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Cost Estimation Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Martha wants to find the regression equation of a graph. Which two things does she need to know?

Question 2 2. The relationship between the price and volume of a product is an inverse one; therefore, when the price goes up the volume _____.

Question 3 3. The act of using former projects to estimate how long or how much a current project will take or cost is called _____ estimating.

Question 4 4. The most accurate estimating technique is _____ estimating.

Question 5 5. In project cost management, actual and predicted expenses are compared using a(n) _____.

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Question 6 6. It will cost the company $85,000 to make 10,000 units or $100,000 to make 14,000 units. What are the fixed costs for the higher volume using the high-low method?

Question 7 7. It will cost the company $200,000 to make 20,000 units or $220,000 to make 25,000 units. What is the estimated variable cost per unit using the high-low method?

Question 8 8. The variance is the the difference between _____.

Question 9 9. A time-phased budget that indicates when in the project lifecycle the money will be spent is called a(n) _____.

Question 10 10. The cost equation formula can be found using the _____.

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Question 11 11. On a scatter graph, a regression line is the line that meets the _____.

Question 12 12. Which type of analysis is used to track the variances over time to notice any trends that are developing?

Question 13 13. What is variance in accounting?

Question 14 14. What is a favorable variance in accounting?

Question 15 15. What types of costs do not change no matter how many units are produced?

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Question 16 16. What is the result of dividing the change in cost by the change in number of units produced?

Question 17 17. The cost equation is:

Question 18 18. On the image, fixed cost is

Question 19 19. Which controlling costs technique is used when expected costs are the result of changes to project requirements?

Question 20 20. What is one technique to estimate project costs?

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Question 21 21. What is the definition of project cost management?

Question 22 22. During the preliminary stages of a project, which type of estimate is generally done?

Question 23 23. What is the first step in project cost management?

Question 24 24. What is the definition of project cost management?

Question 25 25. What definition best defines regression analysis as it is used in business?

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Question 26 26. What does the term 'inverse correlation' mean as a part of regression analysis in business?

Question 27 27. Why do companies want to keep track of trends in their variance in accounting?

Question 28 28. After you compute the cost per unit, what is the formula that you will need to use to in order to figure out the fixed cost?

Question 29 29. On the image, total cost is

Question 30 30. Why are project costs monitored as part of project cost management?

Cost Estimation Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

Accounting 303: Cost Accounting  /  Business Courses
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