Relevant Costs to Repair, Retain or Replace Equipment

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Which of these is a sunk cost?

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1. What kind of analysis lets you look at relevant costs?

2. What would be a relevant cost for a factory expansion?

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About This Quiz & Worksheet

This quiz consists of a series of multiple-choice questions related to costs to repair, retain or replace equipment. These questions deal with a conceptual understanding of calculating costs in regards to repairing, retaining or replacing equipment. They have a particular emphasis on vocabulary words.

Quiz & Worksheet Goals

Our short self-assessment quiz will see if you know the:

  • The definition of sunk cost
  • Appropriate analysis to use when observing relevant costs
  • Relevant costs for factory expansions
  • Specific examples of a fixed cost
  • Variable cost examples

Skills Practiced

  • Reading comprehension- ensure that you draw the most important information from the related Relevant Costs to Repair, Retain or Replace Equipment lesson
  • Defining key concepts- ensure that you can accurately define main phrases, such as sunk cost and fixed cost
  • Distinguishing differences- compare and contrast topics from the lesson, such as fixed cost and variable cost

Additional Learning

If you would like to learn more about costs when it comes to repairing retaining or replacing equipment then our lesson, Relevant Costs to Repair, Retain or Replace Equipment, is a great place to start. You'll have the opportunity to take a professional quality course right from the comfort of your own home at your own pace and with an easy to navigate interface that allows you to tailor the learning experience to meet your individual needs. In this lesson we'll:

  • Look at what costs are relevant when deciding on repairing, retaining or replacing equipment
  • Note the differences between fixed costs and variable costs
  • Analyze the affects of sunk cost on a company's budget decisions when it comes to equipment
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