MSIS 3223 Final Exam Review OKSTATE
100% Correct!!
Variable cost = - ANSWERSUnit Variable Cost * Quantity Produced (Descriptive Model)
Total Cost = - ANSWERSFixed Cost + Variable Cost * Quantity Produced
Also written as FC + VC * QP = TC
(Descriptive Model)
Logic suggests that variable cost is the unit variable cost times the quantity of item produced. -
ANSWERSTrue
__________ has an influence on profit by predicting how many units of a product will be sold. -
ANSWERSDemand
______________produced is a decision option typically based on demand. - ANSWERSQuantity
The spreadsheet model for ________ is revenue - variable cost - fixed cost. - ANSWERSProfit
Profit = Revenue - Variable Cost - Fixed Cost
___________ ____________ allow you to easily evaluate what-if questions by changing input values and
recalculating model outputs - ANSWERSSpreadsheet Models
Systematic approaches to what-if analysis that are available in Excel make the process easier and more
useful. - ANSWERSTrue
(Data tables-Scenario Manager-Goal Seek)
, Multiple outputs may be evaluated using _______________. For example, profit and revenue. -
ANSWERSone way data tables
_____________can evaluate only one output variable. To evaluate multiple output variables, you must
construct ___________________. - ANSWERSTwo-way tables; multiple two-way tables
You will have a spreadsheet with a net income model similar to the one on p.385 Figure 11.5. Based on
this spreadsheet, there will be six multiple choice questions. (KNOW HOW TO ANSWER) - ANSWERS-
Identify the formula to calculate net income based on the data values shown on the spreadsheet?
(earnings before taxes - taxes)
You will have a spreadsheet with a net income model similar to the one on p.385 Figure 11.5. Based on
this spreadsheet, there will be six multiple choice questions. (KNOW HOW TO ANSWER) - ANSWERS-
Identify the formula which would be used to calculate the net operating income using only the model
values in the spreadsheet?
(gross profit - operating expenses)
You will have a spreadsheet with a net income model similar to the one on p.385 Figure 11.5. Based on
this spreadsheet, there will be six multiple choice questions. (KNOW HOW TO ANSWER) - ANSWERS-
Identify the formula which would be used to calculate earnings before taxes using both the data and
model values in the spreadsheet?
(net operating income - interest expense)
You will have a spreadsheet with a net income model similar to the one on p.385 Figure 11.5. Based on
this spreadsheet, there will be six multiple choice questions. (KNOW HOW TO ANSWER) - ANSWERS-
Identify the formula which would be used to calculate the net income value using information in both
the data and model sections in the spreadsheet?
(sales - cost of goods sold)
You will have a spreadsheet with a net income model similar to the one on p.385 Figure 11.5. Based on
this spreadsheet, there will be six multiple choice questions. (KNOW HOW TO ANSWER) - ANSWERS-
Identify the formula which would be used to calculate the gross profit using only the data values in the
spreadsheet? (sales - cost of goods sold)
100% Correct!!
Variable cost = - ANSWERSUnit Variable Cost * Quantity Produced (Descriptive Model)
Total Cost = - ANSWERSFixed Cost + Variable Cost * Quantity Produced
Also written as FC + VC * QP = TC
(Descriptive Model)
Logic suggests that variable cost is the unit variable cost times the quantity of item produced. -
ANSWERSTrue
__________ has an influence on profit by predicting how many units of a product will be sold. -
ANSWERSDemand
______________produced is a decision option typically based on demand. - ANSWERSQuantity
The spreadsheet model for ________ is revenue - variable cost - fixed cost. - ANSWERSProfit
Profit = Revenue - Variable Cost - Fixed Cost
___________ ____________ allow you to easily evaluate what-if questions by changing input values and
recalculating model outputs - ANSWERSSpreadsheet Models
Systematic approaches to what-if analysis that are available in Excel make the process easier and more
useful. - ANSWERSTrue
(Data tables-Scenario Manager-Goal Seek)
, Multiple outputs may be evaluated using _______________. For example, profit and revenue. -
ANSWERSone way data tables
_____________can evaluate only one output variable. To evaluate multiple output variables, you must
construct ___________________. - ANSWERSTwo-way tables; multiple two-way tables
You will have a spreadsheet with a net income model similar to the one on p.385 Figure 11.5. Based on
this spreadsheet, there will be six multiple choice questions. (KNOW HOW TO ANSWER) - ANSWERS-
Identify the formula to calculate net income based on the data values shown on the spreadsheet?
(earnings before taxes - taxes)
You will have a spreadsheet with a net income model similar to the one on p.385 Figure 11.5. Based on
this spreadsheet, there will be six multiple choice questions. (KNOW HOW TO ANSWER) - ANSWERS-
Identify the formula which would be used to calculate the net operating income using only the model
values in the spreadsheet?
(gross profit - operating expenses)
You will have a spreadsheet with a net income model similar to the one on p.385 Figure 11.5. Based on
this spreadsheet, there will be six multiple choice questions. (KNOW HOW TO ANSWER) - ANSWERS-
Identify the formula which would be used to calculate earnings before taxes using both the data and
model values in the spreadsheet?
(net operating income - interest expense)
You will have a spreadsheet with a net income model similar to the one on p.385 Figure 11.5. Based on
this spreadsheet, there will be six multiple choice questions. (KNOW HOW TO ANSWER) - ANSWERS-
Identify the formula which would be used to calculate the net income value using information in both
the data and model sections in the spreadsheet?
(sales - cost of goods sold)
You will have a spreadsheet with a net income model similar to the one on p.385 Figure 11.5. Based on
this spreadsheet, there will be six multiple choice questions. (KNOW HOW TO ANSWER) - ANSWERS-
Identify the formula which would be used to calculate the gross profit using only the data values in the
spreadsheet? (sales - cost of goods sold)
