Short Term Decision making

Short Term Decision making

12th Grade

23 Qs

quiz-placeholder

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Short Term Decision making

Short Term Decision making

Assessment

Quiz

Business, Other, Social Studies

12th Grade

Practice Problem

Medium

Created by

Chris Graham

Used 4+ times

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23 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Costs that a business must incur to perform an activity at a given level, but that it can avoid if the business reduces or discontinues the activity.

Incremental costs

Avoidable costs

Opportunity costs

Sunk costs

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Cost increases resulting from a higher volume of activity or from the performance of an additional activity

Incremental costs

Avoidable costs

Opportunity costs

Sunk costs

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The profits that a business forgoes by following a particular course of action

Incremental costs

Avoidable costs

Opportunity costs

Sunk costs

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Money that has already been spent and cannot be recovered. It is a cost that occurred in the past.

Incremental costs

Avoidable costs

Opportunity costs

Sunk costs

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Costs that will change as a result of a decision, that is will differ among the alternatives.

Irrelevant costs

Avoidable costs

Opportunity costs

Revevant costs

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Future costs that a business will incur for activities that are NOT necessary to carry out the decision

Irrelevant costs

Avoidable costs

Opportunity costs

Revevant costs

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Wages paid for factory labour used in producing a product?

Fixed cost

Variable cost

Opportunity cost

Sunk cost

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