers are fixed and do not change over time.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Explain the significance of cost control in a business.

Cost control is significant as it improves profitability, ensures financial stability, and enhances operational efficiency.

Cost control is only important for large corporations.

Cost control has no impact on employee morale.

Cost control is primarily about reducing staff salaries.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What methods can be used for cost reduction?

Increasing employee salaries

Investing in luxury office spaces

Expanding product lines

Methods for cost reduction include operational efficiency optimization, supplier contract renegotiation, waste reduction, technology implementation, and process streamlining.

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Describe the components typically found in a cost sheet.

Market analysis

Components of a cost sheet include direct materials, direct labor, direct expenses, manufacturing overhead, administrative expenses, selling expenses, and profit margin.

Revenue breakdown

Employee benefits

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of tenders in the procurement process?

To establish long-term contracts with suppliers.

To set fixed prices for all procurement items.

The purpose of tenders in the procurement process is to solicit competitive bids from suppliers.

To eliminate competition among suppliers.

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