APSC 221 Midterm 1 Questions with complete solution 2024/2025
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Course
APSC 221
Institution
APSC 221
APSC 221 Midterm 1 Questions with complete solution 2024/2025 APSC 221 Midterm 1
Fixed costs - correct answer Unaffected by changes in activity level over a feasible range of operations for the capacity or capability available
Variable costs - correct answer Associated with an operation ...
APSC 221 Midterm 1
Fixed costs - correct answer ✔Unaffected by changes in activity level over a
feasible range of operations for the capacity or capability available
Variable costs - correct answer ✔Associated with an operation that varies
with the quantity of output or the measures of activity level
Incremental costs - correct answer ✔The additional cost that results from
increasing the output of a system
E.g. equipment cost for another production line
Direct costs - correct answer ✔Can be reasonably measured and allocated
to a specific output or work activity
Indirect costs - correct answer ✔Difficult to attribute or allocate to a specific
output or work activity (aka overhead or burden)
E.g. general office supplies and equipment, electricity, property taxes,
supervision
Cash cost - correct answer ✔payment of cash an an associated cash flow
Book cost - correct answer ✔Does not involve a cash transaction and is
reflected in the accounting system.
Sunk cost - correct answer ✔Has occurred in the past and has no relevance
to estimates of future costs and revenues related to an alternative course of
action
, Opportunity cost - correct answer ✔Incurred because of the used of limited
resources such that the opportunity to use those resources for monetary
advantage in an alternative use is foregone
Life cycle cost - correct answer ✔summation of all the costs related to a
product, structure or service during its lifesplan
price-demand relationship - correct answer ✔is linear
revenue vs. demand - correct answer ✔is parabolic
cost and revenue categories - correct answer ✔- Capital investment (fixed
and working)
- Labour costs
- Material costs
- Maintenance costs
- Property taxes and insurance
- Overhead costs
- Disposal costs
- Revenues
- Quality (and scrap) costs
- Market (or salvage) values
order of magnitudes estimate - correct answer ✔used in the planning and
initial evaluation stage of a project
semi-detailed/budget estimates - correct answer ✔used in the preliminary or
conceptual design stage of a project
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