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MATS Lesson 7 - Starter

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Professional Development

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MATS Lesson 7 - Starter
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8 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A budget is a financial plan for an organisation that is prepared in advance.

True

False

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If actual costs are more than budgeted costs , the result is a favourable variance.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Direct materials are budgeted at £103,500 and actual costs are £104,200. Is this variance adverse or favourable?

Adverse

Favourable

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sales are budgeted at £103,500 and actual Sales are £104,200. Is this variance adverse or favourable?

Adverse

Favourable

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A semi-variable cost totals £98,000 when the activity level is 10,000 units and totals £178,000 when activity level is 20,000 units. Using the high/low method work out the variable cost per unit.

£0.90

£80,000

£8.00

£4.00

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A semi-variable cost totals £98,000 when the activity level is 10,000 units and totals £178,000 when activity level is 20,000 units. Using the high/low method work out the fixed cost.

£20,000

£80,000

£10,000

£18,000

£40,000

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

A semi-variable cost totals £26,000 when the activity level is 5,000 units and totals £38,000 when activity level is 9,000 units. Using the high/low method work out the variable cost per unit.

£3.00

£2.75

£3.75

£12,000

£11,000

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